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Oil dependency and exchange rate regimes in Arab oil economies: time to rethink the paradigm

机译:阿拉伯石油经济体中的石油依赖和汇率制度:是时候重新考虑这种范式了

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摘要

This study examines implications of the current exchange rate regimes on the macroeconomic and growth performance of five Arab oil-producing countries: Saudi Arabia, the UAE, Sudan, Algeria and Yemen. The study evaluates alternative exchange rate regime policy options towards exploring an optimal exit strategy to ensure successful transition to more sustainable exchange rate regime, especially in the fixed regime economies of Saudi Arabia and the UAE. This study proposes the adoption of a transparent broad basket, band and crawl (BBC) regime by the Arab oil economies in order to provide a better alternative to the existing fixed pegs or dirty floats. However, it is imperative to note that, the timing of the exit from the current regime and the extent of institutional development and market sophistications are very critical to successful transition to more sustainable regime that would provide a larger scope for counter-cyclical policies and diversification in these economies.
机译:这项研究探讨了当前汇率制度对五个阿拉伯产油国的宏观经济和增长表现的影响:沙特阿拉伯,阿联酋,苏丹,阿尔及利亚和也门。该研究评估了替代汇率制度的政策选择,以探索最佳退出策略,以确保成功过渡到更具可持续性的汇率制度,特别是在沙特阿拉伯和阿联酋的固定制度经济体中。这项研究建议阿拉伯石油经济体采用透明的大篮子,条带和爬行(BBC)制度,以便为现有的固定钉子或肮脏的浮标提供更好的替代方案。但是,必须指出,当前体制退出的时机以及体制发展和市场成熟度的程度对于成功过渡到更可持续的体制至关重要,这将为反周期政策和多元化提供更大的范围。在这些经济体中。

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