Dubai financial crisis: causes, bailout and after - a case study

Zubair Hasan

MPRA Paper from University Library of Munich, Germany

Abstract: This paper explains the circumstances that led Dubai to the current financial crisis that still lingers. It analyses the steps taken at various stages by the city state to ameliorate the situation including the bailout help the UAE Government eventually granted. It spotlights the role international rating agencies played in aggravating the situation and demands that their activities be brought under regulatory nets now being strengthened across the world in the context of ongoing global meltdown. Finally, it warns of challenges Dubai may be facing in years ahead and what could be done to pre-empt them. The argument is cast with a backdrop of the economic position of UAE in the Middle-East and happenings at the global level in the arena of finance – mainstream and Islamic.

Keywords: Islamic finance; Global meltdown, Dubai crisis; Rating agencies; financial architecture. (search for similar items in EconPapers)
JEL-codes: G10 G21 J38 (search for similar items in EconPapers)
Date: 2010-07
New Economics Papers: this item is included in nep-ara, nep-fmk and nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Published in Journal of Islamic Banking & Finance 3.27(2010): pp. .47-55

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:26397

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