Gulf states have altered the institutions of market governance as part of new strategies to develop their domestic markets and attract outside investment. In a sharp break from traditional institutions, several states have created new sectoral independent regulatory agencies (IRAs) in key sectors. The paper examines when, how and why these agencies have been created in two economically and politically strategic sectors - stock exchanges for company securities trading and telecommunications - that lie at the heart of new economic strategies. It argues that an analytical framework based on internationalization best explains the pattern of partial adoption of IRAs in Gulf Cooperation Council (GCC) states. International factors have provided crucial impetus for reform. The desire to attract non-Gulf capital and expertise has provided a rationale for IRAs; overseas reforms have offered examples to be copied or at least modelled; the recommendations of international organizations and free trade agreements have aided in legitimating reforms. But the impact of international factors has been mediated by domestic conditions, including the extent of oil wealth and the position and strategies of national policymakers. As a result, the spread of IRAs varies significantly among GCC states.

Governing markets in Gulf States / Thatcher, Mark. - (2009).

Governing markets in Gulf States

THATCHER, MARK
2009

Abstract

Gulf states have altered the institutions of market governance as part of new strategies to develop their domestic markets and attract outside investment. In a sharp break from traditional institutions, several states have created new sectoral independent regulatory agencies (IRAs) in key sectors. The paper examines when, how and why these agencies have been created in two economically and politically strategic sectors - stock exchanges for company securities trading and telecommunications - that lie at the heart of new economic strategies. It argues that an analytical framework based on internationalization best explains the pattern of partial adoption of IRAs in Gulf Cooperation Council (GCC) states. International factors have provided crucial impetus for reform. The desire to attract non-Gulf capital and expertise has provided a rationale for IRAs; overseas reforms have offered examples to be copied or at least modelled; the recommendations of international organizations and free trade agreements have aided in legitimating reforms. But the impact of international factors has been mediated by domestic conditions, including the extent of oil wealth and the position and strategies of national policymakers. As a result, the spread of IRAs varies significantly among GCC states.
File in questo prodotto:
File Dimensione Formato  
Thatcher_2009.pdf

Solo gestori archivio

Tipologia: Versione dell'editore
Licenza: DRM non definito
Dimensione 936.86 kB
Formato Adobe PDF
936.86 kB Adobe PDF   Visualizza/Apri
Pubblicazioni consigliate

Caricamento pubblicazioni consigliate

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11385/182941
 Attenzione

Attenzione! I dati visualizzati non sono stati sottoposti a validazione da parte dell'ateneo

Citazioni
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
social impact