Recoveries in the Middle East, North Africa, and Pakistan : have macroeconomic policies been effective? /

Recoveries in the Middle East, North Africa, and Pakistan : have macroeconomic policies been effective? /

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Bibliographic Details
Author / Creator:	Hakura, Dalia S., author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2010.
Description:	1 online resource (31 pages)
Language:	English
Series:	IMF working paper ; WP/10/122 IMF working paper ; WP/10/122.
Subject:	Recessions -- Middle East -- Econometric models. Recessions -- Africa, North -- Econometric models. Recessions -- Pakistan -- Econometric models. Business cycles -- Middle East -- Econometric models. Business cycles -- Africa, North -- Econometric models. Fiscal policy -- Middle East -- Econometric models. Fiscal policy -- Africa, North -- Econometric models. Fiscal policy -- Pakistan -- Econometric models. Monetary policy -- Middle East -- Econometric models. Monetary policy -- Africa, North -- Econometric models. Monetary policy -- Pakistan -- Econometric models. Business cycles -- Econometric models. Fiscal policy -- Econometric models. Monetary policy -- Econometric models. Recessions -- Econometric models. North Africa. Middle East. Pakistan.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12495907

Hidden Bibliographic Details
Other authors / contributors:	Grigoli, Francesco, author. IMF Institute, issuing body.
ISBN:	1282846000 9781282846005 9781452700601 1452700605 9781455200818 1455200816
Notes:	Title from PDF title page (IMF Web site, viewed June 28, 2010). At head of title: IMF Institute. "May 2010." Includes bibliographical references.
Summary:	This paper identifies and documents the properties of output gap recessions and recoveries in the Middle East, North Africa, and Pakistan (MENAP) during the 1980 to 2008 period. It goes on to investigate the key determinants of the recoveries. The duration of MENAP countries' recessions and recoveries has increased from the 1990s to the 2000s. MENAP hydrocarbon exporting countries' recessions were on average more pronounced in the 2000s, and hydrocarbon importing countries' recessions milder. Fiscal policy is found to have played a key role during the recoveries to potential output, although with weaker effects for MENAP countries that are more open to trade. Monetary policy is found to have been less effective. This is likely to be related to the fact that many of the MENAP countries have fixed exchange rate regimes and hence have limited room for active monetary policy.
Other form:	Print version: Grigoli, Francesco. Recoveries in the Middle East, North Africa, and Pakistan: Have Macroeconomic Policies Been Effective? Washington : International Monetary Fund, ©2010 9781455200818

Description
Summary:	This paper offers a coherent empirical analysis of the determinants of the real exchange rate, the current account, and the net foreign assets position in low income countries. The paper focuses on indicators specific to low income countries, such as the quality of policies and institutions, the special access to official external financing, and the role of shocks. In addition to more standard factors, we find that domestic financial liberalization is associated with higher current account balances and net foreign asset positions, while capital account liberalization is associated with lower current account balances and net foreign asset positions and with more appreciated real exchange rates. Negative exogenous shocks tend to raise (reduce) the current account in countries with closed (opened) capital accounts. Finally, foreign aid is progressively absorbed over time through net imports, and is associated with a more depreciated real exchange rate in the long-run.
Item Description:	Title from PDF title page (IMF Web site, viewed June 28, 2010). At head of title: IMF Institute. "May 2010."
Physical Description:	1 online resource (31 pages)
Bibliography:	Includes bibliographical references.
ISBN:	1282846000 9781282846005 9781452700601 1452700605 9781455200818 1455200816