A comparative study of the intervention and regulation of the governments of Iran and the United Arab Emirates in the economy with a look at its jurisprudential dimensions
Subject Areas : All jurisprudential issues
1 - PhD student, Department of Law, United Arab Emirates Branch,islamic azad university, Dubai.
Keywords: Intervention and regulation, governments of Iran and the United Arab Emirates, economy,
Abstract :
Although regulation encompasses a wide range of perspectives, from strict government control to indirect supervision and marketization, it is of a completely different nature from a centrally planned system. In other words, according to some experts, between two types of resource allocation mechanisms, i.e. market and non-market, government regulation is placed in the framework of bound and conditional market activities. They believe that if we consider high transaction costs as the main cause of market failure or non-creation of a market, regulation is an approach that allows the government to reduce transaction costs and thus improve market efficiency, rather than replacing the market mechanism. Although regulation encompasses a wide range of perspectives, from strict government control to indirect supervision and marketization, it is of a completely different nature from a centrally planned system. In other words, according to some experts, between two types of resource allocation mechanisms, i.e. market and non-market, government regulation is placed in the framework of bound and conditional market activities. They believe that if we consider high transaction costs as the main cause of market failure or non-creation of a market, regulation is an approach that allows the government to reduce transaction costs and thus improve market efficiency, rather than replacing the market mechanism.
1.Abounoori, E., Tour, M. (2018). Stock market interactions among Iran, USA, Turkey, and UAE. Physica A: Statistical Mechanics and its Applications. Volume 524, Pages 297-305. https://doi.org/10.1016/j.physa.2019.04.232
2.Arrow,K.J. (1969). The organization of economic activity: Issues pertinent to the choise of market versus nonmarket allocation. The analysis and evaluation of public expenditure: The PPB system, 1, 59- 73.
3.AlAdlani,A. (2019). Governance and Economic Growth in the Arab World: Evidence from Panel Data Analysis. A dissertation submitted to the Graduate College in partial fulfillment of the requirements for the degree of Doctor of Philosophy. School of Public Affairs and Administration.Western Michigan University.
4.Al Nayeli Al Shamsi, A. S. (2020). Strategies to Diversify and Develop the Economy of Abu Dhabi and GCC Countries: Application of “Wheel of Diversification” model. Submitted in partial fulfillment of the requirements for Doctorate in Business Administration (DBA). University Of Wollongong in Dubai.
5.Amid,J., Hadjikhani,A. (2005). Trade,Industrialization and the Firm in Iran: The Impact of Government Policy on Business. Volume 2 de Culture and Society in Western and Central Asia.
6.Angell,N. (1985). Regulation of Business Under the Developing Legal System of the United Arab Emirates. Arab Law Quarterly, Vol. 1, No. 2 (Feb), pp. 119-140.
7.Dadgar,Y.,Nazari,R. (2018). Difficulties of Public Sector Structure as Main Obstacle for Economic Progress in Iran. OIDA International Journal of Sustainable Development, Vol. 11, No. 01, pp. 41-64.
8.El-Dessouki, A. and Mansour, O.R. (2023), "Small states and strategic hedging: the United Arab Emirates’ policy towards Iran", Review of Economics and Political Science, Vol. 8 No. 5, pp. 394-407. https://doi.org/10.1108/REPS-09-2019-0124.
9.Farzanegan, M.R. (2011).Oil revenue shocks and government spending behavior in Iran. Energy Economics. Volume 33, Issue 6, Pages 1055-1069.
10.Gukasyan,G., Abdel Kademovich Aifary,F., Semenovich,V. (2016). State Economic Policy and Reform in the Oil-exporting Countries on the Example of Saudi Arabia, the UAE and Iraq. International Journal of Economics and Financial Issues. Vol. 6 No. 4.
11.Habbal, F. (2023). The Impact of Government Policy's Effect on Foreign Direct Investment in United Arab of Emirates. Emirati Journal of Business, Economics, & Social Studies. Vol. 2 No. 2.
12.Haouas, I., Heshmati, A. (2014). Can the UAE Avoid the Oil Curse by Economic Diversification?. IZA Discussion Papers, No. 8003, Institute for the Study of Labor (IZA), Bonn.
13.Ibrahim,C. (2019). Government Spending and Non-Oil Economic Growth in the UAE. Economics and Business 33(1):82-93. DOI:10.2478/eb-2019-0006.
14.Jahangard,H. (2015). Optimal Central Bank Intervention in the Foreign Exchange Market of Iran. International Journal of Economics and Finance 7(4). DOI:10.5539/ijef.v7n4p146.
15.Karbasi, A., Naghavi, S. (2013). The Effect of Financial Repression on Growth of Agricultural Sector in Iran. International Journal of Agronomy and Plant Production.
16.Khandan,A., Nili,M. (2014). Government interventions and the size of the informal economy. The case of Iran (1971–2007). Journal of Economic Policy Reform. Journal of Economic Policy Reform .Volume 17, Issue 1.
17.Lima Delgado, P.A.A.D. (2016). The United Arab Emirates Case of Economic Success(The Federal Government Economic Policies). Final Work in the form of Internship Report submitted to Universidade Católica Portuguesa for the obtainment of the Master Degree in Management. Católica Porto Business School.
18.Moghadam,S.J. (2017). Entrepreneurship Policy in Iran. Iranian Entrepreneurship Book. DOI:10.1007/978-3-319-50639-5_2.
19.Rugh, W.A. (1996). The Foreign Policy of the United Arab Emirates. Middle East Journal. Vol. 50, No. 1 (Winter), pp. 57-70 .
20.Sarker, A.E., Tipu, S.A.A., and Islam M.R. (2023). Uncovering the interplay between political will, public management reforms, and outcomes: a study of the United Arab Emirates. Administratie si Management Public, 40, 58-77. DOI: https://doi.org/10.24818/amp/2023.40-04.
21.Samadi,S., Mobini Dehkordi,M., Kamalian,A et al. (2018). Investigating the Effects of regulation of Iran Mercantile Exchange on Goods Price Growth. Iranian Journal of Economic Studies, 7(1) , 7-23.
22.Scott. C. (2003). Regulation in the Age of Governance: The Rise of the Post- Regulatory State, National Europe Centre Paper, No. 100.
23.Simon, W. (2006). Toyota Jurisprudence: Legal Theory and Rolling Rule Regimes: New Governance in the EU and the US, eds. G. de Búrca and J. Scott. Oxford: Hart Publishing.
WTO Secretariat(2022). Trade Policy Review: United Arab Emirates 2022. pp 11-120. DOI: https://doi.org/10.30875/9789287072627c004
24.Shayah, H. (2015). Economic Diversification by Boosting Non-Oil Exports (Case of UAE). Journal of Business Economics and Management 3(7). DOI:10.7763/JOEBM.2015.V3.276.
25.Yousefvand,S. (2018). The Role of Government and Local Actors in the Tourism Industry Development in Iran: An Unsuccessful Intervention Model. Iranian Sociological Review. Issue 1 Vol.
