Explaining growth in the Middle East:
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|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Amsterdam [u.a.]
Elsevier
2007
|
| Edition: | 1. ed. |
| Series: | Contributions to economic analysis
278 |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XX, 430 S. |
| ISBN: | 0444522409 9780444522405 |
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| 245 | 1 | 0 | |a Explaining growth in the Middle East |c ed. by Jeffrey B. Nugent ... |
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| adam_text | Titel: Explaining growth in the Middle East
Autor: Nugent, Jeffrey B
Jahr: 2007
CONTENTS
PREFACE vii
LIST OF CONTRIBUTORS xix
CHAPTER 1 INTRODUCTION: EXPLAINING GROWTH IN
THE MIDDLE EAST 1
Jeffrey B. Nugent and M. Hashem Pesaran
1 Coverage of the book 1
2 Limitations and omissions 4
3 Cross-country heterogeneity in the MENA region 6
4 Inter-linkages within the MENA region 8
5 Growth and volatility in MENA compared to other regions 14
6 Growth and volatility across MENA countries 18
7 Contributed papers 19
References 26
PART I: THE MAIN THEMES IN THE MENA REGION AS A
WHOLE
CHAPTER 2 DETERMINANTS OF GROWTH IN THE MENA
COUNTRIES 31
Samir Makdisi, Zeki Fattah and lined Limam
1 Introduction 32
2 Growth record of the MENA region 33
3 MENA economic growth in a global context 37
3.1. Cross-country regression 37
3.2. Growth accounting in international perspective 46
4 Explaining intraregional MENA growth performance 53
5 Concluding remarks 56
Acknowledgements 57
References 57
CHAPTER 3 A REEXAMINATION OF THE POLITICAL
ECONOMY OF GROWTH IN THE MENA
COUNTRIES 61
Hadi Salehi Esfahani
1 Introduction 62
2 A framework for analyzing the political economy of growth 66
2.1. Resources 67
2.2. Politics 68
2.3. Institutions 71
2.4. Dynamics in the political economy of growth 75
3 MENA s growth experience: the roles of resources, politics, and
institutions 78
3.1. Natural resource rents 78
3.2. Heterogeneity and polarization 83
3.3. Geopolitical rents and threats and the role of military 86
3.4. Authoritarianism 87
3.5. Human capital 93
3.6. Administrative and judicial institutions 94
4 Conclusion 95
Acknowledgments 97
References 97
Appendix 101
CHAPTER 4 FINANCIAL DEVELOPMENT AND ECONOMIC
GROWTH IN THE MENA COUNTRIES 103
Hasan Ersel and Magda Kandil
1 Introduction 104
2 Financial development and economic growth: direct contribution 105
2.1. Resource mobilization function 106
2.2. Resource allocation function 109
2.3. Operational efficiency 111
2.4. Economic growth and financial development indicators 113
3 Indirect contribution of financial markets to growth:
the effectiveness of economic policy 116
3.1. Monetary policy design 119
3.2. Time-series results 123
3.3. Policy design and the effects of monetary growth 125
4 Summary and policy recommendations 126
Acknowledgments 131
References 131
Appendix 133
CHAPTER 5 LABOR MARKETS AND ECONOMIC GROWTH
IN THE MENA REGION 137
Christopher A. Pissarides and Marie Ange Ve ganzonès-
Varoudakis
1 Introduction: the growth context 138
2 Human capital and economic growth 139
2.1. Human capital definitions 139
2.2. Growth theory 140
2.3. Growth accounting 143
3 Labor market structure 147
3.1. Static efficiency 147
3.2. Institutional foundations 151
3.3. Market flexibility 152
4 Acquisition of skills 153
5 Conclusions 154
References 156
CHAPTER 6 MICROECONOMICS OF GROWTH IN MENA:
THE ROLE OF HOUSEHOLDS 159
Djavad Salehi-Isfahani
1 Introduction 160
1.1. The role of urban households 161
2 Economic and social environment 164
2.1. Natural endowments and climate 165
2.2. Trade shocks 165
2.3. Institutional environment 166
3 Household decisions 173
3.1. Household time allocation 173
3.2. Human capital 181
3.3. Savings 186
4 Conclusions 188
Acknowledgments 190
References 190
PART II: COUNTRY-SPECIFIC STUDIES
CHAPTER 7 SOURCES OF ECONOMIC GROWTH AND
TECHNICAL PROGRESS IN EGYPT: AN
AGGREGATE PERSPECTIVE 197
Hanaa Kheir-El-Din and Tarek Abdelfattah Moursi
1 Introduction 198
2 Total factor productivity estimates (1960-1998) 200
3 Role of input changes and technical progress in economic growth 204
3.1. Role of physical inputs 204
3.2. Role of technical progress 211
4 Relation between technical progress and selected macroeconomic
indicators 214
5 Conclusion: reflection on sources of economic growth in
Egypt (1960-1998) 223
Acknowledgments 225
References 225
Appendix A: Review of the methods used to estimate the APF 227
Appendix B: Source of data 235
CHAPTER 8 SOURCES OF GROWTH AND THE OUTPUT GAP
FOR THE TURKISH ECONOMY 237
Kivilcim Metin Özcan, Ümit Özlale and Çagn Sarikaya
1 Introduction 238
2 An overview of the Turkish economy from a growth perspective 239
2.1. Inward-oriented strategy: 1963-1980 period 239
2.2. The 1980s and the 1990s 241
2.3. The millennium onward 242
3 Comparison with the MENA countries 246
4 Macroeconomic policies and the financial crises 250
4.1. The 1994 currency crisis 250
4.2. The 2001 financial crisis 251
4.3. Fiscal dynamics 252
4.4. Liberalization of the financial markets 253
5 Output gap and business cycle characteristics 254
5.1. Role of short-term capital flows 255
5.2. Business cycle facts for Turkey 259
6 Conclusion 261
References 261
Appendix A: The output gap estimation for the Turkish economy 264
Appendix B: Robustness tests with the output gap measure from
Dees et al. (2005) 265
CHAPTER 9 ECONOMIC GROWTH AND ECONOMIC POLICY
IN IRAN: 1950-2003 267
Ahmad R. Jalali-Naini
1 Introduction 268
2 Aggregate growth performance and sectoral growth
patterns: 1950-2003 268
3 Stylized facts of growth 269
3.1. Grand ratios and structural change 272
3.2. Persistence of factor accumulation and divergence in
growth rates 274
3.3. Growth volatility and shock persistence 277
4 Sources of growth: factor accumulation or productivity 279
4.1. HCandTFP 281
5 Economic policy, strategy, and growth performance
during 1950-2003 283
5.1. High growth years: 1959-1977 284
5.2. The revolution and war: 1978-1987 285
5.3. Post-war economic growth and policy shift:
1988-2003 287
6 Oil, rent-seeking, and economic growth 297
7 Summary and conclusion 299
Acknowledgments 301
References 301
CHAPTER 10 THE POLITICAL ECONOMY OF
DEVELOPMENT POLICY IN TUNISIA 307
Mohamed Z. Bechri and Sonia Naccache
1 Introduction 308
2 Policy episodes and the political economy approach 308
2.1. Policy episodes: 1956-2004 308
2.2. Political economy approach 311
3 Establishment of a State-led economy (1956-1969) 314
3.1. Political setup and interest groups 314
3.2. Representation, coordination, and
commitment 316
3.3. Policy choices 317
3.4. Rise and fall of collectivism 318
4 The two-track strategy 322
4.1. Offshore Company Law and export promotion 322
4.2. Financial repression and exchange controls 322
4.3. Role of interest groups 323
5 Economic populism and the crisis-triggered reforms of the
1980s 326
5.1. Political and economic setup 326
5.2. Crisis-triggered reforms of 1986 328
5.3. Post-adjustment uncertainties (1992-1994) 330
5.4. The association agreement with the European union 330
6 Conclusion 332
References 333
CHAPTER 11 ALGERIA S MACROECONOMIC
PERFORMANCES FROM 1962 TO 2000 335
Mohamed Abdelbasset Chemingui and Moataz Mostafa
El-Said
1 Introduction 336
2 Overview of Algeria s economic growth 337
2.1. 1962-1973: High but unstable economic growth 338
2.2. 1974-1986: Macroeconomic instability, difficult adjustments,
and volatile economic growth 339
2.3. 1987-1994: Structural adjustment programs and economic
recession period 340
2.4. 1995-2000: A new wave of economic reforms and
economic growth 341
3 Sources of economic growth in Algeria: a growth accounting
exercise 342
3.1. Contribution of labor and capital to economic growth 343
3.2. TFP and its contribution to economic growth 345
4 Structural weaknesses in the Algerian economy 347
4.1. Weak institutions and administrative capacity 348
4.2. High external debt and debt servicing 349
4.3. High inflation rate 350
4.4. Low labor productivity and the mismatch between
the education and training system 351
4.5. Underdeveloped banking sector 353
4.6. Inadequate infrastructure 355
5 Conclusion and policy options 355
Acknowledgments 356
References 356
CHAPTER 12 EXPLAINING GROWTH IN AN OIL-
DEPENDENT ECONOMY: THE CASE OF THE
UNITED ARAB EMIRATES 359
Adam B. Elhiraika and Annas H. Hamed
360
361
364
365
365
366
366
366
1 Introduction
2 Performance of the UAE economy
2.1. Domestic investment
2.2. Domestic savings
2.3. Export growth
2.4. Financial development
2.5. Human capital development
2.6. Macroeconomic stability
3 UAE growth in regional perspectives 367
3.1. Growth accounting framework 367
3.2. Econometric model of the determinants of UAE growth 370
4 Markets and institutions 375
4.1. Labour market 376
4.2. Financial markets and institutions 378
4.3. Investment climate 379
5 Conclusion and policy implications 380
Acknowledgments 382
References 382
CHAPTER 13 INSTITUTIONS, HOUSEHOLD DECISIONS,
AND ECONOMIC GROWTH IN EGYPT 385
Ragui Assaad
1 Introduction 385
2 Growth implications of the demographic transition 387
3 Institutional context and investments in educational human capital 390
3.1. Expenditures on education and school enrollment 390
3.2. Role of the state as a dominant employer of educated
workers 393
3.3. Effects of the graduate employment guarantee on
human capital acquisition and rates of return to schooling 395
3.4. Entrapment of graduates in the public sector 401
4 Gender norms and barriers to entry for women in the private sector 402
4.1. Female participation in the Egyptian labor market
in the 1990s 404
4.2. Barriers to private sector employment for women 406
5 Conclusions 407
Acknowledgments 409
References 409
NOTES ON THE AUTHORS 413
SUBJECT INDEX 419
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| title | Explaining growth in the Middle East |
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| title_full | Explaining growth in the Middle East ed. by Jeffrey B. Nugent ... |
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