Fiscal outcomes in Bahrain: Oil price volatility, fiscal institutions or politics?
The paper argues that political economy factors, rather than oil wealth, shape the budgetary process and outcomes in Bahrain. Fiscal volatility and excessive current spending (in the form of wages, social welfare and subsidies) leading to unsustainable non-oil deficits are not fully derived from oil...
| Autores principales: | , |
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| Formato: | Artículo preliminar |
| Lenguaje: | Inglés |
| Publicado: |
Economic Research Forum
2018
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| Acceso en línea: | https://hdl.handle.net/10568/146990 |
| _version_ | 1855539773685366784 |
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| author | El-Enbaby, Hoda Selim, Hoda |
| author_browse | El-Enbaby, Hoda Selim, Hoda |
| author_facet | El-Enbaby, Hoda Selim, Hoda |
| author_sort | El-Enbaby, Hoda |
| collection | Repository of Agricultural Research Outputs (CGSpace) |
| description | The paper argues that political economy factors, rather than oil wealth, shape the budgetary process and outcomes in Bahrain. Fiscal volatility and excessive current spending (in the form of wages, social welfare and subsidies) leading to unsustainable non-oil deficits are not fully derived from oil price volatility. Weak institutions including those underlying the budgetary process contributed to some fiscal laxity. They have allowed rulers to use current spending as a channel for the redistribution of oil rents and to secure political stability and allegiance to the regime in a turbulent socio-political environment. The budgetary process is undermined by the structure of the bicameral parliament and the absence of restrictions on the parliament to amend the budget weaken the position of the executive. In the general context of limited transparency and accountability, the government may also be exercising its discretionary powers over the budget execution but it would not be known. |
| format | Artículo preliminar |
| id | CGSpace146990 |
| institution | CGIAR Consortium |
| language | Inglés |
| publishDate | 2018 |
| publishDateRange | 2018 |
| publishDateSort | 2018 |
| publisher | Economic Research Forum |
| publisherStr | Economic Research Forum |
| record_format | dspace |
| spelling | CGSpace1469902024-10-25T08:05:23Z Fiscal outcomes in Bahrain: Oil price volatility, fiscal institutions or politics? El-Enbaby, Hoda Selim, Hoda expenditure financial institutions fiscal policies oil budgets oils public expenditure prices exporters The paper argues that political economy factors, rather than oil wealth, shape the budgetary process and outcomes in Bahrain. Fiscal volatility and excessive current spending (in the form of wages, social welfare and subsidies) leading to unsustainable non-oil deficits are not fully derived from oil price volatility. Weak institutions including those underlying the budgetary process contributed to some fiscal laxity. They have allowed rulers to use current spending as a channel for the redistribution of oil rents and to secure political stability and allegiance to the regime in a turbulent socio-political environment. The budgetary process is undermined by the structure of the bicameral parliament and the absence of restrictions on the parliament to amend the budget weaken the position of the executive. In the general context of limited transparency and accountability, the government may also be exercising its discretionary powers over the budget execution but it would not be known. 2018-10-29 2024-06-21T09:10:13Z 2024-06-21T09:10:13Z Working Paper https://hdl.handle.net/10568/146990 en Open Access Economic Research Forum El-Enbaby, Hoda; and Selim, Hoda. 2018. Fiscal outcomes in Bahrain: Oil price volatility, fiscal institutions or politics? Economic Research Forum Working Papers 1234. Giza, Egypt: Economic Research Forum. http://erf.org.eg/publications/fiscal-outcomes-in-bahrain-oil-price-volatility-fiscal-institutions-or-politics/ |
| spellingShingle | expenditure financial institutions fiscal policies oil budgets oils public expenditure prices exporters El-Enbaby, Hoda Selim, Hoda Fiscal outcomes in Bahrain: Oil price volatility, fiscal institutions or politics? |
| title | Fiscal outcomes in Bahrain: Oil price volatility, fiscal institutions or politics? |
| title_full | Fiscal outcomes in Bahrain: Oil price volatility, fiscal institutions or politics? |
| title_fullStr | Fiscal outcomes in Bahrain: Oil price volatility, fiscal institutions or politics? |
| title_full_unstemmed | Fiscal outcomes in Bahrain: Oil price volatility, fiscal institutions or politics? |
| title_short | Fiscal outcomes in Bahrain: Oil price volatility, fiscal institutions or politics? |
| title_sort | fiscal outcomes in bahrain oil price volatility fiscal institutions or politics |
| topic | expenditure financial institutions fiscal policies oil budgets oils public expenditure prices exporters |
| url | https://hdl.handle.net/10568/146990 |
| work_keys_str_mv | AT elenbabyhoda fiscaloutcomesinbahrainoilpricevolatilityfiscalinstitutionsorpolitics AT selimhoda fiscaloutcomesinbahrainoilpricevolatilityfiscalinstitutionsorpolitics |