Workshop on The Political Economy of Oil Revenue Management in Middle East and North Africa (mena) Wednesday, 10th December 2008

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Workshop on

The Political Economy of Oil Revenue Management in Middle East and North Africa (MENA)
Wednesday, 10th December 2008

Oxford Centre for Islamic Studies

George Street, Oxford OX1 2AR

09:00 Overview: Aims of the Workshop

Professor Richard Auty, University of Lancaster, and Dr Adeel Malik, Oxford Centre for Islamic Studies

1. Synthesise current knowledge and identify key research questions concerning the consequences of natural resources for the MENA region’s political economy.

Basic questions:

a. How efficiently is oil extracted and supplied to global markets in regard to revenue maximisation and minimising global price shocks?

b. Does fiscal policy appropriately allocate windfall oil revenue between:

i. Domestic absorption and saving (EARA)

ii. Investment and consumption

iii. Current and future generations

c. How can oil revenue deployment promote among Nationals the accumulation of competitive skills rather than rent entitlements?

d. How efficient are MENA trade policies and financial systems?

e. How effectively do the region’s political structures manage the social pressures arising from resource-driven structural change?

2. Determine appropriate research methodologies to answer those questions

3. Identify researchers to answer those questions

09:45 Oil Extraction, Global Oil Supply and Market Rigidity

Speaker: Dr Mark Henstridge, British Petroleum

Discussant: Professor Paul Stevens, Royal Institute of International Affairs

10:30 Coffee Break

11:00 Fiscal Aspects: Oil Revenue Deployment
11:00 Asset accounting and the sustainability of extractive economies:

The case of Iran

Speaker: Dr Kirk Hamilton, World Bank

Discussant: Professor Rick van der Ploeg, OxCarre
11:45 Windfall Revenue Deployment for Current Consumption v. Investment

Speaker: Dr Alan Gelb, World Bank

Discussant: Professor Adrian Wood, University of Oxford

12:30 Buffet Lunch
14:00 Structural Change: Entitlements, skills and policies
14:00 The Entitlement Legacy from Previous Windfalls

Speaker: Professor Mansoob Murshed, Institute of Social Studies, The Hague

14:25 Labour Markets in MENA Region: A Review of Issues

Speaker: Dr Bassam Fattouh, Oxford Institute of Energy Studies

14:50 Strategic Choices in Monetary Policy and Exchange Rate Regimes

Speaker: Professor David Cobham, Herriott-Watt University

Discussant: Professor Chris Adam, University of Oxford

15:30 Coffee Break

16:00 Impact of Natural Resources on MENA Domestic Politics
16:00 Comparative Political Systems and Institutions of MENA Oil-exporters

Speaker: Professor Kiren Aziz Chaudhry, UC Berkeley

Discussant: Dr Hassan Abedin, Oxford Centre for Islamic Studies

16:45 Culture, Religion and Political Economy

Speaker: Professor Michael Ross, UCLA

Discussant: Dr Steffen Hertog, Sciences-Po, Paris

17:30 Summing Up

Professor Richard Auty and Dr Adeel Malik

1. Priority research questions for the long-term research project

2. Effective research methodologies

3. Potential research contributors
18.30 Dinner

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