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The Impact of Capital and Foreign Exchange Flowson the Competitiveness of Developing Countries
Attracting capital and foreign exchange flows is crucial for developing countries. Yet, these flows could lead to real exchange rate appreciation and may thus have detrimental effects on competitiveness, jeopardizing exports and growth. This paper investigates this dilemma by comparing the impact of six types of capital and foreign exchange flows on real exchange rate behavior in a sample of 57 developing countries covering Africa, Europe, Asia, Latin America, and the Middle East. The results reveal that portfolio investments, foreign borrowing, aid, and income lead to real exchange rate appreciation, while remittances have disparate effects across regions. Foreign direct investments have no effect on the real exchange rate, contributing to resolve the above dilemma.
The Impact of Capital and Foreign Exchange Flowson the Competitiveness of Developing Countries
Attracting capital and foreign exchange flows is crucial for developing countries. Yet, these flows could lead to real exchange rate appreciation and may thus have detrimental effects on competitiveness, jeopardizing exports and growth. This paper investigates this dilemma by comparing the impact of six types of capital and foreign exchange flows on real exchange rate behavior in a sample of 57 developing countries covering Africa, Europe, Asia, Latin America, and the Middle East. The results reveal that portfolio investments, foreign borrowing, aid, and income lead to real exchange rate appreciation, while remittances have disparate effects across regions. Foreign direct investments have no effect on the real exchange rate, contributing to resolve the above dilemma.
Macroeconomic and Financial Crisis Management in the Southern and Eastern Mediterranean
The global financial crisis, which started in the summer of 2007 and deepened in the aftermath of the Lehman failure in September 2008, has led to a virtual collapse in economic activity and increased financial volatility worldwide. For the developing countries, the main channel of transmission has been a drop in external transactions, such as trade, financial and capital flows, and remittances. The emerging economies in the southern and eastern Mediterranean have also faced declining economic activity, although there seems to be considerable variation in the relative magnitude and timing. Most of these economies have shown a delayed but more lasting response to the crisis, driven mostly by ...
The Struggle for Egypt
"A half century ago, Egypt under nasser became the putative leader of the Arab world and a beacon for developing nations. Yet in the decades prior to the 2011 revolution, it was ruled over by a sclerotic regime plagued by nepotism and corruption. During that time, its economy declined into near shambles, a severely overpopulated Cairo fell into disrepair, and it produced scores of violent Islamic extremists ... In The struggle for Egypt, now with a new epilogue on the post-Mubarak era, noted regional specialist Steven A. Cook provides a sweeping and incisive account of how this parlous state of affairs came to be, why the revolution occurred, and where Egypt might be headed next." -- From p. 4 of cover.
The Gulf Cooperation Council Project
In this book, the economist Kambiz Zare throws new light on one of the most discussed international economic integration projects of our time - that of the Gulf Cooperation Council. To explain why its success has been uneven, the author examines the feasibility of the GCC project from today's perspective, contrasting the evolving economic and financial circumstances in the six countries with the conditions that are necessary for regional integration to be achieved. By focusing on the GCC's first 35 years, from 1981 to 2016, the book offers a firm groundwork for understanding the ongoing dynamics of the GCC region.
Currency Union and Exchange Rate Issues
This book written by leading academics and practitioners in the field brings together cutting edge research on exchange rate regime and monetary union issues. There is a particular focus on the implications for member states of the Gulf Cooperation Council (GCC) which is itself working towards forming a monetary union for the Gulf States. The relatively dramatic movements in the US dollar in the recent past, and also in the early 1990s, have called the practice of pegging to the US dollar into question for a group of countries that predominantly rely on hydrocarbons as their primary export. The book considers the key issues which must be addressed by the GCC in trying to form a monetary unio...
Investing in the Middle East
The effect of foreign direct investment (FDI) on economic development has been widely debated. However, the real challenge is not only to examine the effect of FDI on economic development but to also investigate the most appropriate economic policies that are conducive to increasing levels of FDI. Ashraf Mishrif here addresses this challenge and examines the interplay between external and internal forces to determine whether recent EU-Egyptian trade agreements have led to any significant improvement in Egypt's investment environment and in the growth levels of European direct investment in the country. This important study makes a key contribution to our understanding of the inward investment strategies and options of the Arab World's most populous and powerful player. It will be an essential point of reference for all economists, bankers and investment advisors dealing with the Middle East.
Capital Flows, Financial Markets and Banking Crises
The increasing capital flows in the emerging markets and developed countries have raised various concerns worldwide. One main concern is the impact of the sharp decline of capital flows – so-called sudden stops – on financial markets and the stability of banking systems and the economy. The sudden stops and banking crises have been identified as the two main features of most financial crises, including the recent Asian Financial Crisis and Global Financial Crisis. However, how capital flows and banking crises are connected still remains unanswered. Most current studies on capital flows are empirical work, which faces various challenges. The challenges include how data has been collected ...
Système Bancaire Et Croissance Économique Dans Les Pays en Transition
En analysant l''expérience polonaise, hongroise et tchèque ce travail conclue que pour que le secteur bancaire puisse jouer un rôle actif et positif pour la croissance économique, il est essentiel que les mesures de restructuration soient mises en place avec détermination et tôt dans le processus de transition. Le gouvernement doit envoyer des signaux clairs aux agents économiques pour ne pas perdre sa crédibilité. La contrainte budgétaire doit ètre durcie rapidement et sans hésitations de la part des pouvoirs publiques tant pour les entreprises publiques, que pour les banques. Les intermédiaires financiers doivent passer progressivement entre les mains du secteur privé, mais il est préférable de choisir une méthode de privatisation qui procure des revenus au gouvernement. Les capitaux étrangers doivent ètre autorisés à pénétrer le secteur sans considérations nationalistes. Les programmes de jumelage peuvent s''avérer efficaces en matière de transfert de savoir-faire et de techniques de gestion bancaire. Finalement, il est indispensable d''ériger les règles prudentielles et la supervision bancaire au niveau des standards internationaux.
