Oil revenue shocks and patterns of economic growth in Gulf economies

Abstract

            The winding trend continues to mark the pattern of economic growth in the oil countries as their economies are linked to the oil resource in financing the budget and the local economy. The collapse of oil prices in June 2014 caused a shock to the economies of most oil countries and left many questions about the effectiveness of the development model in these countries and the possibility of adopting new economic policies capable of isolating the negative effects of cycles of boom and deflation in the oil markets. This paper attempts to examine the developmental pattern based on crude oil revenues in a sample of Gulf countries by analyzing the impact of oil price shocks on GDP during the period (1990-2015) Using modern Econometrics methods.