An economic Manifesto for the oil exporting countries of the Persian Gulf

Hossein Askari (), Faranghees Abbas (), George Jabbour () and Dohee Kwon ()
Additional contact information
Faranghees Abbas: Germantown (USA)
George Jabbour: George Washington University, Finance, MS Finance Program, Washington (USA)
Dohee Kwon: Federai Home Loan Mortgage Corporation, McLean (USA)

BNL Quarterly Review, 2006, vol. 59, issue 239, 363-388

Abstract: The oil-exporting countries of the Persian Gulf have failed economically and socially. It is time for a radical new approach to managing oil revenues while oil and gas reserves last. We propose an approach to cut the level of oil revenues available to governments to zero while incorporating a formal "Oil Fund for All Generations". Others have proposed and implemented oil funds but in our proposal the government would (in time) lose all access to oil revenues, by taking easy money away from governments and rulers, waste, corruption, military expenditures and wars will be reduced, there will be better chance of adopting and implementing rational economic policies, and equity across generations may be enhanced. Hope may be slowly restored to a region that has lost hope.

Keywords: oil (search for similar items in EconPapers)
JEL-codes: O11 O13 O53 Q32 Q33 (search for similar items in EconPapers)
Date: 2006
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