Oil, Dollars, Debt, and Crises: The Global Curse of Black Gold

by Mahmoud A. El-Gamal , Amy Myers Jaffe , Foreword by James A. Baker, III

• ISBN13: 9780521896146
• ISBN10: 0521896142
• Edition: 1st
• Format: Hardcover
• Copyright: 2009-12-14
• Publisher: Cambridge University Press

Summary

Oil, Dollars, Debt, and Crises studies the causes of the current oil and global financial crisis and shows how America's and the world's growing dependence on oil has created a repeating pattern of banking, currency, and energy-price crises. Unlike other books on the current financial crisis, which have focused on U.S. indebtedness and American trade and economic policy, Oil, Dollars, Debt, and Crises shows the reader a more complex picture in which transfers of wealth to and from the Middle East result in a perfect storm of global asset and financial market bubbles, increased unrest, terrorism and geopolitical conflicts, and eventually rising costs for energy. Only by addressing long-term energy policy challenges in the West, economic development challenges in the Middle East, and the investment horizons of financial market players can policy makers ameliorate the forces that have been causing repeating global economic crises.

Table of Contents

The challenges of resource curses and globalization

New Middle East: childhood 1973-84 and adolescence 1985-95

Road to the status quo: 1996-2008

Globalization of Middle East dynamics

Dollars and debt: the end of the dollar era?

Motivations to attack or abandon the dollar

Resource curses, global volatility, and crises

Ameliorating the cycle

Conclusion

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