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Publications
Policy Perspectives

The US Shale Oil Revolution Requires Major Reforms in the Macroeconomic Policy Frameworks and Institutions in the MENA Region

Kamiar Mohaddes and Mehdi Raissi

The shale oil revolution in the United States, contributing to lower global oil prices, has important macroeconomic implications for the Middle East and North Africa (MENA) region. In response to ... read more


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Publications
Working Papers

The Political Economy of Fiscal Institutions and Macroeconomic Management in Sudan

Kabbashi Suliman

The literature on distributive politics indicates that many low-income countries are saddled with extractive institutions that not only contribute to politically biased fiscal outcomes, but tend to undermine long-run real ... read more


Publications
Working Papers

Asymmetric Growth Impact of Fiscal Policy: A Post-Shock Policy Scenario for Egypt

Hany Abdel-Latif and Tapas Mishra

This paper empirically explores how fiscal policy represented by acceleration in government spending exerts asymmetric effects on economic growth in the context of a developing country, Egypt in particular. By ... read more


Publications
Working Papers

The Political Economy of Macroeconomic Policy in Arab Resource-Rich Economies

Adeel Malik

Revisiting macroeconomic policies and outcomes of Arab resource-rich economies (RREs), this paper synthesizes the political economy considerations that underpin policy choices. The paper argues that, in the context of Arab ... read more


Publications
Working Papers

Demographic Changes and Fiscal Policy in MENA Countries

Mehmet Serkan Tosun

In this study, I examine the links between demographic change and fiscal policy in MENA countries, focusing specifically on the economic impacts coming from the conflict between social security and ... read more


Publications
Working Papers

On the Linkage Between Monetary Policy and MENA Stock Markets

Samy Bennaceur, Adel Boughrara and Samir Ghazouani

Abstract Using a sample of eight MENA region countries this study tries to understand whether there is an interaction between asset markets and monetary policy. The nature of the relationship between asset price ... read more


Publications
Working Papers

Credibility of Inflation Targeting in Morocco and Tunisia

Mongi Boughzala, Adel Boughrara and Hassouna Moussa

Abstract Can the Moroccan and the Tunisian financial systems withstand the consequences of adopting IT, and is IT the appropriate monetary policy for them? There are many crucial requirements for the success of ... read more


Publications
Working Papers

Are the Conditions for the Adoption of IT Satisfied in Morocco?

Adel Boughrara, Mongi Boughzala and Hassouna Moussa

Abstract The objective of this paper is to explore the feasibility and efficiency of inflation targeting as a new monetary strategy in Morocco. Inflation targeting (IT) is a strategy that aims primarily ... read more


Publications
Working Papers

Inflation Targeting in Turkey

Hasan Ersel and Fatih Ozatay

Abstract In the aftermath of the 2000-2001crisis the banking sector in Turkey was in turbulence requiring immediate action. The rescue operation sky-rocketed the public debt-to-gross domestic product ratio. The fiscal dominance caused by ... read more


Publications
Working Papers

Expansionary Fiscal Consolidations: New Evidence from Turkey

Fatih Ozatay

Abstract After the February 2001 crisis, Turkey started to implement a new economic program. One of its aims was to reduce public debt that had jumped to a record high level. The ... read more


Publications
Policy Research Reports

Fertility, Human Capital, and Macroeconomic Performance: Long-Term Interactions and Short-Run Dynamics

Ali Darrat and Darwish Yousef

Literature suggests that a fruitful inquiry into the fertility/ economic development nexus should focus not on whether these two variables are correlated over time or across countries. The emphasis should ... read more


Publications
Working Papers

The Impact of Fiscal Policy on Economic Activity Over the Bsiness Cycle: An Emirical Investigation in the Case of Algeria

Abderrahim Chibi, and Sidi Mohamed Chekouri

This paper estimates the effects of fiscal policy on Algerian economic activity using a Markov Switching Vector Autoregressive (MSVAR) model. We find evidence of asymmetric effects of fiscal policy across ... read more


Publications
Working Papers

Access to Finance: Mind the Gender Gap

Hanan Morsy and Hoda Youssef

Studies on financial inclusion have so far focused on assessing determinants to overall access to finance, but limited attention has been given to financial inclusion from a gender point of ... read more


Publications
Working Papers

Public Spending Efficiency, Governance, and Political and Economic Policies: Is there a Substantial Causal Relation? Evidence from Selected MENA Countries

Riadh Brini and Hatem Jemmali

In this paper, we first seek a robust methodology for the estimation of the relative public spending efficiency of eleven Middle East and North Africa (MENA) countries over the period ... read more


Publications
Working Papers

Assessing Fiscal Sustainability in Algeria: A Nonlinear Approach

Abderrahim Chibi and Sidi Mohamed Chekouri

The main objective of this study is to examine the sustainability of fiscal policy using a nonlinear model approach and a smooth transition autoregressive model (STAR), based on quarterly data ... read more