Institute of Financial Economics at AUB

Events Ongoing Research Projects The Institute of Financial Economics at AUB was awarded in September 2006 a research grant of over $300,000 US dollars by IDRC to direct a research project on "Democracy and Development in the Arab Word". Co-managed by Samir Makdisi (professor of Economics and Director of the IFE) and Ibrahim El Badawi (Lead Economist at the World Bank), the project seeks a deep understanding of the factors that explain why the process of democratization in the Arab region, in contrast with other regions of the world, has lagged despite the impressive economic growth it has achieved in the past five decades. The project focuses on an in depth analysis of 8 Arab case studies (Algeria, Egypt, Iraq, Jordan, Lebanon, Saudi Arabia, Sudan and Syria). They take as their starting point major findings of a cross-country analysis of the Arab region based on a "modernization" model of the democracy ¹. The findings identified oil wealth as well as regional and domestic conflicts as principal hindrances to the democratic process in the Arab World. The case studies go beyond the findings of the model and substantially expand them by examining to what extent oil wealth and conflict have affected the democratic process in each country under study and equally importantly they will seek to identify other factors, not captured by cross-country analysis, that may have played a significant role in this regard. As such they are expected to contribute substantially to a much deeper understanding of the factors that prevented the democratic process from taking hold in the Arab world, despite its notable socio-economic developments. They will also shed light on how to promote democratic governance. Each case study is being undertaken by a team of two established researchers (an economist and a political scientist) thoroughly knowledgeable about the Arab World or individual Arab countries. Altogether a total of 16 researchers are involved, drawn from AUB, St. Joseph University, Columbia University, Rutgers University, Indiana State University, Cairo University and Algiers University, as well as research institutes in the Arab world. Of three scheduled workshops, two have already taken place; and a third is scheduled for June 14-15 at AUB. In addition to various dissemination outlets during the course of the project, the eventual research outcome of the project will be published in book form by an academic press. ¹ See I. El Badawi and S. Makdisi,"Explaining the democracy deficit in the Arab World". Quarterly Review of Economics and Finance - Vol. 46, Issue 5, February 2007.
Upcoming Events
– Dissemination conference on the major findings of the project on "Democracy and Development in the Arab World" - place and date not yet set.
Recent Events
- The Institute of Financial Economics and the Department of Economics held a lecture on "Prospects for Reform in Egypt". Speaker: Professor Saad Eddine Ibrahim, May 2, 2008, Nicely Hall, 316. – The Institute of Financial Economics and the Department of Economics held a lecture on "Monetary Policy Transmission and Targeting Mechanisms in the MENA Region". Speaker: Professor Simon Neaime, March 18, 2008, Nicely Hall, 316 – The Institute of Financial Economics and the Department of Economics held a Workshop on "Democracy and Development in Lebanon: Trapped by Consociationalism?"; Speaker : Professor Marcus Marktanner; introductory remarks by Professor Samir Makdisi, February 19, 2008, at Nicely Hall 316. – The Institute of Financial Economics held a workshop to review ongoing research pertaining to the Arab case studies under the research project "Democracy and Development in the Arab World"; June 14-15, 2007, at College Hall - B1. – The Institute of Financial Economics and the Department of Economics held a lecture By Dr. George Corm on "Lebanon's Public Debt: An Alternative Development Model": May 21, 2007, at College Hall - B1. – The Institute of Financial Economics and the Department of Economics in Collaboration with the Issam Fares Institute for Public Policy and International Affairs held a Seminar on "The Challenges of Development and Democracy in Lebanon"; April 13, 2007, at College Hall - B1. The speakers : 1)Democracy and Development in Lebanon: Introductory Remarks, S. Makdisi (AUB). 2)Lebanon's Economic Development: An Overview, S. Neaime (AUB) . 3)Lebanon's Democracy Status: Positive and Negative Influences, M. Marktanner (AUB). 4)Lebanon's "Consociational" Democracy: Theory and Practice, F. Kiwan (USG). 5)Facing the Challenges: Institutional Development - Open discussion . – The Institute of Financial Economics in Collaboration with the Dubai School of Government (DSG) held a workshop on "Democracy and Development in the Arab world"; Feb. 23-24, 2007, at the DSG, Dubai. The purpose of the workshop was to review on-going research pertaining to 8 Arab case studies included in the project. – Lecture by Dr. Ugo Panizza, Chief of the Debt and Finance Analysis Unit in the Debt and Development Finance Branch of UNCTAD, "How to Reduce the Risks of Public Debt in Emerging Countries"; Feb. 12, 2007, 316 Nicely .
Past Events
- Lecture by Mr. Megerditch Bouldokian, Bank of Beirut, former V/Governor, Bank of Lebanon, "International Banking: The Management of Correspondent Banking" ; May 8, 2006 . - Lecture by Dr. Fadi Osseiran, Head of the BLOM Investment Bank, "Investment Banking: Issues and Policies" ; April 4, 2006. - Lecture by Dr. Ali Abdel Gadir Ali, Deputy Director, Arab Planning Institute, Kuwait, "Rediscovering Relevant Development Policy"; March 23, 2006. - Lecture by Dr. Imad Itani, Deputy General Manager, Bank Audi, Audi-Saradar Group, "Portfolio Management Issues in Lebanon" ; March 13, 2006. - Lecture by Dr. Mohammad Baasiri, Special Investigation Commission Secretary and MENA Financial Action Task Force President at the Banque du Liban , Combating Money Laundering: Issues and Challenges" ;February 7, 2006. - Lecture by Dr. Jane Harrigan, Chair, Economic Department, School of Oriental and African Studies, University of London, "The Political and Economic Determinants of IMF and World Bank Lending in the MENA Region", January 4, 2006. - Lecture by Dr. Jihad Azour, Minister of Finance, "Prospective Economic Reform In Lebanon ", Nov. 8, 2005. - Lecture by Professor James Rauch, University of California at San Diego, "Neckties in the Tropics: A Model of International Trade and Cultural Diversity", March 11, 2005. - Lecture by Professor James Rauch, University of California at San Diego, " Arab Human Development in Comparative Perspective", May 19, 2005. - Lecture by Dr. Zeki Fattah, Advisor on Middle East Economic Development Issues, Former Head, Economic Development Program, UN ESCWA, on : "The Global Industrial Scene and the Arab Countries" , May 11, 2005. - Lecture by Professor Atif Kubursi, McMaster University, Canada, "Oil and Water Never Mix Except in the Middle East", December 20, 2004. - Lecture by Dr. Ibrahim Elbadawi, World Bank, Washington D.C., "Macroeconomic Framework for Poverty Reduction and Peace - Building with Reference to Post conflict Sudan", December 17, 2004. - Lecture by Dr. Jihad Azour, Ministry of Finance, "Macroeconomics Management and Public Debt in Lebanon", December 7, 2004. - Lecture by Governor of the Central Bank of Lebanon, Mr. Riad Salame, "Monetary Policy in Lebanon: Future Perspectives", December 6, 2004.