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CFM Cambridge-INET talk: Trilemma in crisis: economics and politics in Qatar (15 December 2017)

When Dec 15, 2017
from 01:00 PM to 02:00 PM
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CFM Cambridge-INET talk: Trilemma in crisis: economics and politics in Qatar

by Khalid Rashid Alkhater

 

Abstract:

The open economy trilemma states that a country cannot simultaneously pursue monetary stabilisation, fix its exchange rate and maintain an open capital account. In this presentation I will first discuss how Qatar experimented policy solutions around the trilemma while maintaining its exchange rate fixed during the 2008 global financial crisis, with money market rate collapsing near the zero lower bound and inflation reaching record high rate in recent history. Second, I will analyse how stabilisation policy evolved in response to the current political crisis in the Gulf, focusing on how Qatar has so far been dealing with an economic blockade imposed on it by three neighboring countries in addition to the boycott by Egypt. Effective policy responses rest on understanding how this blockade is impacting the economy, by identifying the areas of major exposure as well as potential sources of strength.

Dr. Khalid Rashid Alkhater is a specialist in monetary policy, political economy, and economic growth. He holds a Ph.D. in Economics from the University of California at Irvine (2009), and BS (with Honor) and MA degrees in Economics with Minor in Mathematics from Western Michigan University in the US. He is the Director of the Department of Research and Monetary Policy (DRMP) and member of the Monetary Policy and Investment Committees at Qatar Central Bank. He is a Research Fellow of the Centre for Macroeconomics and the Institute for New Economic Thinking at the University of Cambridge (UK), and had served as a Scholar-in-Residence at Georgetown University (Qatar) over the period 2011-2012. He had represented Qatar in the Technical Committee for the GCC Monetary Union over the period 2003-2010. Before becoming the Director of the DRMP in 2005, he had served as the Acting/Assistant Director of the same Department over the period 2003-05. His areas of research interests include: monetary and exchange rate policies, macroeconomic policies and economic diversification in the GCC countries, the GCC and the Eurozone Monetary Unions, the political economy of the rentier state and the Arab Spring counties. Some of his work has been published in scientific journals, research centers, and book chapters, and he has participated, as a speaker and lecturer, in numerous local, regional, and international conferences and scientific events.