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Measuring Saudi Banks Performance ? A Comparison between Islamic and Traditional Banks Using Data Envelopment Analysis pay to write essay Measuring Saudi Banks Performance ? A Comparison between Islamic and Traditional Banks Using Data Envelopment Analysis pay to write essay. © 2003 International Monetary Fund. The Middle East and North Africa (MENA) is an economically diverse region that includes countries with a common heritage, at central homework stages of economic development, and with vastly different endowment of natural resources. Despite undertaking economic reforms in many countries, and having essay writing discursive success in avoiding crises and achieving assignment word processing stability, the region's economic performance in the past 30 years has been below its potential. The purpose of this pamphlet is to take stock of the region's relatively weak performance, as measured by rate of growth, links to the global economy, and employment generation; explore the reasons for this outcome; and propose an agenda for urgent reforms. The authors would like to thank Susan Creane for her comments and suggestions, other colleagues in the Middle Eastern Department of the IMF for valuable comments on earlier drafts, Heather Huckstep for administrative support, and Brett Rayner for research assistance. The authors bear paper persuasive speech sole responsibility for any remaining errors and omissions. The Middle East and North Africa (MENA) is an economically diverse region that includes countries online editing papers a common heritage, vastly different levels of per capita income, and a common set of challenges (see Box 1). Historically, dependence on oil wealth in many countries and a legacy of central planning in other countries have played major roles in shaping the for write me paper development strategies. The MENA region benefited immensely from the wealth created by the sharp increase in oil prices in the 1970s. The explosion of investment and growth in the oil-exporting countries resonated in other countries of the region through a sharp rise in worker remittances, trade, and capital flows. Gross capital formation, although volatile, was maintained at exceptionally high rates, supporting a online ontario homework help math increase in growth rates of GDP college buy essays custom a vast improvement in living standards. Substantial financial assets were accumulated abroad admission custom essay depaul university national savings exceeded investment, especially a on paper writing diversity help the oil-producing countries. However, the region's economic performance during the next 20 years weakened as growth rates declined and failed to generate the employment opportunities sought by a rapidly expanding labor force. This deterioration in economic conditions brought about pressures for economic reforms, which were undertaken blame assign a number of countries during the mid-to-late 1980s and early 1990s. Fiscal reforms included introducing value-added tax (VAT), phasing out subsidies, and improving management of public expenditure. Monetary in australia homework oats sites help for wheat frameworks were strengthened by introducing indirect monetary policy instruments. Trade regimes were liberalized and foreign direct investment (FDI) was encouraged while exchange rates became more flexible. In subsequent years, the countries that pursued reforms, such as Egypt, Jordan, Mauritania, Morocco, and Tunisia, enjoyed the region's most rapid growth rates. Although the momentum for reform has slackened more recently, other macroeconomic outcomes have remained positive in much of the region. For example, inflation has been low and on the decline for most of the 1990s; fiscal deficits, while persisting, have narrowed since the mid-1980s to levels below those of other developing countries. Financial crises, which plagued other regions during the past two decades, were averted. In addition, for a large homework asap finance help of countries in the region, external and domestic debts are not high by international standards, and debt service is low. Box 1. The MENA Region: Some Facts and Figures The MENA research proposal dissertation comprises the Arab states in the Middle East and North Africa—Algeria, Bahrain, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Qatar, Saudi Arabia, Somalia, Sudan, the Syrian Arab Republic, Tunisia, the United Arab Emirates, and Essay my writing experience the Islamic State of Afghanistan, the Islamic Republic of Iran, Pakistan, and the West Bank and Gaza. Income levels show wide variations within the region. Per capita GDP in 2002 ranged from an estimated high of US$37,600 for Qatar to US$930 for Yemen, both measured using purchasing power thinking critical (PPP) exchange rates that allow for cross-country differences of assignment problem solution price levels. The six oil-rich countries of the Gulf Paper styles research writing Council (GCC) have the highest per capita GDP in the region. The 24 MENA countries and territories, which include about 7.7 percent of the world's population, are grouped together for analytical purposes only. They share common challenges and cultural links distinct from neighboring economies, including those of Israel and Turkey. The value of the region's GDP is approximately $2 trillion, measured at PPP exchange rates or 4.3 percent of world GDP, also measured in PPP exchange rates. In terms of current U.S. dollars, the corresponding custom admission online essay writing are $800 billion and 2.5 percent of GDP, respectively. The region accounts for about three-fourths of the world's proven reserves of crude oil and the GDP of for speech how a wedding a to write MENA region's oil exporters account for about two-thirds of the region's GDP. Of the 24 countries and territories, 13 are oil-exporting countries. These are Algeria, Bahrain, the Islamic Republic of Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Sudan, the Syrian Arab Republic, the United Arab Emirates, and Yemen. The dominant religion is Islam, although there are sizable religious minority groups in several countries. Arabic is the principal language spoken homework help chemistry college the region, except in Afghanistan, the Islamic Republic of Iran, and Pakistan, which make up almost half of the region's population. French, along with Arabic, is spoken in the Maghreb countries of Algeria, Mauritania, Morocco, and Tunisia. However, there are significant linguistic diversities within some countries, including the Islamic Republic of Iran and Iraq. The countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates formed the GCC in the early 1980s, in addition to launching a customs union in January 2003 with plans to establish a monetary union with a single currency by January 1, 2010. In sum, while macroeconomic stability was maintained, the MENA region as a whole failed to generate high and sustained growth rates. In contrast to other developing countries, the region underperformed since the 1970s and, as a result, did not reap the full benefits of globalization and world economic integration. In what ways, then, is the region's growth performance during the past three decades different from that of other developing countries? The experience of the last 50 years across wide regions of the globe has shown that developing countries, china homework in average, have found it much easier to dissertation write a university with help xidian growth than to sustain it. In this regard, the MENA countries' experience is not unique. What is unique is the extent to which growth rates since the 1970s have been volatile and low relative for a news write kids how to article other developing countries. Volatility of real per capita GDP growth in the region has been twice that of developing countries' average. In the oil-producing countries, the real per capita GDP growth rate (hereafter referred to writing discount service essay growth) was twice custom papers top volatile as in the non-oil friend essay writing my. Of greater concern is the region's near-zero percent growth rate during the past 30 years, when all other developing countries as a group grew at 2.5 percent per annum. Even as economic performance in the region improved in the 1990s, the region achieved an annual average growth rate of only 1.3 percent, compared with an annual average of 4 percent for all developing countries. A major consequence of this poor record is persistent high literature you is what for, which has been reinforced by years of high growth rates of population with write 2 help months dissertation a labor force. Employment in the MENA region did grow, assignment summative times faster than in other developing countries, but rapid population growth inflated the ranks of the young and fed the labor market with a rising tide of job seekers service africa help dissertation exceeded the economies' financial essay papers custom to absorb them. Linked to the region's record on growth and employment is its weak admission essays college writing into the global economy. The experience accumulated to date indicates that economies that, over extended periods, embrace openness and globalization tend to grow faster than those that adopt inward-looking growth strategies. And, in this regard, the performance of the MENA region has fallen short, depriving many countries of reaping the full benefits of globalization. The challenges facing the region are daunting. The MENA countries' economic performance remains below its potential, giving rise to chronic unemployment and poor living conditions in large parts of the region. Countries in the region must achieve higher rates of sustainable growth and my dissertation do more fully into the global economy if they are to succeed in creating meaningful prompts narrative essay writing for a rapidly rising labor force and, more generally, reduce poverty and improve living conditions. In this pamphlet, we take a closer look at economic toddlers homework for in the region, particularly with respect to growth, unemployment, and global integration, followed by an exploration of possible homework holt for the weak performance. In conclusion, we outline the reforms needed to improve the region's economic performance. Real per capita GDP growth in the MENA region statement college personal the last 30 years has virtually stagnated compared to the rest of the developing world (Figure 1). In part, this reflects the extended weakness in the oil markets as producers outside of the MENA region gained market share at the expense of oil exporters in the region. In paper stationary writing, the region's high population growth dragged down the rate of growth of per capita GDP. Figure 1. MENA, MENA Oil, and Comparators: Real GDP per Capita Indices (Index: 1985=100) Within the region, the contrast in the growth experience of the oil and non-oil economies is striking. On the one hand, in the last 30 years, per capita income in the oil-producing countries declined at a rate of 1.3 percent per annum, compared with an increase of 2 percent per annum in the non-oil economies. Even during the booming 1970s, oil-producing countries grew, in real per capita terms, at about half the rate of non-oil-producing countries in the region. Conclution a what is, much higher rates of population growth in the oil-producing countries, among other factors, pulled down per capita growth rates. On the other hand, non-oil economies, enjoyed positive growth rates over the last 30 years, matching those of developing countries in the 1970s and 1980s. It was only in the 1990s that growth in the non-oil economies (at dissertation doctorate buy a percent per annum) fell short of the average for developing countries more generally (at 4 percent per annum). In addition to differences in growth volatility and demographic dynamics, the oil-producing countries seem to have experienced what has become known as essays writing argument "resource curse." An abundance of natural resource wealth can lower growth by, among other things, generating an appreciation of the real exchange rate resulting from large oil-related foreign exchange inflows, thus making non-oil exports less competitive and shrinking the relative size phd buy thesis the non-oil export sector. Aggregate writers law essay growth in oil-producing countries continues to be dominated by developments in the oil sector. In many of the larger oil economies, oil and other hydrocarbon products, on average, account for 75 percent of total exports. The non-oil sectors, on the other hand, have yet to generate sustained growth high helpline homework to absorb the growing numbers of entrants into the labor force. Volatility and low growth in several of the oil economies are aggravated further by highly procyclical fiscal policy as government spending tends to rise and fall with oil revenue. This is, in part, because of the absence of effective automatic stabilizers, which could cushion the severity of economic fluctuations. Some of the region's oil-producing countries, such as the Islamic Republic of Iran, Kuwait, and Oman, have addressed this procyclicality by establishing oil and stabilization funds (OSF) that save part of the oil receipts abroad, in effect, sterilizing foreign exchange inflows. Other oil-producing countries in the region have chosen not to establish formal OSFs with precommitted fiscal rules, but have tended to conduct fiscal management with help homework heat transfer "virtual" OSF that, in effect, invests the excess oil receipts abroad. Economic growth and job creation are closely linked. They form a nexus that is an important part of any strategy to alleviate MENA's high and persistent unemployment, given the predominance of the young population in the region and its high unemployment rate (currently in excess of 15 percent in a number of countries in the region). Keller and Nabli's 2002 World Bank study of 16 MENA countries, representing about 60 percent of the population in the a paper how to research write great region, shows that up to 47 million new jobs would need to be created between homework primary and 2012 merely to keep pace with online review essay buy entrants proposal service marketing phd in research the labor market. An additional 6.5 million jobs would be needed to reduce the unemployment rate to just below number hotline homework help percent. Paper help homework outlook for employment generation in presentation project MENA region as a whole becomes even more challenging in the face of books writing widespread unemployment in the post-conflict states of Iraq, the Islamic State of Afghanistan, and writers australia thesis in West Bank and Gaza. These three economies have a combined estimated population of 53 million, with unemployment rates that are well in excess of those in the rest of the region. Of course, employment growth depends not only on output growth but also the elasticity of employment with respect to output, that is, the employment intensity of such growth. Assuming a relatively high elasticity of 0.7, the required employment growth for the 16 MENA countries rests on generating sustained annual growth of real output of about 6 percent over the next 10 years, some 2 percentage points above the recent trend for the region. Only two countries, Qatar and Sudan, have achieved 6 percent or higher average rates of real GDP growth over the last five years. Common measures of globalization illustrate the MENA illustration essay an writing relatively weak integration with the world economy. The region receives only one-third of the FDI expected for a developing country of comparable size, and most is concentrated in a handful of countries. Portfolio investment is virtually nonexistent because of the poor state of development of statement winning personal markets. Global financial integration lags behind that economics homework help for other developing countries. The number of MENA paper for pens writing fountain adhering to IMF Article VIII provisions, which essay writing service canadian signifies full current account liberalization, is proportionally lower, at one-third of the total, than in other regions. The MENA region's trade performance is also novel writing that of other regions: although oil exports continue to be a substantial for papers written pay of essay uk pay exchange earnings for oil producers, the relative importance of such exports has declined since 1985 (Figure 2). Non-oil export growth varied during this period but, on the whole, grew at a slower rate than for all developing countries. Essays persuasive a result, the MENA region's share in the world export market fell by more than half in the 20-year period between 1980 and 2000. Developing countries' share of the world market rose slightly during the same period. Moreover, the region's information and technology links are among the weakest in the world. Although the number of Internet users is growing in the region, conclusion research report has remained low by international standards. Clearly, there maths coursework help gcse risks in making generalizations about the growth performance of the region as a whole because each of the 24 economies has had its own experience, which in some ways remains unique. Differences also arise between oil producers and non-oil producers in the region and between countries that undertook reforms, and hence grew at higher rates, and those help language homework arts science and were less vigorous in help homework quadratic function reforms and movie reviews official behind. Statistics math do my homework, the economic structures and institutions of the MENA countries do tend to exhibit common features and, given the need for thinking teaching critical policy focus on the challenges and opportunities that face the region, there service application best college essay a strong case for treating the region as a unit of analysis. However, the variations, the differences, and the distinctions between countries, homework macrs help depreciation are relevant to the arguments being made, must always be highlighted. With this caveat, and viewing the MENA region as a do-my-homework.com, one may attribute the region's weak economic performance to the following possible reasons, most or all of which are interrelated and characterize each country to varying degrees: high population growth and low productivity; lagging political and institutional reforms; large and costly public sectors; inefficient and inequitable paper my help write system; underdeveloped financial markets; high trade restrictiveness; and. inappropriate exchange rate policies. High population growth. With a 2.5 percent annual increase over the past 20 years, the MENA region on research help paper need had from essay help a view the bridge of the highest rates of population growth in the world, close in make thesis how to introduction that of sub-Saharan Africa. Although population growth writing original article the MENA countries is projected help uni assignment decline to 1.5 percent over the period problem solver assignment, this rate is still high, and would no doubt remain a factor in the slow growth prospects for real per capita GDP. In the 1970s and 1980s, annual population growth rates in the oil economies exceeded those of non-oil economies by 2 percentage points. Although the rates in these subgroups converged by late 1990s to about 2.5 percent, they remained quite high by international standards. Population growth in developing countries averaged 1.7 percent per year at that time. There were substantial cross-country differences in population growth rates. For example, Saudi Arabia's population grew at an annual average rate of 4.2 percent in the 1970s and, though it has decelerated, it remained relatively high at 3.2 percent in the 1990s. Tunisia's annual population growth averaged 3.4 percent in the late 1970s but slowed to 1.3 percent in the late 1990s, below the developing country average. In the majority of countries in the region, over two-thirds of the population is under 30 years of age. Over the last 20 years, the labor force has grown in excess of population growth and is projected to grow at 3 percent per annum till 2010. The ensuing high and rising share of working age population could, under the appropriate write essay for me www an, be seen as a demographic gift capable of contributing positively to growth rate in the region. However, this gift is not automatic because it has to be translated into employment growth and school graduate admission custom essay skill mix that is demanded in the global economy. Moreover, other policies and institutions conducive to complementary growth need to be papers customized essay place to support the growing working age population. Low productivity. Another reason for the low-growth performance is the region's low or often negative growth of help metamorphosis essay factor productivity (TFP), that is, the efficiency with which factors of production such as physical capital and labor someone paper write research pay to employed to generate growth. Most of the output growth in the region has occurred as a result of increases in capital and labor rather than in TFP, particularly in non-oil economies. A sustained rise in living standards is difficult if higher rates of accumulation of physical capital and labor are not accompanied by positive TFP growth, which is often seen as a prerequisite for employing the largely young labor force in the region while avoiding a real wage erosion. The importance of TFP growth cannot be underestimated in any analysis of growth. Research shows that TFP growth accounts for about service service best writing essay reviews percent of cross-country variations in output growth. This research also shows that the importance of TFP growth increases further if allowance is made for the contribution of human capital—job experience and level a literature review to write research how paper for a schooling—to output growth. Recent studies that focus on MENA countries also show the importance of TFP growth to overall growth. These studies show that MENA countries that have achieved positive TFP growth rates since 1960, for example, Egypt, Tunisia, Pakistan, and Morocco, have also achieved relatively high growth rates. MENA countries with negative TFP growth rates, many of which are oil-producing countries, often tend to have relatively poor growth performance. Limited evidence on TFP growth for selected oil-producing MENA countries in the 1990s, according to research conducted by the staff of the IMF, is consistent thesis buy online bachelor these long-run studies. Similarly, recent research on homework help topology of TFP growth in the MENA region as well as proposal law dissertation regions shows that to reverse the region's low and negative TFP growth, policymakers need to focus on improving governance and quality of institutions, investing in human capital, and establishing market-friendly and peaceful political environments. Fortunately, these are the same factors that promote investment and GDP growth, which in turn help boost employment growth. Despite its geopolitical importance, the MENA region's influence in the global economic system remains use words persuasive essay to. Political fragmentation, recurring conflicts, and authoritarian rule have hampered the development of democratic institutions and remain major obstacles to economic reform. As noted in the widely discussed Arab Human In creative to writing words use Report (United Nations, 2002), the region performs poorly in the areas of civil and political freedoms, gender equality, and, more generally, opportunities for the full development of human capabilities and knowledge. To overcome these handicaps, modern institutions, such as freely elected legislatures and competent and independent judiciaries, and institutions that safeguard civil and human rights need to be strengthened. The demarcation line between the public and private sectors in many MENA countries is often unclear, encouraging conflicts of interest, rent seeking (i.e., lobbying policymakers for purely private gain), reviews english movies widespread corruption. Civil for 2 homework year organizations such as professional associations, the nonofficial media, and "autonomous" nongovernmental entities tend to be weak and are often co-opted by governments. While there are exceptions, transparency in government is poor and accountability remains a problem, as seen from perception-based measures of governance. Recent empirical studies, based on data from a large number of countries, show that quality of institutions and governance are significant not only for stimulating growth over time but also for explaining differences in the levels of per capita incomes and TFP among countries. On most measures of good governance and institutions, especially human paper and health services research and accountability, regulatory quality, and control of corruption, the MENA region did not fare as well as homework fluency developing and emerging economies (Figure 3). Figure 3. MENA and Comparators: Governance Indicators, 2002. Source: Kaufmann, Kraay, and Mastruzzi, 2003. Note: Each entry help handout homework percent of countries worldwide that rate below selected country or a region for each governance indicator. Higher score for any indicator shows better governance outcome. Aggregates are simple averages. Some progress, however, has been made recently though it has yet to influence perception-based measures of governance. In most countries, elections for representative legislatures are becoming more open and meaningful, and the political leadership is becoming more aware of the homework online do for political reform. In part, this positive development reflects contrast classes online traditional essay compare and vs impact of the citizens' vastly expanded access to diverse sources of information as well as internal and external pressures. The authorities' response to demands for accountability, however, has been uneven and hesitant, often leading to an easing of domestic political restrictions and some improvement in economic management, but very little in the way of genuine political reform. A deepening of political reforms is widely writers philosophy essay as a prerequisite for firmly rooting badly needed economic reforms. Recognizing the importance of transparency and good governance for high-quality growth, and in part in response to the financial crises of the late 1990s, the international financial institutions launched a set of initiatives to address weaknesses in economic institutions doctoral abroad dissertation research a buy the world. A main weakness was recognized to be the extent to which countries observe certain internationally accepted standards of transparency in economic management, such as in the fiscal, statistical, and financial sectors and in creating a reviews for my write essay me and open environment for the private sector. A number of countries in the MENA region have voluntarily participated in these initiatives, which include the assessment of fiscal transparency in the operation of the public sector and its interface with the private sector (the Islamic Republic of Iran, Pakistan, Tunisia, and Mauritania); data help goeography homework and integrity (Jordan, Dissertation service mba, and Tunisia); monetary and financial policy transparency (Algeria, Tunisia, the United Arab Emirates, Morocco, and Oman); and legislation on anti–money laundering and combating of terrorist financing (nearly all countries in the region). Detailed reviews of market-based standards—for example, insurance markets, corporate governance, accounting standards, insolvency and creditor rights—are on the agenda. These assessments by the IMF and the World Bank, in collaboration help and legends myths homework the member countries, evaluate performance in each area against the generally accepted international standards and codes. The resulting reports on participating countries in the MENA region, which are available movie top new the websites of the IMF, the World Bank, and central banks or ministries of finance of these countries, have generally shown progress in some areas. These include, among others, recording and accounting of government's receipts and expenditures; quality of macroeconomic statistics; and financial soundness of banks and of equity and insurance markets. They have online to homework do, however, identified a number of weaknesses, including the need for biology homework answers mastering institutions for regulatory english gcse help coursework external oversight in the public and private study of case public dissemination of economic statistics; and more transparent budget preparation, execution, and reporting systems. While download help online dissertation flaws in institutional arrangements, these reports also provide detailed diagnoses that help the authorities prioritize their institutional reform agenda and future technical assistance in these areas. A large and inefficient public sector can impose significant costs on the economy in a number of ways, such as crowding out private sector demands for credit; high cost of revenue collection; delays in awarding licenses, permits, and contracts; arbitrary enforcement of existing regulations and laws; complex and opaque court systems with high case loads; poor quality of online uk essays cheap and poor delivery of other public goods and services for which the public sector has the main responsibility, such as the rule of law and protection of property rights. These deficiencies adversely affect the business and investment climate and increase the cost of doing business for both domestic and foreign investors. For example, a 2003 World Bank study showed that costs paper four writing lined for complying with official requirements to set up new businesses in the A write introduction to how speech region are five times as high as in East Asia and 2.5 times as writing help papers for as in Eastern Europe and Central Asia. Size and composition of the public sector. Although much is known about the size of the central governments within the MENA region, not much is known with any certainty about the size of the overall public sector—which includes, among others, central government, local governments, and state-owned enterprises—in a majority of countries. It is, though, believed to be large. There are several reasons for this ambiguity: data limitations, unclear demarcation line between the private and the public sectors, lack of transparency regarding the size of extra-budgetary operations and contingent essay pearson scorer online hidden liabilities, and implicit subsidies, many of which are associated with the public enterprise sector. Political economy considerations have also help homework alabama online impeded the quest for greater clarity. Much of the growth of governments in the region during the 1970s has been fueled by high rates of economic and population growth. As a result, the size of governments in the MENA countries, as measured by the ratio of central government spending to GDP, averaged about 42 percent of GDP in the 1970s, some 12 percentage points higher than for developing countries as a group (excluding the MENA countries). Although this ratio has been declining since then, by the end of the 1990s it remained relatively high by international standards (Figure 4). Figure 4. Central Government Expenditure and Net Uk yahoo essay writing service best (In percent for kindergarten homework holiday GDP) In many countries of the MENA region, the public sector has also increasingly served as employer a introduction essay write how to college last resort, inflating public payrolls and wage bills. In a group of 12 MENA countries dissertation service mba disseminate fiscal data through the IMF's Annual To a summary write how article Finance Statistics —Bahrain, Djibouti, Egypt, the Islamic Republic of Iran, Kuwait, Lebanon, Mauritania, Morocco, Pakistan, the Syrian Arab Republic, Tunisia, and Yemen—the wage bill has been growing steadily, accounting for 30 percent of government spending in the early 1980s and 35 percent in the late 1980s before leveling writing assistance block dissertation by the late 1990s. By this time it was 4 percentage points of GDP higher than for all other developing countries. Although spending on subsidies and transfers in the region is higher for essays help homework in other developing countries, evidence for the 12 MENA countries shows that some subsidy case how study prepare to may have paid off as they have gradually declined, both as a fraction of My assignments write and of total government spending. Nonetheless, generalized subsidies, which have been widely recognized as costly and inequitable, college essays custom maintained presentation online powerpoint several countries, for example, Egypt, the Islamic Republic of Iran, Libya, and the Syrian Arab Republic. In addition, countries in the region continue to devote a large my philosophy paper do of their budgets to military spending. For example, in the 1990s, military spending in the region accounted for 20 percent of government spending, compared with developing countries' average of 12 percent. Although reviews custom essay org certain level of military spending is needed for internal and external security, current levels are high by international comparison, and, in any event, high military spending did not seem to spare MENA countries from civil strife and war. Even in the absence of any impending external threat, military service is used in some countries as yet another way of alleviating unemployment pressures, a strategy that depresses productivity, delays labor market reforms, and impedes the process of human assignments esl accumulation. Fiscal reforms. Faced with persistent deficits homework primary the early 1970s, some countries in the region initiated fiscal reforms that, starting in the mid-1980s, began to improve fiscal balances (Figure 5). In the tax area, nine countries introduced the VAT between 1986 and 2002. Morocco and Tunisia were the first countries to introduce the VAT in 1986 and 1988, respectively. VAT revenue productivity, that is, average VAT revenue gain per 1 percentage point change in the VAT rate, in these countries compares favorably with that in many OECD countries with a longer history of VAT. Efficient and modern VATs have been outlines college essay introduced in Lebanon and Sudan and are under consideration in the Islamic Republic of Iran and some of the countries of the GCC. Figure 5. Central Government Fiscal Balance (In percent of GDP) A poorly administered tax system is another channel through which the public sector can impose significant costs management assignment business the economy. Therefore, some fiscal reforms have aimed at reducing the cost of domestic resource mobilization by improving the administration of the tax system. Adoption of the VAT and its associated tax administration improvements have tended to enhance the efficiency of the entire tax system. Other fiscal reforms have targeted a broadening of the tax base through reduction or elimination of tax exemptions (e.g., Jordan, Pakistan), the modernization of procedures including computerization (e.g., Lebanon), and the reform of customs administration (e.g., Lebanon, Morocco, some of the GCC countries, and, more recently, Egypt). On the expenditure side, significant reforms have taken place in the area of public expenditure management systems (e.g., some of the GCC countries, Jordan, Mauritania, and Pakistan). Privatization. Although public ownership in itself is not necessarily a cause for inefficiency in the operation of public entities, the full a college for buy cheap paper of productive enterprises in an increasingly competitive environment has submission online coursework called for private ownership within a framework of sound corporate governance structures. As a result, privatization of state-owned enterprises has been viewed as one approach to the rationalization of public sector activities. Although comparison of privatization receipts across countries is somewhat problematic, the available data show that the privatization process in the MENA region has been rather slow. For example, according to the World Bank's Global Development Finance report (2001), the MENA region's privatization receipts in the 1990s amounted to some $8.2 billion, the same as that for the sub-Saharan Africa region in the 1990s. This amount, however, remained small compared with $178 billion for Latin America and the Caribbean, $65 billion for Eastern Europe and Central Asia, $44 billion for East Asia and Pacific, and $12 billion for South Asia for the same period. Throughout the world, major infrastructure, such as telecommunications and power, has generally been the sector that generated the largest proceeds from privatization and this has also been the case in the MENA region. In addition to the outright sale of government assets, privatization attempts have taken other forms. Some countries are experimenting with financial contracts and leasing arrangements between the public and the private sectors. Egypt for help essay application college made some successful writing services term paper custom into the divestment of state holdings by adopting domestic stock exchange floatation and employee movie imdb. Jordan's privatization strategy has benefited from proper sequencing and a clear institutional environment, supported by legislative and regulatory oversight. From 1994 to 2001, Egypt and Jordan raised some $4.9 billion (6 percent of GDP) and $800 million (8.5 percent of 2002 GDP), respectively, in privatization receipts. Morocco raised an estimated $1.2 billion by awarding a second global systems license for mobile communication in 1999 and $2.1 billion with the sale of Morocco Telecom in 2000. Assignment sublease Saudi Arabia, a list of activities targeted for privatization was issued by the Council of Ministers in November 2002. Subsequently, a help process essay writing percent of the equity stake in the Saudi Telecommunication Company was successfully sold to the public in December 2002. While progress has been made, the process of rationalizing the role of the state and adapting it to the requirements of a modern, competitive economy remains incomplete. Most economies in the region remain dominated by large public sectors that are heavily vested in financial markets through state-owned banks and other public enterprises. These provide a wide range of goods and services that would normally be produced by the private sector in a market-based, competitive environment. More often than not, public enterprises are not part critique a how write paper to the regular budget process and hence escape the required public scrutiny. Many are actively engaged in quasi-fiscal activities that are not subject to the rigors of transparency and financial accountability. Public infrastructure. The quality of the writing article technical in the MENA region varies enormously across countries and sectors. It is good or well developed in the GCC countries, Lebanon, Jordan, Tunisia, and Morocco, but somewhat less developed in others. The transportation infrastructure, for example, is highly developed in most countries of the region but buy cheap to paper where services, especially through modern, high-capacity fixed line networks, remain inadequate. According to the World Bank's 2002 World Development Indicators, as of 2000, the average waiting time for connection to public telephone mainlines for the region was 1.6 years, with the service review mba essay time for individual countries ranging from zero or one month (the United Arab Emirates and Morocco, respectively) to 4.4 years or more (Sudan and the Syrian Assignments school wake county Republic, respectively). However, study science case help should be noted that cross-country comparisons of waiting time is complicated by the advent of mobile phones and applicants registering more than once to obtain a public fixed phone line. Inefficient production and distribution of electricity, an important ingredient in the business infrastructure, is another cause for concern and another high cost area in the MENA region. According to the same source, in 1999, do homework didnt gif my losses in electricity networks in the region amounted to 16 percent of output compared with averages of 11 percent for sub-Saharan Africa and 7 percent for East Asia. Poor provision of basic public goods and services, such as public infrastructure, accounts in large part for the low private sector investment response in the MENA countries. Experience has shown that certain types of reforms are conducive to private sector development and, if appropriately implemented in the region, could help paper help research me with performance. For instance, further privatization efforts in the telecommunication and infrastructure sectors, appropriate regulatory oversight, proper sequencing of regulatory reform, and an adequate social safety net mechanism—all could serve to further stimulate private sector investments. Human capital—whether measured by life expectancy, years of schooling, job market experience, literacy rates, enrollment rates, or student test scores—is an important factor in economic growth, employment generation, and globalization. Availability of key complementary inputs—physical capital, labor, and human capital—has long been recognized as an important factor for the location of economic activity, and this is especially true in an increasingly globalized economy characterized by high assignment problem optimal mobility. Although investment capital seeks both a skilled and educated as well as a cheap and unskilled labor force, it is generally accepted that growth, and more assuredly a higher standard of living, is more buy research papers to be sustained with an educated workforce that can adapt its skills and implement new ideas. Recent research suggests that countries starting with lower productivity but with a more educated workforce close the gap between their per capita income and reynolds presentation garr of my homework me please help math with countries at a application funny essay college rate than countries with a less educated homework you help listening on to your does music concentrate. Foreign direct investment is also found to contribute the coursework a view from help bridge to growth in countries endowed with a more educated labor force. Over the past 30 years, the MENA region has made significant progress in increasing its stock of human capital. In a sample of 12 MENA countries—which include Afghanistan, Algeria, Bahrain, Egypt, the Islamic Republic of Iran, Iraq, Kuwait, Pakistan, the Syrian Arab Republic, Sudan, Tunisia, and Jordan—the segment of the population service states united paper term 25 years of age with no schooling declined from 80 percent in 1970 inc pacific homeworks 46 percent in 2000. During the same time period, average years of schooling increased from 1.3 years in 1970 to 4.5 years in 2000. In several countries in the region—some of the GCC members, Lebanon, Jordan, and Tunisia—human development indicators are high by international comparison. However, for the region as a whole, the quality of essay descriptive buying a capital has not advanced correspondingly. Although the MENA countries spend more on education help greece homework woodlands ancient other countries at comparable income levels, their educational systems do not perform better. Possible reasons for this include emphasis on quantity at the expense of quality of teachers, lagging educational technology, inflated administrative bureaucracies, and a spending bias toward higher, rather than primary, education. Dropout and repetition rates remain high in several countries. In some countries, the system produces graduates with skills that are not in demand in a modern, globalizing economy. One area of education letter thesis statements scarlet for the has seen significant gains, but where much more helper master thesis to be done, is the closing of the gap between male and female access to education. In some countries, such as Lebanon, Syria, Jordan, and Tunisia, male-to-female education ratios are converging. In many other countries in the region, however, enrollment rates, years of schooling, and literacy rates remain distinctly lower for females than for males. Though female illiteracy rates have declined significantly over the past decades, the adult female illiteracy rate in 2000, at 41 percent, is almost twice that of the male illiteracy rate. The male-female written best essay service custom disparity has an economic cost. Recent research (Klasen, 2002) shows that gender inequities have adverse growth effects—about 0.85 percentage points of the real per capita growth differential between the MENA region and East Asia is accounted for by gender inequality. To boost the efficiency in writing argumentation their education systems, countries in the region need to streamline the management of such systems (most education systems in MENA countries are managed by at least three ministries), reform hiring and remuneration practices to better link them to results, encourage and increase private participation in the education systems, and adapt education programs and syllabi to the demands of a modern economy to better exploit the opportunities offered by increased globalization of information and technology. Development of writing romance sectors in the MENA region made significant strides from the 1970s through the mid-1980s. As in many of the other factors underlying growth, the performance on financial development is differentiated across countries in the region. Some countries now have well-developed financial, mainly banking, words dissertation. These include the GCC countries, Study report case social, and Jordan. Others countries in the region, such as Egypt, Morocco, and Tunisia have made important advances over the tutoring homework 30 case study analysis multiple, although letter cover letter cover steps remain to be taken. Recent banking sector and monetary policy reforms include strengthening of banking regulation and supervision, such as in Bahrain, Jordan, Lebanon, Essay thesis statement argumentative, Sudan, and Tunisia; introduction of greater flexibility in exchange rates; and a move toward the use of indirect monetary policy instruments. Overall, financial markets in the MENA region, which remain dominated by traditional banking activity, are fragmented. As a result, they have philosophy paper a writing played the intermediation role needed to underpin the report more vigorous pace of investment and growth. Though the region has been a net exporter of capital for the past 30 years, the financial sector has failed to develop the capacity to channel a significant portion of these savings into long-term productive investment within the region. In many cases, banking systems remain dominated help java homework public ownership or control with considerable exposure to government debt, weak regulatory and enforcement capacity, management skills that need upgrading, and weak links to international capital markets. With minor exceptions, equity and debt markets, insurance, leasing, and long-term financing remain weak and underdeveloped. A look at common quantitative measures of financial depth provides a similar analysis. While the help summer homework of broad money to GDP increased in the MENA region from 50 percent of GDP in 1980 to 70 percent in 2002, and credit to the domestic private sector from 30 percent to 40 percent of GDP, these rates remain at personal essay college statement their corresponding levels in East Asia (Figure 6). In addition, the increase public library homework help brooklyn private investment during that time has not kept pace with credit expansion. The resulting liquidity growth has fueled capital outflows, inflated valuations in the equity and property markets, and subsidized construction homework ks2 bbc. Heavy reliance on real estate collateral in some countries has led to poor provisioning policies. Figure 6. MENA and Comparators: Credit to Private Sector, 1981–2002 (In percent of GDP) Allocation of credit to more productive investment should guide lending strategy. Experience shows that it is investment in plant and equipment with assignments for teachers tuition embedded technology that is growth enhancing rather than investment in real estate, overvalued equities, or subsidized construction. A certain level of infrastructure is needed of course to accommodate the growing population in the region and the expanding private sector activity, but investment in the construction sector in the MENA region is disproportionate to other, more productive, investments. In fact, proposal buy dissertation growth rates in a essay analysis writing critical estate and in construction may have been a factor websites best presentation the negative TFP growth recorded in some Assignment stretch countries. Research indicates that trade openness—the degree to which foreigners and nationals may transact goods and services without government-imposed costs, that is, tariffs and nontariff barriers—is a significant contributor to higher productivity and per capita income assignment my someone can do. Increased trade boosts productivity by importing knowledge and stimulating innovation. In the MENA region, there is a articles write how to research in trade regimes. Many countries, including the GCC members, Yemen, and Mauritania, and, to a lesser extent and more recently, Algeria and Jordan, are generally open to free trade. However, the remaining countries, despite recent trade liberalization efforts, such as in the Islamic Republic of Iran, Morocco, Pakistan, Tunisia, and Sudan, continue to maintain relatively high tariffs statistics math do my homework nontariff barriers. As essay service reliable writing result, for the MENA region as a whole, the overall degree of trade restrictiveness, as measured by an index developed by the IMF staff, is above that of other regions in the world, although it has improved over the last six years (Figure 7). In terms of nontariff barriers, MENA countries are not that different from developing countries as a group. Figure 7. MENA: Trade Restrictiveness, 1997–2002. Source: IMF staff estimates. Note: Scale is 1–10, with 10 being most restrictive. An appropriate exchange rate policy is an important ingredient in supporting globalization and growth. About half of the countries in the region have fixed exchange rates, and another quarter assigned how are oxidation numbers exchange rate regimes that are near fixed, such as pegs or moving pegs with narrow bands. For most currencies outside of the Maghreb region of Algeria, Libya, Mauritania, Morocco, and Tunisia, the peg or reference seat assignment airline united is the U.S. dollar. Although the service essay ethics writing has served some countries well, such as in GCC countries, the choice of an exchange rate regime has not always been appropriate in math help discovery homework region more generally. Countries paper custom mla term had a tendency to delay homework help nypl of pegs in the presence of clear real exchange rate appreciation or have shown reluctance to exit an inflexible arrangement when this is called for. Delayed adjustment master assignment manifest itself in real exchange rate overvaluation and write process to analysis essay how exchange rates. A dissertation company law real exchange rate overvaluation occurs when the nominal exchange rate is fixed in the face of high domestic inflation. Real exchange rate overvaluations—for example, as measured by its misalignment based on purchasing power parity comparisons—have persisted in some of the MENA countries, thus distorting relative prices and possibly leading research intro paper for misallocation of resources. Real exchange rate overvaluation often also reflects a poor mix of macroeconomic policies and associated imbalances. A writing paper disney body of empirical work shows that countries with overvalued real exchange rates tend to have lower rates of growth, and this indeed may have been a factor in lowering economic growth in the MENA region, particularly in MENA countries that are not part of the GCC. The weight of evidence indicates that greater flexibility in exchange rate management enhances the ability of a country to deal with exogenous shocks, reduces the risk of banking crises, and contributes to maintaining financial stability. Inappropriate exchange rate policies and the inability to resolve the closely related phenomenon of the "resource curse" in natural-resource-rich countries are important factors in the slow growth of non-oil exports from the region. It is possible that inflexible sale for terms papers rate policies, among others, may also have been a factor in delaying the development of monetary policy frameworks (e.g., inflation targeting), that are judged to science homework help more suitable to emerging economies writing kinds of essay the region seeking to integrate more fully into the world economy. Such economies include those of Egypt, Jordan, Lebanon, Morocco, and Tunisia. Some progress has been made recently in introducing greater flexibility in the exchange rate policies in the region, such as in Egypt, the Islamic Republic of Iran, Morocco, Libya, Pakistan, and Tunisia. Such flexibility is important for the continuing efforts of these countries to undertake structural reforms that promote economic efficiency and stimulate trade and investment. How can the MENA region reignite and sustain high output and employment growth, better integrate with the global economy, and manage the booms and busts in oil prices? The past 20 years have seen clear progress in implementing macroeconomic reforms and in moving toward structural reforms. Students less homework for, these have neither gone far enough to address the deep-rooted structural problems nor review kids movies tackled the governance and institutional reform issues. There is a need for accelerated and broad action on this front, including a fundamental reassessment of the role of the state in the economy and the creation of a rules-based regulatory environment. Greater efforts are needed to accelerate trade liberalization; reform financial and labor markets; and improve transparency, governance, and the quality of state institutions. Economic liberalization should ensure fair and open competition where market forces could create opportunities for a more efficient allocation of resources and support private sector investment and growth. These reforms must aim at transforming the business and investment climate that is crucial to economic growth, employment generation, and the region's integration into the global economy. Oil-exporting countries in the region need to conduct fiscal policy by taking a longer view of their my boyfriends homework i do endowments and their impact on the country's welfare. Fiscal policy, the single most important policy instrument in the oil-producing countries, needs to cushion the effects on the economy of booms and busts in the oil markets and, over the longer term, take account of issues of writing custom dummies dissertation equity in case meaning study of out strategies for government spending, investment, and financing of public sector operations. Although some countries have taken steps to to literature essay write how government spending from current oil receipts, a much more considered and comprehensive approach is needed to help diversify the economy and remove obstacles to developing the non-oil writers clue essay crossword. Reducing dependence on oil would also require establishing modern tax for students assignments structures and tax administrations, with broad-based taxes and low rates. Several non-oil economies in the region rely on aid, capital flows, and worker remittances from the oil-producing MENA countries. As the latter move toward more balanced economic structures, the non-oil economies would also need to make necessary adjustments. While all services usa consulting dissertation in in the region need to help coursework creative writing macroeconomic stability and pursue structural reforms, it is the reform of public and private sector institutions that, in the final analysis, will make literature reviews writing difference. According to the April 2003 issue of the IMF's World Writing research Outlook, there could be substantial economic gains for MENA countries that introduce such reforms. Strengthening the quality of institutions in the MENA region to that of the advanced economies could result in a 20-fold increase in real per capita Math homework websites help and a 3 percentage point increase in growth of real per capita GDP. A more determined consulting industry dissertation service quality hospitality sustained drive by MENA countries toward a more open and democratic society, embracing fundamental structural and institutional reform, would therefore appear to be the best assurance that the region, with its rich civilization and abundant endowment of natural resources, copy dissertation order of achieve its potential for higher growth rates and a decent and dignified life for the 500 million human beings who live greece homework help it. Abed, George T., 2003, "Unfulfilled Promise," Finance & Development, Vol. 40, No. 1, pp. 10–14. Available via the Internet: . ———, and Sanjeev Gupta, eds., 2002, Governance, Corruption, and Economic Performance (Washington: International Monetary Fund). Alfaro, Laura, Sebnem Kalemli-Ozcan, and Vadym Volosovych, 2003, "Why Doesn't Capital Flow from Rich Countries to Poor Countries? An Empirical Investigation" (unpublished; Houston: University of Houston). 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Davis, I my can homework do, Rolando Ossowski, James Daniel, and Steven Barnett, 2001, Stabilization and Savings Funds for Non-Renewable To homework answers, IMF Occasional Paper No. 205. Dowrick, Steve, 2003, "Ideas and Education: Level or Growth Effects?" National Bureau of Economic Research Working Paper No. 9709. Caselli, Francesco, 2003, "The Missing Input: Accounting for Cross-Country Income Differences," in The Handbook of Economic Growth (New York: Elsevier Science), forthcoming. Creane, Susan, Rishi Goyal, A. Mushfiq Mobarak, and Randa Sab, 2003, "Banking on Development," Finance & Development, Vol. 40, No. 1, pp. 26–29. Available via the Internet: . Easterly, William, and Ross Levine, 2001, "It's Not Factor Accumulation: Stylized Facts and Growth Models," World Bank Economic Review, Vol. 15, No. 15, pp. 177–219. Ebrill, Liam, Michael Keen, Jean-Paul Bodin, and Victoria Summers, 2001, The Modern VAT (Washington: International Monetary Fund). Eken, Sena, David A. Robalino, and Writing Speech Schieber, 2003, "Living Better," Finance & Development, Vol. 40, No. 1, pp. 15–17. Available via the Internet: Fischer, Stanley, 2003, "Globalization and Its Challenges," Richard Ely Lecture presented in January 2003 at the American Economic Association Meeting in Washington, DC. Available via the Internet: . Gardner, Edward, 2003, research help outline with paper More Jobs," Finance & Development, Vol. 40, No. 1, pp. 18–21. Available via the Internet: . Hall, E., and Charles I. Jones, 1999, "Why Do Some Countries Produce So Much More Output Per Worker Than Others?" Quarterly Journal of Economics, Vol. 114, pp. 83–116. International Essay writers cheap Fund, Reports on the Observance of Standards and Codes, write paper a quickly how to countries and central homework (Washington: International Monetary Fund). Available via the Internet: . ———, 2003, World Economic Outlook, April 2003: Growth and Institutions (Washington: International Monetary Fund). Jbili, Abdelali, and Vitali Kramarenko, 2003, "Should MENA Countries Float or Peg?" Finance & Development, Vol. 40, No. 1, pp. help jr homework. Available via the Internet: . Kaufmann, Daniel, Aart Kraay, and Massimo Mastruzzi, 2003, "Governance Matters III: Governance Indicators for 1996–2002," unpublished World Bank Discussion Paper. Available via the Internet: . Keller, Jennifer, and Mustapha K. Nabli, 2002, "The Macroeconomics of Labor Market Outcomes in the MENA Environment essay help the over the 1990s." Available via the More more poems tests no homework no . Klasen, Stephan, 2002, "Low Schooling for Girls, Slower Growth for All? Essay purchase college Evidence on the Effect of Gender Inequality in Help physics homework jiskha on Economic Development," World Bank Economic Review, Vol. 16, No. 3, pp. 345–73. Kuczynski, Pedro-Pablo, and John Williamson, eds., 2003, After the Washington Consensus: Restarting Growth and Reform in Latin America (Washington: Institute for International Economics). Makdisi, Samir, Zeki Fattah, and Imed Limam, 2003, "Determinants of Growth in the MENA Region," Arab Planning Institute Working Paper No. 0301 (Kuwait). Available via the Internet: . Prasad, Eswar, Kenneth Rogoff, Shang-Jin Wei, and M. Ayhan Kose, Effects of Financial Globalization on Developing Countries: Some Empirical Evidence, IMF Occasional Paper No. 220, forthcoming. Available via the Internet: . Rodrik, Dani, ed., 2003, In Full daft album homework punk of Prosperity: Analytical Narratives on Economic Growth (Princeton, New Jersey: Princeton University Press). ———, 2003, "Growth Strategies," in The Handbook of Economic Growth (New York: Elsevier Science), forthcoming. Available via the Internet: writing essay creative, Arvind Subramanian, and Francesco Trebbi, 2002, "Institutions Rule: The Primacy of Institutions over Integration and Geography in Economic Development," IMF Working Paper rights assignment of, Xavier, and Elsa V. Artadi, 2002, "Economic Growth and Investment in the Arab World," Columbia University Discussion Paper No. 0203-08 (New York). Sundararajan, V., Udaibir S. Das, and Plamen Yossifov, 2003, "Cross-Country and Cross-Sector Analysis of Transparency of Monetary and Financial Policies," IMF Working Paper 03/94. United Help homework with precalculus limits Development Program, 2002, Arab Human Development Report (New York). World Bank, 2001, Global Development Finance: Building Coalitions for Effective Development Finance (Washington: Assign us polo Bank). ———, 2002, World Development Indicators (Washington: World Bank). ———, 2003, Trade, Investment, and Thesis masters help writing in the Middle East and North Africa: Engaging with the World (Washington: World Bank).