Authors: A Al-Yousuf,

Kuwait & Saudi Arabia, From Prosperity to Retrenchment

Contents

1.                        Introduction

2.               The Magnitude and Impact of the Third Oil Shock
2.1             The Origins of the Third Oil Shock
2.2             The Magnitude of the Third Oil Shock
2.3             The Impact on the Shock on the Balance of Payments
2.4             The Impact of the Shock on Fiscal Budgets
2.5             Conclusion

3.               The Economic Analysis of Oil Shocks
3.1                          Introduction
3.2                          The Oil Shocks in Kuwait and Saudi Arabia
3.3                          The Dutch Diesel Model
3.4                          Exhaustible Resources and Investment
3.5                          Export-Earnings Instability and Investment
3.6                          The Construction Boom Theory
3.7                          Government Expenditure, Economic Growth and Development: Kuwait and Saudi Arabia
3.8                          A Summary of the Theoretical Findings

4.                              Adjustment to the Third Oil Shock
4.1                          Introduction
4.2                          The Effects of the Third Oil Shock on Aggregate Supply
4.3                          The Effects of the Third Oil Shock on Aggregate Demand
4.4                          The Impact of the Third Oil Shock on Employment
4.5                          The Souq al-Manakh Crisis
4.6                          Conclusion

5.                              Adjustment to the Third Oil Shock in Saudi Arabia
5.1                          Introduction
5.2                          The Effects of the Third Oil Shock on Aggregate Supply
5.3                          The Effects of the Third Oil Shock on Aggregate Demand
5.4                          The Impact of the Third Oil Shock on Employment
5.5                          Conclusion

6.                              The Third Oil Shock and the Prospects for the 1990’s
6.1                          The Impact of the Third Oil Shock: A Summary
6.2                          The Prospects for the 1990’s and Beyond

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