Proposed research topic: An analysis of financial crisis in Dubai. Financial crisis is a major threat to the economic growth of any growing economy. An analysis of financial crisis is of great importance since it will offer a solution to financial problems in different economies.
Purposes: financial stability in any country is very important for the economic growth and the living standards of people. The country will always use all mechanism to ensure that financial situation in the country remains stable. The causes, effects and the consequences of any financial crises need to be analyzed properly (Cevik, 2011). In this project, I will explore all the circumstances that led to financial crisis in Dubai and the economic effects it had on both the actual country and also the other countries that usually trade with it. I will further focus on the policies that the country adopted to be able to deal with the situation.
The macro and the micro effect of this financial crisis will be analyzed. The monetary policies and the fiscal policies necessary to curb financial crisis will be discussed. The project will also explore the effects that this financial crisis in Dubai had on the other oil exporting countries and how the opening of the Middle East countries to foreign investment contributed to the financial position in Dubai. Further, in this project I will bring a distinction of the Dubai financial crisis and the other financial crises that occurred in other countries. The analysis will help countries to escape from situation that is likely to lead them to condition like the one Dubai had. I will also focus on establishing the future of Dubai after such financial crisis (AlSadik & Elbadawi, 2012)
Background: I will conduct my study in a number of places to enable me come up with concessive facts about the financial crisis in Dubai. My first place of interest will be the central bank of the country. I will conduct an interview with the central bank governor or some of the senior economist personnel to be able to understand financial market well. I believe the personnel will be able to give me information on some of the keys issues that must be taken care of to avoid financial crisis (Stiglitz, 2010). I will further give them some questionnaires that they will be expected to fill in concerning some of the policies that country should take to protect the financial stability.
I will also attend some of the financial market forums that will create better understanding of the policies that country is adopting. More information will be gotten from the books and articles written by credible researchers about the financial crisis in Dubai. I will also carefully scrutinize the financial policies that the country is making toward trying to stabilize the financial situation in the country. Further, I will conduct a phone interview to some of the countries that were affected by the financial crisis in Dubai. A wide research of other countries’ financial crisis will be conducted to enable me compare the Dubai financial situation with other countries (McLean & Nocera, 2010)
Scope: I will involve the activities of participant-observation over 8 weeks, from 9th of July to 31st of August for maximum of ten hours per week. These are approximately two hours per day. This will enable me to conduct interview with the central bank personnel without haste. I will contact the personnel manager or the secretary to the Central bank Chief executive, to book an appointment interview date and time for me. I will personally attend the policies making forum to be to capture the way policies are made and get to understand how earlier policies contributed to financial crisis in Dubai.
Thereafter, I will visit the embassy offices of those countries that were affected by the financial crisis in Dubai. Some of the countries that I will be much interested in, are China, Brazil and Thailand. I will conduct a telephone interview to CEOs of those countries’ central banks and understand how the Dubai financial crisis affected them. If granted the interview to the governor of the central bank, I will go with questionnaires that will leave the other personnel to fill and then collect them after two days (AlSadik & Elbadawi, 2012).
Theoretical framework: I will be guided more by the article by Cervic (2010) that has clearly brought the meaning of the financial crisis. Further, the article has discussed fully the factors or situations that contributed to financial condition witnessed in Dubai. The author considers the policies adopted by Dubai as being insufficient and inappropriate. His argument is supported by the increased dependency on the real estate and the low profits made during the period. Proper predictions of the financial situation will be made between the year 2010 and 2016 (Cevic, 2011).The situation allows me to use interviews to gather more information of the financial situation. The observation will be useful where I will attend the policies making forums and, to save on time, questionnaires will be left with the respondents to answer at their own time.
Prepare proposal by 30th September
Complete full literature review by 20 October
Complete fieldwork by 15 December
Complete analysis by 27 December
Give presentation on 4 January
Complete final report by 15 January
Limitations: The time is major constraint in this project. The time allocated for one semester may not be enough to conduct such a comprehensive research. Booking an interview time with the CEO of the central bank may not be made in very fast way. It requires the secretary of chief executive to check properly on his diary. The questionnaires given to the bank personnel may not all be filled up by the time I go to collect them. The information that will be on the questionnaire is based to great extent on personal opinion and harmonizing this information is not easy.
Travelling to these places may consume substantial time. The other major constraint is the money. This project is likely to be expensive. The fare to come to different places to conduct interview may be high. The international telephone interview will also be expensive to conduct. I may also not be able to get the facial expressions of the person over the telephone. Facial expression is important in an interview to be able to get what is stressed or what was shocking more than other facts. Some telephone interviewees may not be willing to talk and give answers (McLean & Nocera, 2010).
Delimitations: I am choosing not to go to other countries to get the information on face to face, even though it would be important. This is because of the cost and time. Moreover, I will not use telephone interview with the local respondent even though it could have been cheap. Face to face interview will enable me to get more understanding and even gather more information. In addition, I will not use unstructured interviews but rather I will make use of formal and structured questions to ensure time is saved and repetition of the questions is avoided. I will also want to have total control on the interviewees to ensure that I gather exactly what I want within a limited time scope.
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