Rethinking the Macroeconomics of Resource-Rich Countries

Rabah Arezki, Raouf Boucekkine, Jeffrey Frankel, Mohammed Laksaci, Rick van der Ploeg 24 April 2018

After years of high commodity prices, a new era of lower ones, especially for oil, seems likely to persist. The contributions in this eBook assess the exchange rate, monetary and fiscal options available to policymakers seeking to make their economies less susceptible to the vagaries of commodity markets. 

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Table of Contents

Foreword

1 Introduction
Rabah Arezki, Raouf Boucekkine, Jeffrey Frankel, Mohamed Laksaci and Rick van der Ploeg

PART I: Shifting Landscape

2 Rethinking the oil market in the aftermath of the recent price slump
Rabah Arezki

PART II: Macroeconomic Policy Options

3 How to cope with volatile commodity export prices: Three proposals
Jeffrey Frankel

4 Monetary regimes to cope with volatile commodity export prices: Two proposals
Jeffrey Frankel

5 Managing oil and gas revenue before and after the crash
Rick van der Ploeg

6 Oil prices and the exchange rate: Optimal monetary policy for oil-exporting countries
Ragnar Torvik

7 Monetary policy in oil-exporting countries: The curse of horizons
Rabah Arezki

PART III: Finance and Diversification

8 Finance and resource booms: A complicated relationship
Thorsten Beck

9 Three funds for managing natural resource wealth
Rick van der Ploeg

10 From economic diversification to growth
Thorvaldur Gylfason

11 Diversifying the Middle East and Africa
Jean Imbs

Rabah Arezki

Chief Economist & Vice President, African Development Bank & Senior Fellow, Harvard’s Kennedy School of Government

Raouf Boucekkine

Professor of Economics, Aix-Marseille University

Jeffrey Frankel

Economist and Professor, Harvard Kennedy School

Mohammed Laksaci

Former governor, Bank of Algeria; Visiting Lecturer, Ecole Superieure de Commerce, Algiers

Rick van der Ploeg

Professor of Economics and Research Director of OxCarre, University of Oxford

Events

CEPR Policy Research