An Institutional Approach to Economic Policy Reform in the Gulf States

Author/s: Julia Devlin
1st Edition Year: 1998
Edition: First edition
Language: English
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In the Gulf States today, economic activity is characterized by abundant energy resources, large public sectors, small trade-oriented private sectors and cultural norms shaped by Islamic belief and practice. In the early 1990s, governments throughout the region began introducing fiscal consolidation measures. They are now beginning to focus more intensely on long-term structural issues such as the need for financial market deepening, labor market reform and privatization.

Devlin explores the potential gains from a microeconomic policy framework targeting entrepreneurial ventures in small and medium-sized enterprises using Islamic institutions such as mudarabah venture capital. An institutional approach to economic policy reform which targets areas of culturally authentic private and public investment has the potential to enhance the sustainability of current reforms as well as deepen the participation of the private sector in structural reform efforts.

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