Managing Newfound Hydrocarbon Wealth: Macroeconomic Policy Challenges in the Eastern Mediterranean
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Transcript of Managing Newfound Hydrocarbon Wealth: Macroeconomic Policy Challenges in the Eastern Mediterranean
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MEDITERRANEAN PAPER SERIES 2013
MANAGING NEWFOUND HYDROCARBON WEALTH
MACROECONOMIC POLICY CHALLENGES IN
THE EASTERN MEDITERRANEAN
Rozlyn C. Engel
http://www.gmfus.org/ -
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2013 Te German Marshall Fund o the United States. All rights reserved.
No part o this publication may be reproduced or transmitted in any orm or by any means without permission in writing
rom the German Marshall Fund o the United States (GMF). Please direct inquiries to:
Te German Marshall Fund o the United States
1744 R Street, NW
Washington, DC 20009
1 202 683 2650
F 1 202 265 1662
GMF Paper Series
Te GMF Paper Series presents research on a variety o transatlantic topics by sta, ellows, and partners o the German
Marshall Fund o the United States. Te views expressed here are those o the author and do not necessarily represent the
views o GMF. Comments rom readers are welcome; reply to the mailing address above or by e-mail to [email protected].
About GMF
Te German Marshall Fund o the United States (GMF) strengthens transatlantic cooperation on regional, national, and
global challenges and opportunities in the spirit o the Marshall Plan. GMF does this by supporting individuals and institu-
tions working in the transatlantic sphere, by convening leaders and members o the policy and business communities,
by contributing research and analysis on transatlantic topics, and by providing exchange opportunities to oster renewedcommitment to the transatlantic relationship. In addition, GMF supports a number o initiatives to strengthen democra-
cies. Founded in 1972 as a non-partisan, non-prot organization through a gi rom Germany as a permanent memorial to
Marshall Plan assistance, GMF maintains a strong presence on both sides o the Atlantic. In addition to its headquarters in
Washington, DC, GMF has ofces in Berlin, Paris, Brussels, Belgrade, Ankara, Bucharest, Warsaw, and unis. GMF also has
smaller representations in Bratislava, urin, and Stockholm.
About the Mediterranean Policy Program
Te Mediterranean Policy Program promotes transatlantic analysis and dialogue on issues aecting Southern Europe, North
Arica, the Levant, and the Mediterranean basin. Priority areas include: understanding trends in Mediterranean societies;
exploring opportunities or south-south cooperation and integration; research on key unctional issues aecting Mediter-
ranean security and development; and strengthening the North American policy debate on the region and transatlantic
cooperation on Mediterranean strategy.
GMFs Eastern Mediterranean Energy Project addresses the political and economic implications, risks and opportunities
o the recent energy discoveries in the Eastern Mediterranean region. It aims to promote the conditions or the peaceuldevelopment o the new energy opportunities in the Eastern Mediterranean and to promote regional cooperation on energy
issues. See more at: www.gmus.org/programs/climate-energy
Cover photo: wo oshore oil rigs during sunset in Caspian sea. Elnur
http://www.gmfus.org/http://www.gmfus.org/programs/climate-energyhttp://www.gmfus.org/programs/climate-energyhttp://www.gmfus.org/ -
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Managing Newfound Hydrocarbon Wealth
Macroeconomic Policy Challenges in the Eastern
Mediterranean
Mediterranean Paper Series
August 2013
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Managing Newfound Hydrocarbon Wealth 1
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Managing Newfound Hydrocarbon Wealth 3
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Table 1. Recent Macroeconomic Trends, Cyprus and Israel
Cyprus 2001-05 2006-10 2011 2012 2013 2014 2015
GDP, PPP valuation (billions of current int'l dollars) $16.4 $22.0 $23.8 $23.6
GDP per c apita, PPP valuation (billions of current int'l dollars) $22,597 $27,532 $27,581 $27,086
Implied PPP conversion rate 0.72 0.74 0.76 0.76
Exchange Rate, Euros/USD1 0.93 0.74 0.72 0.78 0.75
Real growth rate of GDP (national prices, percent change) 3.2 2.5 0.5 -2.4
Stock Exchange Index, CSE General2 2554.254 1181.54 385.85 110.97
Stock exchange (percent change)2 -28.0 31.0 -21.0 -67.3 -71.2
Total investment (percent of GDP) 18.1 21.0 17.3 13.5
Foreign direct investment (net inflows in billions of USD)3 $1.0 $1.5 $1.1
Gross national savings (percent of GDP) 14.1 10.0 12.6 8.6
Inflation rate (percent change) 2.5 2.3 3.5 3.1
Unemployment rate (percent) 4.4 4.9 7.9 12.1
Population (millions) 0.72 0.80 0.86 0.87
General government net lending/borrowing (percent of GDP) -4.0 -1.6 -6.3 -5.6
General government gross debt (percent of GDP) 68.2 58.6 71.1 86.2
Current account balance (percent of GDP) -4.0 -11.0 -4.7 -4.9
Israel
GDP, PPP valuation (billions of current int'l dollars) $142.7 $200.6 $237.0 $248.7 $261.8 $277.6 $293.2
GDP per capita, PPP valuation (billions of current int'l dollars) $22,410 $28,385 $31,466 $32,312 $33,282 $34,524 $35,690
Implied PPP conversion rate 3.9 3.6 3.7 3.7 3.7 3.7 3.7
Market exchange rate, NIS/USD1 4.5 4.0 3.6 3.9 3.7
Market exchange rate, NIS/Euros1 4.9 5.4 5.0 5.0 5.0
Real growth rate of GDP (national prices, percent change) 2.1 4.4 4.6 3.1 3.6 3.9 3.6
Stock Exchange Index, TA-1002 482.7 892.7 1203.8 1013.7 1046.7
Stock exchange (percent change)2 10.9 16.5 13.8 -15.8 3.3
Total investment (percent of GDP) 18.2 17.0 17.6 19.2 18.4 18.8 19.6
Foreign direct investment (net inflows in billions of USD)3 $2.9 $8.9 $11.4
Gross national savings (percent of GDP) 18.7 15.6 19.0 19.1 20.1 21.3 22.1
Inflation rate (percent change) 1.7 6.8 3.5 1.7 1.6 2.0 2.0
Unemployment rate (percent) 12.4 6.9 7.1 6.9 7.0 6.5 6.5
Population (millions) 6.36 7.80 7.53 7.70 7.87 8.04 8.22
General government net lending/borrowing (percent of GDP) -6.5 6.0 -4.7 -4.7 -3.6 -3.1 -2.7General government gross debt (percent of GDP) 95.3 62.0 74.0 74.6 74.4 73.2 72.0
Current account balance (percent of GDP) 0.5 19.2 1.4 -0.1 1.7 2.5 2.5
The data are from the IMF's World Economic Outlook database (April 2013), unless otherwise noted.
1. Pacific Exchange Rate Service http://fx.sauder.ubc.ca/data.html
3. World Bank
2. Cyprus Stock Exchange and Tel Aviv Stock Exchange. Percent change is measured from the
previous year.
http://www.tase.co.il/Eng/MarketData/DailyRevie
w/Pages/DailyReview.aspx
http:data.worldbank.org/indicator/BX.KLT.DINV.C
D.WD
The following IMF reports offer some background analysis of recent macroeconomic trends in the two countries. For Cyprus, see IMF (2011);
for Israel, see IMF (2012a).]
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Managing Newfound Hydrocarbon Wealth 5
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Managing Newfound Hydrocarbon Wealth 7
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Managing Newfound Hydrocarbon Wealth 9
Table 2. Illustrative Examples of Sovereign Funds Used to Manage Commodity Wealth
Basic Facts Mandate Investments/Projects
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The German Marshall Fund of the United States10
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6
://.../.?= Note: Multiple sources were used to complete this table. See the references section. Also see Tordo (2007), Truman (2008), and
IMF (2012b), which provide more general analysis on sovereign wealth funds and fiscal policy.
Table 2 cont. Illustrative Examples of Sovereign Funds Used to Manage Commodity Wealth
http://www.qia.qa/http://www.finance.gov.tt/legislation.php?mid=20http://www.finance.gov.tt/legislation.php?mid=20http://www.qia.qa/ -
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Managing Newfound Hydrocarbon Wealth 11
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47 S U, Ex: I S N Ex NG, TheJerusalem Post, M 9, , ://.j./E-T/Ex-I---x--.
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The German Marshall Fund of the United States12
k
.48
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( T ).
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x, I
I x. C
k z
C .
Figure 1. Prospects for Israeli Gas Exports
Source: Milken Institute (2011, figure 2, p. 6).
http://www.iea.org/stats/balancetable.asp?COUNTRY_CODE=CYhttp://www.iea.org/stats/balancetable.asp?COUNTRY_CODE=CYhttp://www.iea.org/stats/balancetable.asp?COUNTRY_CODE=CYhttp://www.iea.org/stats/balancetable.asp?COUNTRY_CODE=CY -
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Managing Newfound Hydrocarbon Wealth 13
D j ,
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3The Downside of Commodity Wealth
-
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The German Marshall Fund of the United States14
x. S -
q .
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55 S A G () S--M S- ().
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IMF, z
. C EU
,
Figure 2. Negative Relationship between Natural Resource Exports and Real GDP Growth
Source: Sachs and Warner (2001, figure 1, p. 829).
-
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Managing Newfound Hydrocarbon Wealth 15
. (S Bx A C EU .56
N .57
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57 T U S -
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58 G I (8).
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-
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The German Marshall Fund of the United States16
BOX A: Eurozone Membership and Cyprus
As is now well known, the adoption of the euro in 2001contributed to large trade and financial imbalances
across national economies of the European Union, leaving numerous countries with significant risks in their
banking sectors. In the case of Cyprus, which joined the European Union and eurozone in 2004 and which
saw its banking sector grow dramatically during the 2000s, took a huge hit when Greece forced losses on
its creditors as part of its EU bailout in spring 2012. Cypriot banks had lent heavily to Greek companies and
financial firms.
By March 2013, several major Cypriot banks were insolvent and needed major recapitalizations. After tense
negotiations and controversial proposals, Cyprus accepted a deal from the troika (IMF, European Central
Bank, and EU), which the countrys parliament approved in late April 2013. The basic terms of that deal
have involved an initial disbursement of 10 billion from EU and IMF (delivered in May), the imposition of
haircuts on large depositors (47.5 percent of all deposits in excess of 100,000 in Bank of Cyprus will
be converted to long-term equity positions), the dissolution of the countrys second largest bank (the LaikiBank), and the introduction of controls to contain capital flight. Consequently, Cyprus is experiencing a severe
downturn, with economic growth is projected to be -8.7 and -3.9 percent in 2013 and 2014, according to
recent analysis by the European Commission. The countrys growth is not expected to exceed 2.0 percent
annually for 2015 and 2016.
Under the shadow of its recent travails, numerous pundits have wondered if the countrys EU and eurozone
membership has been worth the price. On this score, it is worth reiterating the sizable benefits accruing
to a small open economy like Cyprus. The country enjoys unimpeded access to the worlds largest regional
economy; it gains the institutional capacity of the EU in terms of economic governance (especially price
stability via the ECB) and exchange rate stability vis--vis its European trading partners; and its citizens can
move freely through the EU-28 and hold EU passports. On balance, the long-term economic and political
benefits outweigh the short-term policy constraints, many of which provide long-term benefits as well.
The recent financial crisis has impeded development of the Cypriot gas sector for several reasons. First, the
countrys financial problems have proved all-consuming for its political leadership, drawing attention and
resources away from the challenging set of questions related to offshore gas development. Second, the
uncertainty surrounding the countrys status within the eurozone (which is now subsiding) made it risky for
investors to initiate and plan major infrastructure projects. Third, the instability within the countrys banking
sector undermined confidence in the payments and deposits systems, calling into question the ability to
complete financial transactions in a timely and efficient manner. For all of these reasons, financial market
stabilization is a prerequisite to gas sector development.
As the shorter-term financial market risks begin to subside, several longer-term issues are set to re-emerge,
however. First, the demands of developing a large gas sector could create considerable inflationary pressure
in a small island nation like Cyprus. As long as the country remains a member of the eurozone, it will not
have traditional monetary tools (such as control over domestic interest rates) to manage such inflation.
Hence, it will need to use contractionary fiscal policy (like higher taxes or lower government spending) to quell
inflationary pressures. Second, capital inflows could contribute to asset price inflation (such as real estateand equity price bubbles), which will require strong banking oversight and reserve management policies to
contain. Third, the financial crisis has left the country with a major public debt problem, which gas revenues
could exacerbate if not used properly.
Cypruss recent financial crisis and its EU membership suggest the adoption of several policy rules that
might prove useful as the country develops its gas sector. First, the countrys debt repayment schedule
-
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Managing Newfound Hydrocarbon Wealth 17
(k Ak P
F ), - k j
(k j D I
C), (k N P
F)
,
.6 F I,
PA,
I
PA -
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- P.
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T Pj,
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Dutch Disease
A k
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6 A k q .A Al-Monitor q D E,
TRNC, : I Gk UN q Tk Gk C, , k . I . B Gk C . T q Nk C, k GkC P EU, : I C . S T D,Tk-I-C T M G,
Al-Monitor, J 7, . ://.-./////k----..
64 I, D x , . R D , E. I x x, , k ( ). I , , H (9) x D .
could be indexed to the price of natural gas.
When gas prices are high, the country would
automatically repay a greater amount of its
debt. When gas prices are low, the country
would automatically repay a lesser amount of
its debt. This institutional design also reinforces
the principle of pro-cyclical national saving,
which helps to smooth possible macroeconomic
shocks due to the commodity price swings.
Second, a well-designed and rules-based debt
repayment scheme would allay fears that future
gas revenues could be seized by the government.
Hence such rules would protect the long-term
rates of return offered to gas sector investors.Finally, a robust and credible inflation target
that fully recognizes the types of price pressures
facing a nascent commodity producer would
provide some political cover to fiscal policymakers
who may need to make difficult policy decisions
and offer some transparency for potential
investors.
http://www.swfinstitute.org/%20http://www.al-monitor.com/pulse/originals/2013/01/turkey-cyrpus-israel-natural-gas.htmlhttp://www.al-monitor.com/pulse/originals/2013/01/turkey-cyrpus-israel-natural-gas.htmlhttp://www.al-monitor.com/pulse/originals/2013/01/turkey-cyrpus-israel-natural-gas.htmlhttp://www.al-monitor.com/pulse/originals/2013/01/turkey-cyrpus-israel-natural-gas.htmlhttp://www.swfinstitute.org/%20 -
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The German Marshall Fund of the United States18
BOX B: Why Political Risk Is Economic Risk
Private, for-profit companies must create an attractive rate of return for their shareholders that is their
ultimate bottom line. The degree to which a firm creates such value is a function of three variables: the
expected return on invested capital (mainly dependent on the value of prospective sales), the market cost of
capital (mainly dependent on monetary policies in the major developed economies), and the risk premium
needed to account for the probability of losing some or all of the invested capital to damage, expropriation, or
default. It is through this last term that political risk affects the economic viability of a project. Higher political
risk lowers the expected net return on invested capital, all else equal. Hence, in cases where such risk exists,
lenders (whether banks, national governments, or private investors) will demand higher rates of return on
their invested capital to compensate for the higher risk, which raises the cost of financing the project.
Assessing the risk premium on offshore gas sector investments in a neighborhood as fraught as the Eastern
Mediterranean is a hugely complicated exercise. In the Israeli case, for example, even the decision to
participate in the initial exploration rounds was loaded: none of the major international oil groups in Europeand North America entered the early rounds for fear of backlash from the major Arab oil producers. More
recently, the brutal civil war raging on Israels northeast frontier, its unresolved and militarized border with
Lebanon, and the general instability throughout the Middle East mean that Israels security situation has
become even more precarious. For its part, Cyprus remains a divided island, whose territorial waters are
disputed by its large and regionally ambitious neighbor, Turkey. Efforts to reach a negotiated settlement have
broken down repeatedly over the years, with questions about property ownership, citizenship and mobility,
power-sharing arrangements, and the presence of Turkish troops still hotly debated.
It is also true that the planned offshore facilities lie in busy sea-lanes within the range of ballistic missiles
and will likely require the use of cross-border pipelines to reach regional export markets, such as Jordan. The
Eastern Med is also a maritime crossroads, with ships flying the flags of various major powers within a 100
mile radius of each other on certain days. Russia, for example, has a naval port in Syria, large residential
investments in Cyprus, and a huge vested interest in current energy supply l ines to European markets. The
United States has private companies (and citizens) leading in exploration and development of the gas (mostnotably Noble Energy), long-standing security commitments to Israel, and now a new investment of political
capital in reviving Israeli-Palestinian peace talks. The European Union has environmental and economic
interests in Cypriot gas, while NATO conducts joint business with Turkey and other Western European navies.
Even China and other Asian powers have a maritime presence in the region.
With no shortage of risk in the region, Israel and Cyprus are increasingly motivated to resolve those issues
that are most within their political reach and thereby raise the profitability of the project. It is not surprising,
therefore, that after decades of cool distance, the two countries established friendly relations and mutually
agreed to their shared EEZ boundary. Israels recent apology to Turkey for the Gaza flotilla incident reduced
tension with a key Eastern Mediterranean player. Israels avoidance of any exploration in the contested
Lebanese maritime border also suggests a pragmatic approach toward a bitter enemy. The Republic of
Cyprus political leaders have emphasized that all earnings from the gas development would be shared by the
population of the entire island, once a political settlement is reached. It has also sought to attract a diverse
set of investors, such that the degree of international participation in Eastern Med gas development withFrench, Italian, U.S., Russian, South Korean, and Australian companies now engaged has reduced Turkeys
ability to resist Cypriot initiatives through military means.
In short, efforts to reduce political risk have begun. They have eschewed grand region-wide bargains in favor
of carefully scoped gestures and specific deals focused on energy development. Such small steps do not
necessarily presage regional rapprochement, but they may provide sufficient diplomatic space to negotiate
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Managing Newfound Hydrocarbon Wealth 19
x
x ,
-
x. A q
, N, x, j
96 97. I , S A,
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6
GDP. H, -
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68 F C, M I C, ://...///-.//_.#; S A, S A M A (); N, k , ://..//jk--kjk/kk///--?=&=&=965
the outlines of arms-length commercial relations.
An optimist might hope that these economic
ties prove the first bridges to fuller political
reconciliation. A realist might hope that newfound
economic interests will trump old (and perhaps
tired) political divisions.
http://www.ssb.no/en/nasjonalregnskap-og-konjunkturer/statistikker/nr/aar/2013-02-13?fane=tabell&sort=nummer&tabell=96250http://www.ssb.no/en/nasjonalregnskap-og-konjunkturer/statistikker/nr/aar/2013-02-13?fane=tabell&sort=nummer&tabell=96250http://www.ssb.no/en/nasjonalregnskap-og-konjunkturer/statistikker/nr/aar/2013-02-13?fane=tabell&sort=nummer&tabell=96250http://www.ssb.no/en/nasjonalregnskap-og-konjunkturer/statistikker/nr/aar/2013-02-13?fane=tabell&sort=nummer&tabell=96250http://www.ssb.no/en/nasjonalregnskap-og-konjunkturer/statistikker/nr/aar/2013-02-13?fane=tabell&sort=nummer&tabell=96250http://www.ssb.no/en/nasjonalregnskap-og-konjunkturer/statistikker/nr/aar/2013-02-13?fane=tabell&sort=nummer&tabell=96250 -
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The German Marshall Fund of the United States20
k. I 7- -A.69
B , C -
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-q -
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7 A q, I . T Bk I 9 -; q I . I , . I C , j .
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7 T Lz N E, G A S- W F, The Jerusalem Post, A 4, .
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Managing Newfound Hydrocarbon Wealth 21
I x , I
C on a
global scale
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C U.S. G S
), .
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C, ,
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E .75
F , I j
( x
)
x; C
x
x. I
. T Mk I (), jk Bk I,
.5 .
GDP . H,
x
(I) (
) x x (C). E
,
75 Mk - , . C- ( ) j . B , q . I x , j- x -.
Table 3. Comparative Size of Israeli and Cypriot Natural Gas Finds
Proved reserves
(end-2011)
Current
production
Current
consumption
Total possible
reserves
(proved +
speculative)
Production
expected by
2020
Consumption
expected by
2020
Potential
exports
by 2020
Israel 13 tcf -15 tcf 2.6 bcm 3.3 bcm 80 tcf 17.5 bcm 12.5 bcm 5 bcm
Cyprus 0 tcf 0 bcm 0 bcm 40 tcf 9 bcm 0.9 bcm 8 bcm
European Union 64 tcf 155 bcm 448 bcm
Middle East 513 tcf 527 bcm 403 bcm
Global total 7361 tcf 3276 bcm 3223 bcm
Sources: Proved Israeli reserves from Government of Israel (2011); global and regional totals are from British
Petroleum (2012); Israeli and Cypriot "possible" reserves are from estimated "mean" in US Geological Survey
(2010); current production and consumption are from US EIA (2011); expected production and consumption in 2020are from Oxford Institute for Energy Studies (2012).
-
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The German Marshall Fund of the United States22
x.76
I, x, x ( -)
4 GDP. C
x 45 GDP .77 T
Mk I () j
(-) I x 4
k 6
6 T L
. B
x x x
.
R , ,
D D. M -
k
( )
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-
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lowerk
( ). I ,
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76 T x I q , k . T -
k, , .A q, I x .
77 U, C x , . (Ex 5 GDP .) I k x - .
.T I C
.78
Increased Risk of Macroeconomic Volatility
M
,
. T
.79 T
x ( F ). P . F,
k ,
,
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- . I
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x
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78 IMF (). I, , z I A , I , Uz L, q The Financial Times: W k : , . T Bk, F DI N G, Financial Times, A , .
79 S Fk (). A k : -, , - ,- , . S - - ,
j qqk .
8 T , k . W k : $ $ ? Rk - .
-
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Managing Newfound Hydrocarbon Wealth 23
k. F x,
k
,
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x,
x :
,
qk x,
x
.
8 F x, - , x x . Cz - j, , .
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k.8 F x,
8 A D D, z . I , - x x 75 x ( A,Iq, M). I , k , . F , (IMF , . 7).T 97, x ( - q ) . L . I , , - -.
Figure 3. World Prices for Natural Gas
Source: British Petroleum (2013).
-
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The German Marshall Fund of the United States24
q k
(Mx x).
C
, ,
j (S
A x). C
x
x - ,
-
. F, q
(
). T IMF (, . ): W
,
.
Pk
. S
q
. A
,
, x ( x,
k
).
O , I
. A x
q --GDP ,
,
z
x k
--GDP 6 . A
Bk
I , , .
I ,
z . I C,
8
. T k -
.
I z, ,
. H,
z
IMF,
OECD, EU, U S, z
. W-
q
- ,
- () ,
j,
.
-
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Managing Newfound Hydrocarbon Wealth 25
W k .T
,
. T
N N B
B, C C.8 Y,
. I
.
E
.
T E
M
I C. T
I C
. I ,
. S x
- ,
8 Fk (, ).
, k,
, -
. G
. W-
.
A , I C
- k -
. T
x
- ,
. S
.
F,
,
j .
T
E M. T
q
z.
4Conclusion
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The German Marshall Fund of the United States26
A, D, J R, , WhyNations Fail: The Origins of Prosperity, Power,
and Poverty, N Yk: C B/R
H.
Ax, M, R C, 9, T
E C O, Review of Economics and
Statistics 9(): 586-98.
A, R, A G, , P
E R A S, P
A Bk C
D E, M .
Bk I, ,Annual Report for 2011,
J: Bk I.
B P, , S
R W E , L: B
P, ./.
C, F, A T, ,
R W, P R,
P S, NBER Wk P 76
(N).
C, P, Ak H, 4, G G C W, Oxford Economic Papers
56(4): 56-95.
C, P, 7, The Bottom Billion. C:
Ox U P.
D, Hk, L E-K, B
F, , E M G: W
K G-C, Wk P NG7,
Ox I E S (D).
E C, , N: A
P D S C,
DSA-9 (A), ...
.k////4/DSA-9-
A..
E, S, I N G R:E S S, Strategic
Assessment(): 7-.
Fk, J, , T N R
C: A S, HKS F Wk P
(F).
G I, 8, I: S-
A, P A
OECD, I S
A M J (D
8).
H, S, , E D
E M: S
C F T? T C
I, P B, W: G
M F U S.
H, H, 9, T E
Ex R, J P
E 9(): 7-75.
IHS G I I., , A N
E F: T U O G
R U.S. E, V
S E C, W: IHS
G I I.
I E A, , Key World
Energy Statistics, P: I E
A.
I M F, 9, C-R
M F S S
B S S R, W:
I M F.
I M F, , C:
A IV C S R,
W: I M F.
5References
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Managing Newfound Hydrocarbon Wealth 27
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The German Marshall Fund of the United States28
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D, IMF Wk P WP//78,
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http://www.financeisrael.mof.gov.il/FinanceIsrael/Pages/en/Publications/mof.aspx?3http://www.financeisrael.mof.gov.il/FinanceIsrael/Pages/en/Publications/mof.aspx?3http://www.imf.org/external/np/pp/eng/2012/082412a.pdfhttp://www.imf.org/external/np/pp/eng/2012/082412a.pdfhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/portfolio-composition.htmlhttp://www.nd.gov/ndtreas/pressReleases/2013/130416.htmhttp://www.nd.gov/ndtreas/pressReleases/2013/130416.htmhttp://www.legis.nd.gov/assembly/62-2011/docs/pdf/lbs090611appendixc.pdfhttp://www.legis.nd.gov/assembly/62-2011/docs/pdf/lbs090611appendixc.pdfhttp://www.legis.nd.gov/assembly/62-2011/docs/pdf/lbs090611appendixc.pdfhttp://www.regjeringen.no/pages/37984857/FactSheetGPFG_4Q2012.pdfhttp://www.regjeringen.no/pages/37984857/FactSheetGPFG_4Q2012.pdfhttp://www.nbim.no/en/About-us/Government-Pension-Fund-Global/http://www.nbim.no/en/About-us/Government-Pension-Fund-Global/http://www.nbim.no/en/About-us/Government-Pension-Fund-Global/http://www.nbim.no/en/Investments/holdings-/http://www.nbim.no/en/Investments/holdings-/http://rt.com/news/qatar-investment-boom-politics-745/http://rt.com/news/qatar-investment-boom-politics-745/http://www.qia.qa/http://www.qia.qa/http://www.qia.qa/http://www.qia.qa/http://rt.com/news/qatar-investment-boom-politics-745/http://rt.com/news/qatar-investment-boom-politics-745/http://www.nbim.no/en/Investments/holdings-/http://www.nbim.no/en/Investments/holdings-/http://www.nbim.no/en/About-us/Government-Pension-Fund-Global/http://www.nbim.no/en/About-us/Government-Pension-Fund-Global/http://www.nbim.no/en/About-us/Government-Pension-Fund-Global/http://www.regjeringen.no/pages/37984857/FactSheetGPFG_4Q2012.pdfhttp://www.regjeringen.no/pages/37984857/FactSheetGPFG_4Q2012.pdfhttp://www.legis.nd.gov/assembly/62-2011/docs/pdf/lbs090611appendixc.pdfhttp://www.legis.nd.gov/assembly/62-2011/docs/pdf/lbs090611appendixc.pdfhttp://www.legis.nd.gov/assembly/62-2011/docs/pdf/lbs090611appendixc.pdfhttp://www.nd.gov/ndtreas/pressReleases/2013/130416.htmhttp://www.nd.gov/ndtreas/pressReleases/2013/130416.htmhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/pension-reserve-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/portfolio-composition.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/market-value.htmlhttp://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/market-value.htmlhttp://www.imf.org/external/np/pp/eng/2012/082412a.pdfhttp://www.imf.org/external/np/pp/eng/2012/082412a.pdfhttp://www.financeisrael.mof.gov.il/FinanceIsrael/Pages/en/Publications/mof.aspx?3http://www.financeisrael.mof.gov.il/FinanceIsrael/Pages/en/Publications/mof.aspx?3 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Managing Newfound Hydrocarbon Wealth 29
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