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Amer Bisat, Mr. Mohamed A. El-Erian, Mr. Mahmoud El-Gamal, and Mr. Francesco P Mongelli

for years attracted FDI flows equivalent to more than 1 percent of GDP per year, while in the Western Hemisphere region, the pattern is more recent but no less evident. Chart 4 Foreign Direct investment, 1980-94 (In percent of GDP) Source: World Economic Outlook. Not only has the level of MENA investment been modest by international standards, and well below the aspiration of policy makers, its efficiency also appears to have been low. The incremental-capital-output-ratio in the MENA region has turned much higher than that in other regions ( Chart 5

Amer Bisat, Mr. Mohamed A. El-Erian, Mr. Mahmoud El-Gamal, and Mr. Francesco P Mongelli
The paper considers investment and growth in the Middle East and North Africa (MENA) region. Notwithstanding cross-country differences, investment as a whole has been too low, too heavily tilted toward the public sector, too highly dependent on external influences, and less productive than in many other regions. Improving the region’s investment performance is critical if policymakers are to succeed in increasing the region’s economic growth rate. After discussing the relationship between investment and growth, the paper analyzes the investment responsiveness of various countries in the region and notes the policy priorities for strengthening the basis for rapid and sustained economic growth.
Amer Bisat, Mr. Mohamed A. El-Erian, Mr. Mahmoud El-Gamal, and Mr. Francesco P Mongelli
Ms. Sena Eken

Stability, 1981-95 5. Index of Macroeconomic Stability 6. Explaining Per Capita GDP Growth in MENA Countries Charts 1. MENA Region: Growth Indicators, 1980-95 2. Developing Countries and the MENA Region Domestic Savings, 1980-95 3. MENA Investment Indicators, 1980-95 4. Developing Countries and the MENA Region Inflation, 1980-95 5. Developing Countries and the MENA Region External Current Account, 1980-95 6. Developing Countries and the MENA Region Total Expenditures and Net Lending, 1980-95 7. Developing Countries and the MENA Region Total Revenues

Mr. Harald Finger and Ms. Daniela Gressani

, P. , 2011 , “ Towards Effective Macroprudential Policy Frameworks: An Assessment of Stylized Institutional Models, ” IMF Working Paper WP/11/250 ( Washington : International Monetary Fund ). 10.5089/9781463923327.001 Organisation for Economic Co-operation and Development , 2006 , “ Venture capital development in MENA countries-Taking Advantage of the Current Opportunity, ” MENA Investment Policy Brief ( Paris ). Organisation for Economic Co-operation and Development , 2010 , Making Reform Happen: Lessons from OECD Countries ( Paris

Amer Bisat, El-Erian Mohamed, El-Gamal Mahmoud, and Mr. Francesco P Mongelli

1980s, gross investment (that is, without taking depreciation into account) as a percent of GDP has hovered just above 20 percent—a level that is lower than the average for developing countries (over 24 percent in 1995) and sharply lower than the ratios prevailing in the fast-growing Asia region (nearly 30 percent) ( Chart 2 ). Chart 2 MENA: Investment Indicators (In percent of GDP) Source: International Monetary Fund, World Economic Outlook . As with growth, investment behavior within the region varied considerably. Governments in the oil economies

Ms. Sanchita Mukherjee and Ms. Rina Bhattacharya

investment function, the Breusch-Pagan LM statistic: 22.09768 Chi-sq P-value = 0.0047; For Non-IT MENA consumption function, the Breusch-Pagan LM statistic: 27.70852 Chi-sq P-value = .0016; For Non-IT MENA investment function, the Breusch-Pagan LM statistic: 24.12635 Chi-sq P-value = 0.0011. These test statistics suggest that in all above cases we reject the null hypothesis of homoskedasticity. 13 Fixed effects assume that the error terms are homoskedastic. 14 Since we are using lagged endogenous variables as instruments, the coefficient estimates corrected for

Ms. Sanchita Mukherjee and Ms. Rina Bhattacharya
In this paper we empirically examine the operation of the traditional Keynesian interest rate channel of the monetary policy transmission mechanism in five potential inflation targeting economies in the MENA region and compare it with fourteen inflation targeting (IT) emerging market economies (EMEs) using panel data analysis. Contrary to some existing studies, our empirical results suggest that private consumption and investment in both groups of countries are sensitive to movements in real interest rates. Moreover, we find that the adoption of IT did not significantly alter the operation of the interest rate channel in IT EMEs. Also, the interest rate elasticities of private consumption and private investment vary with the level of development of the domestic financial market. Finally, capital account liberalization have opposite effects on private consumption and private investment in the two groups of countries.
Ms. Sena Eken

Countries and the MENA Region Domestic Savings, 1980-95 (in percent of GDP) Source: World Economic Outlook. Chart 3 MENA. Investment Indicators, 1980-95 Source: World Economic Outlook, and Balance of Payments Statistics. The inflation performance of the MENA region has been fairly good in terms of both level and variability. In 1980-95, inflation amounted, on average, to about 16 percent, while it averaged about 37 percent in the developing countries ( Chart 4 ). Within the region, the inflation rates of the oil exporters were lower than those of the

Samy Ben Naceur, Barbara Casu, and Hichem Ben-Khedhiri
This study examines the effect of financial-sector reform on bank performance in selected Middle Eastern and North African (MENA) countries in the period 1994 -2008. We evaluate bank efficiency in Egypt, Jordan, Morocco, Lebanon and Tunisia by means of Data Envelopment Analysis (DEA) and we employ a meta-frontier approach to calculate efficiency scores in a cross-country setting. We then employ a second-stage regression to investigate the impact of institutional, financial, and bank specific variables on bank efficiency. Overall, the analysis shows that, despite similarities in the process of financial reforms undertaken in the five MENA countries, the observed efficiency levels of banks vary substantially across markets, with Morocco consistently outperforming the rest of the region.Differences in technology seem to be crucial in explaining efficiency differences. To foster banking sector performance, policies should be aimed at giving banks incentives to improve their risk management and portfolio management techniques. Improvements in the legal system and in the regulatory and supervisory bodies would also help to reduce inefficiency.