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  • 1
    Language: French
    Pages: 1 Online-Ressource (80 pages)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als
    Abstract: La premiere partie du present rapport examine les perspectives de croissance a court et a moyen terme des pays de la region Moyen-Orient et Afrique du Nord (MENA). Elle indique que la region devrait enregistrer un taux de croissance modeste de 0,6 % en 2019, qui devrait monter a 2,6 % en 2020 et atteindre 2,9 % en 2021. Les previsions de croissance pour 2019 ont ete reduites de 0,8 point de pourcentage par rapport aux projections d'avril 2019. Des risques baissiers substantiels pesent sur les perspectives economiques de la region - les plus notables etant l'intensification des difficultes de l'economie mondiale et l'accroissement des tensions geopolitiques.Dans la deuxieme partie du rapport, il est demontre que les pays de la region doivent asseoir une concurrence loyale pour passer completement d'une economie administree a une economie de marche. Les auteurs commencent par examiner les politiques de concurrence en vigueur dans la region, puis appellent au renforcement des lois sur la concurrence et des organismes charges de les faire respecter, en vue de promouvoir des pratiques equitables. Ils preconisent egalement de transformer les entreprises publiques en societes commerciales, d'encourager le secteur prive et d'uniformiser les regles du jeu pour tous. Toute initiative de reforme des economies de la region serait appuyee par une gestion professionnelle des actifs publics, laquelle pourrait puiser dans une nouvelle source de richesse nationale
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  • 2
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Other papers
    Abstract: Countries in the Middle E ...
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  • 3
    Language: English
    Pages: 1 Online-Ressource (55 pages)
    Series Statement: World Bank E-Library Archive
    Series Statement: Middle East and North Africa Economic Update
    Parallel Title: Erscheint auch als
    Abstract: World Bank economists expect GDP growth in the Middle East and North Africa (MENA) to continueat a modest pace of 1.5 percent in 2019, slightly down from 1.6 percent in 2018. The declme reflectsa contraction in one large economy, which more than offsets growth in other countries. In the mediumterm, the World Bank expects real GDP in the MENA to grow at 3.4 percent and 2.7 percent in 2020and 2021, respectively. The expected upswing is partially driven by ongoing policy reforms, as wellas reconstruction efforts in some countries. However, MENA's modest recovery will be insufficientto change its historically low growth in per capita GDP. External factors are unlikely to pull the regionout of its low-growth equilibrium. In addition, many countries in the region have persistent currentaccount deficits. A recent deterioration in external balances across MENA constrained the region'sability to finance these deficits. Although the region has a low risk of experiencing sudden reversalsin capital inflows in the short run, structural reforms capable of raising aggregate labor productivityare urgently needed to gradually reduce external imbalances. The report concludes by providingexamples of reforms in fiscal policies, trade-related policies, social protection and labor markets, andstate-owned enterprises (SOEs) in network industries
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  • 4
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (33 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Arezki, Rabah What Drives the Global "Land Rush"?
    Abstract: The 2007-2008 upsurge in agricultural commodity prices gave rise to widespread concern about investors causing a "global land rush". Large land deals can provide opportunities for better access to capital, transfer of technology, and advances in productivity and employment generation. But they carry risks of dispossession and loss of livelihoods, corruption, deterioration in local food security, environmental damage, and long-term social polarization that led some countries to recently pass legislation restricting foreign land acquisition. To stimulate evidence-based debate, this paper explores determinants of foreign land acquisition for large-scale agriculture. It quantifies demand for land deals, showing it focused on Africa where land expansion is about 20 times the level it was in the past. The analysis uses data on bilateral investment relationships, together with newly constructed indicators of agro-ecological suitability in non-protected and forested areas with low population density as well as land rights security. It estimates gravity models that can help identify determinants of foreign land acquisition dedicated to large-scale agriculture. The results confirm the central role of agro-ecological potential as a pull factor. In contrast to the literature on foreign investment in general, the quality of the business climate is insignificant, whereas weak land governance and tenure security for current users make countries more attractive for investors. Implications for policy are discussed
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Language: English
    Pages: Online-Ressource (31 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Arezki, Rabah The Relative Volatility of Commodity Prices
    Abstract: This paper studies the volatility of commodity prices on the basis of a large dataset of monthly prices observed in international trade data from the United States over the period 2002 to 2011. The conventional wisdom in academia and policy circles is that primary commodity prices are more volatile than those of manufactured products, although most of the existing evidence does not actually attempt to measure the volatility of prices of individual goods or commodities. The literature tends to focus on trends in the evolution and volatility of ratios of price indexes composed of multiple commodities and products. This approach can be misleading. Indeed, the evidence presented in this paper suggests that on average prices of individual primary commodities are less volatile than those of individual manufactured goods. However, the challenges of managing terms of trade volatility in developing countries with concentrated export baskets remain
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    Language: English
    Pages: 1 Online-Ressource (24 pages)
    Parallel Title: Erscheint auch als Arezki, Rabah Corporate Debt and Stock Returns: Evidence from U.S. Firms during the 2020 Oil Crash
    Keywords: Corporate Debt ; Corporate Governance ; Energy ; Energy Markets ; Energy Policies and Economics ; Oil and Gas ; Oil Company Debt ; Oil Firms Stock Returns ; Oil Markets ; Oil Price Fluctuation ; Oil Stocks ; Private Sector Development ; Private Sector Economics ; Volatility
    Abstract: This paper explores the effect of oil price fluctuations on the stock returns of U.S. oil firms using an identification strategy through heteroskedasticity, exploiting the 2020 oil price crash. The results are twofold. First, a decline in oil prices significantly reduces oil firms' stock returns. On average, a 1 percent decline in oil prices leads to a 0.44 percent decline in stock prices. Second, firm debt appears irrelevant in mediating the effect of oil prices on oil firms' stock returns. Moreover, the muted role of debt was not likely caused by the liquidity backstop provided by the Federal Reserve
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  • 7
    Online Resource
    Online Resource
    [Washington, DC, USA] : World Bank Group, Middle East and North Africa Region, Office of the Chief Economist
    Language: English
    Pages: 1 Online-Ressource (circa 34 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9301
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Arezki, Rabah Transforming Finance in the Middle East and North Africa
    Keywords: Graue Literatur
    Abstract: This paper argues for a transformation of finance to support the economic and social transformation of the Middle East and North Africa. The paper first documents the existing financial system in the region. The system is heavily skewed toward banking, relative to non-banking services, such as stock and corporate bond markets, with significant heterogeneity across countries. Second, the paper discusses the stance of macroeconomic policy in the region, which has had important implications for the destination, profitability, and quality of bank lending and the limited evolution of the financial system. Third, the paper explores the impact of technology on financial development, with particular attention to prospects for the development of fintechs. Entrenched incumbency of banks has limited the role of non-bank operators in fostering market contestability and fintech development. The paper is a call to the authorities and policy makers in the Middle East and North Africa to break with the status quo and business as usual. It underscores the need for a "moonshot approach" focused on establishing the foundations of a new digital economy and its role in promoting a well-functioning and inclusive financial economy to support the development needs of the region
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  • 8
    Online Resource
    Online Resource
    [Washington, DC, USA] : World Bank Group, Middle East and North Africa Region, Office of the Chief Economist
    Language: English
    Pages: 1 Online-Ressource (circa 38 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9319
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Arezki, Rabah Reform Chatter and Democracy
    Keywords: Graue Literatur
    Abstract: This paper explores the dynamics of media chatter about economic reforms using text analysis from about a billion newspaper articles in 28 languages. The paper shows that the intensity of reform chatter increases during economic downturns. This increase is more significant in democracies. Using instrumental variable techniques, the analysis finds the relationship to be causal. The paper also documents that reform chatter is followed by actual reforms, suggesting that democracies benefit from a "self-correcting" mechanism stemming from changing popular attitudes toward reform
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  • 9
    Language: English
    Pages: 1 Online-Ressource (55 pages)
    Series Statement: World Bank E-Library Archive
    Series Statement: Middle East and North Africa Economic Update
    Parallel Title: Erscheint auch als
    Abstract: Part I of this report discusses the short- and medium-term growth prospects for countries in the Middle East and North Africa (MENA). The region is expected to grow at a subdued rate of 0.6 percent in 2019, rising to 2.6 percent in 2020 and 2.9 percent in 2021. The growth forecast for 2019 is revised down by 0.8 percentage points from the April 2019 projection. MENA's economic outlook is subject to substantial downside risks-most notably, intensified global economic headwinds and rising geopolitical tensions. Part II argues that promoting fair competition is key for MENA countries to complete the transition from an administered to a market economy. Part II first examines current competition policies in MENA countries and to promote fair competition calls for strengthening competition law and enforcement agencies. It also calls for corporatizing state-owned enterprises, promoting the private sector and creating a level-playing field between them. Any moves to reform MENA economies would be aided by professional management of public assets, which could tap into a new source of national wealth
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  • 10
    Language: English
    Pages: 1 Online-Ressource (55 pages)
    Series Statement: World Bank E-Library Archive
    Series Statement: MENA Economic Update
    Parallel Title: Erscheint auch als
    Abstract: Part I of this report discusses the short- and medium-term growth prospects for countries in the Middle East and North Africa (MENA). The region is expected to grow at a subdued rate of 0.6 percent in 2019, rising to 2.6 percent in 2020 and 2.9 percent in 2021. The growth forecast for 2019 is revised down by 0.8 percentage points from the April 2019 projection. MENA's economic outlook is subject to substantial downside risks-most notably, intensified global economic headwinds and rising geopolitical tensions. Part II argues that promoting fair competition is key for MENA countries to complete the transition from an administered to a market economy. Part II first examines current competition policies in MENA countries and to promote fair competition calls for strengthening competition law and enforcement agencies. It also calls for corporatizing state-owned enterprises, promoting the private sector and creating a level-playing field between them. Any moves to reform MENA economies would be aided by professional management of public assets, which could tap into a new source of national wealth
    Library Location Call Number Volume/Issue/Year Availability
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