nep-ara New Economics Papers
on Arab World
Issue of 2012‒02‒27
eleven papers chosen by
Quentin Wodon
World Bank

  1. Does Power of Political Economy and Regulation Make Istanbul a Financial Center? (Ekonomi Politik ve Düzenlemenin Gücü Istanbul’u Finans Merkezi Yapabilir Mi?) By Coskun, Yener
  2. Securitization in Turkish banking system By Aysan, Ahmet Faruk; Rengifo, Erick William; Ozsoz, Emre
  3. Egypt: Political Transition vs. Economic Challenges? By Ahmed Farouk Ghoneim
  4. MENA in transition: any lessons from CESEE? By Peter Havlik; Sandor Richter
  5. Wage-Productivity Gap in Turkish Manufacturing Sector By Ceyhun Elgin; Tolga Umut Kuzubas
  6. Egypt: Political Transition vs. Economic Challenges? By Marek Dabrowski
  7. Shaky emerging economies in view of the global financial crisis: The Turkish economy after three decades of liberal reforms By Faruk Ulgen
  8. The economics of the Arab Spring By Adeel Malik; Bassem Awadallah
  9. Manufactured Exports and FDI in the MED-11 Countries: Recent Evolution, Determinants and Prospects By Khalid Sekkat
  10. Impact de la taille sur le contenu des tableaux de bord dans les entreprises au Maroc : résultats d'une étude empirique By Azzouz Elhamma
  11. Rente, corruption et violence : l’émergence d’un ordre nouveau dans les pays arabes ? By Raouf BOUCEKKINE; Rafik BOUKLIA-HASSANE

  1. By: Coskun, Yener
    Abstract: Turkey is well behind the many countries according to socio-economic development criteria. Activities aim to make Istanbul a financial center seem paradoxical due to less developed and risky characteristics of national economy and financial system. It seems that these activities have both economic and political rationales. Economic rationale of the Istanbul Financial Center (IFC) project suggests that Turkish economy has transformed to a safe harbor. Political rationale of this project may imply that evolving economy politics of post 9/11 environment may create economic advantages for Turkey. It has observed that the tool of regulation is of central role for the idea of the development of a financial center in Istanbul. In this paper, by using literature and data analysis, we examine the chance of the success of the regulatory/bureaucratic approach for IFC project. We conclude that IFC project has weak internal dynamics and it occurred due to both its political attractiveness and also cyclical local/global economic/political conditions. But, it is not realistic to expect strong positive outcomes from the IFC project, if the project would focus only regulatory/bureaucratic approach.
    Keywords: Istanbul; financial center; London; Z/Yen; governance; Turkey;9/11
    JEL: B10 G15 G38 E20
    Date: 2011–11–01
  2. By: Aysan, Ahmet Faruk; Rengifo, Erick William; Ozsoz, Emre
    Abstract: By using data from 8 depository institutions in Turkey we evaluate the drivers of securitization between 2004 and 2009. Our analysis shows that previous period securitization as well as bank equity, level of profits and asset size are important factors in a bank’s decision to securitize its loan portfolio. Banks’ on-balance sheet liquidity on the other hand is not a significant factor. We also use a binary probit model and predict with good certainty the timing of a bank’s securitization in capital markets. Again, bank size, profitability and equity are also explanatory variables in making these accurate predictions.
    Keywords: securitization; Turkey; banking
    JEL: G32 F31 G21
    Date: 2012–02
  3. By: Ahmed Farouk Ghoneim
    Abstract: How can Trade Help to Rebuild and Enhance the Economies of the Southern Mediterranean Countries?
    Keywords: Southern Mediterranean Countries, economy, trade agreemtents, non-tariff measures
    Date: 2011–08
  4. By: Peter Havlik (The Vienna Institute for International Economic Studies, wiiw); Sandor Richter (The Vienna Institute for International Economic Studies, wiiw)
    Abstract: In the wake of the ‘Arab Spring’ several observers compared the changes in the Middle East and North Africa (MENA) to the transition of the former communist countries in Central, East and Southeast Europe (CESEE) to parliamentary democracy and market economy starting two decades ago.Relying on the wiiw’s long standing experience in analysing both the centrally planned economic systems and the institutional and economic aspects of transition, the following Policy Note attempts – without claiming to have a detailed knowledge regarding MENA countries at the moment - to find possible common features, similarities and/or differences between the economic situation of the MENA countries and the challenges facing the former centrally planned economies during the past two decades. The aim of this note is to contribute to discussion regarding the elaboration of a strategy assisting MENA’s economic transition.
    Keywords: competitiveness, economic reforms
    Date: 2011–07
  5. By: Ceyhun Elgin; Tolga Umut Kuzubas
    Date: 2012–03
  6. By: Marek Dabrowski
    Abstract: The revolutionary events of January and February 2011 opened the door for democratic transition in Egypt, but the road to a stable and sustainable democracy will be long and full of challenges. However, the macroeconomic environment post-revolution has become increasingly worrying as a result of past fiscal and monetary imbalances, revolution-induced shocks and unstable politics. This inability to address pressing economic challenges may hurt the nascent and fragile Egyptian democracy.
    Keywords: Egypt, political transtion, Economy
    Date: 2011–06
  7. By: Faruk Ulgen (CREG - Centre de recherche en économie de Grenoble - Université Pierre Mendès-France - Grenoble II : EA4625)
    Abstract: In the wake of the global change of a new accumulation regime in major capitalist economies, the opening up and liberalisation process of emerging economies from the 1980s has provoked great expectations that resulted in recurrent disappointing crises. Studied as a stylized fact, the Turkish experience leads us to assess the role of liberalised macroeconomic environment, unsuitable economic policies and hesitant and weak regulatory mechanisms as the main sources of perverse sequencing in the reform area. The paper shows that the Turkish crises since the 1980s arose from bad macroeconomic policies, which implemented the neo-liberal shock therapy model and triggered boom-and-bust cycles. After three decades of liberal reforms, the Turkish economy remains still subject to structural downturns. The economic recovery is not guaranteed by a hasty liberalisation. It requires consistent policies which should frame economic agents‟ forms of behaviour in order to induce a sustainable macroeconomic development.
    Keywords: Liberalisation, Stability, Sustainable growth regime, Turkish economy
    Date: 2011–03
  8. By: Adeel Malik; Bassem Awadallah
    Abstract: This article explores the economic underpinnings of the Arab spring. We locate the roots of the regiosn's long-term economic failure in a statist model of development that is financed through external windfalls and rests on inefficient forms of intervention and redistribution. We argue that the rising cost of repression and redistribution is calling into question the long-term sustainability of this development model. A singular failure of tyhe Arab world is that it has been unable to develop a private sector that is independent, competetive and intergrated with global markets. We argue that developing such a orivate sector is both a political as well as a regional challenge. In so far as the private sector genertaes incomes that are independent of the rent streams controlled by the state and can pose a direct political challenge, it is viewed as a threat. And, the Arab world's economic fragmentation into isolated geographic units further undermines the prospects for private sector development. We explain this economic fragmentation as a manifestation of dentralized and segmented administrative structures. Revisiting the polictics and geo-politics of regional trade, we argue that overcoming regional economic barriers constitues the single most important collective action problem that the region has faced since the fall of the Ottoman Empire.
    Keywords: Arab Spring, Fragmentation, Regional Trade, Protectionism
    Date: 2011
  9. By: Khalid Sekkat
    Abstract: This paper investigates the evolution and determinants of manufactured exports and FDI in MED-11 countries over the period 1985-2009 as well as the prospects of their evolution under different scenarios pertaining to the evolution of the determinants. The econometric analysis confirmed the role of exchange rate depreciation, the openness of the economy and the quality of institution and infrastructure in fostering manufactured exports and FDI inflows in the Region. The prospects’ assessment suggested that a scenario of deeper integration with the EU entails superior performance regarding manufactured exports and FDI than status quo or less integration with the EU but greater regional integration.
    Keywords: Manufactured Exports, FDI, Institutions, MENA
    JEL: F15 F21 O43
    Date: 2012
  10. By: Azzouz Elhamma (EDG - EDG rabat - faculté de rabat agdal - faculté de rabat agdal)
    Abstract: À partir des résultats d'une recherche empirique, cet article examine l'impact de la taille sur la différenciation des indicateurs intégrés dans les tableaux de bord de 62 entreprises installées au Maroc. Les résultats de cette recherche montrent que les tableaux de bord tendent à devenir plus " équilibrés " lorsque la taille de l'entreprise augmente.
    Keywords: tableaux de bord, taille, PME, entreprises de grande taille.
    Date: 2011
  11. By: Raouf BOUCEKKINE (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES) et CORE et Université Aix-Marseille GREQAM); Rafik BOUKLIA-HASSANE (Université d’Oran et Université de Paris XIII, CEPN)
    Abstract: Au-delà de la forte hétérogénéité des réalités socio-économiques nationales dans le monde arabe, il y a bien une logique institutionnelle commune qui est à l’origine des révoltes récentes, celle de coalitions dominantes se perpétuant au pouvoir pour contrôler les rentes issues de la libéralisation et/ou de l’exploitation de ressources naturelles.
    Date: 2011–11–29

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