Are Banks Really Lazy? Evidence from Middle East and North Africa
Are Banks Really Lazy? Evidence from Middle East and North Africa

Author: Mr.Simon Gray

Publisher: International Monetary Fund

Published: 2014-05-13

Total Pages: 40

ISBN-13: 148438668X

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We investigate whether low loan-to-deposit (LTD) ratios and high levels of reserve balances at the central bank (or holdings of government securities) are a reflection of policy-driven factors compared to commonly cited reasons of reluctance to lend or sometimes weak investment demand in uncertain environments. We examine changes to central bank (CB) balance sheet structures as well as commercial banks’ flow of funds over the period 2007–2012. First, Middle East and North Africa (MENA) CBs play an active role in view of their size that is very large with respect to their economies compared to CBs in advanced economies. Second, under exchange rate targeting, most MENA CB balance sheets are asset-driven, holding foreign exchange (FX) reserves to support the exchange rate policy and resulting in lower loan-to-deposit (LTD) ratios in the case of unsterilized increases in FX. Third, CB policy decisions seem to be accompanied by an increase in commercial bank reserve money balances, with ensuing reduction in the LTD. Finally, if governments meet their financing needs from the banking system—whether from commercial banks or by monetary financing—commercial bank balance sheets will tend to expand, resulting in lower LTD ratios. Our analysis suggests that government and CB actions may also drive the demand for and supply of credit, which are traditionally attributed to the behavior of banks and non-financial corporates and households only. The findings offer a different interpretation of changes in CB and banks’ balance sheets, with direct implications for LTD, calling to exercise caution in recommending policy action which aim at propping up LTD to ‘appropriate’ levels in an effort to reinvigorate credit following a downturn.

IMF Research Bulletin, September 2014
IMF Research Bulletin, September 2014

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2014-10-11

Total Pages: 18

ISBN-13: 1498333168

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This issue of the IMF Research Bulletin opens with a letter from the new editor, Rabah Arezki. The Research Summaries are a "Primer on 'Global Liquidity'" (Eugenio Cerutti, Stijn Claessens, and Lev Ratnovski); and "Trade Integration adn Business Cycle Synchronization" (Kevin Cheng, Romain Duval, and Dulani Senevirante). The Q&A column looks at "Seven Questions on the Global Housing Markets" (Hites Ahir, Heedon Kang, and Prakash Loungani). September 2014 issue of the Bulletin also includes updates on IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore, as well as special announcements on new staff publications and the Fifteenth Annual Jacques Polak Research Conference. Also included is information on the latest issue of “IMF Economic Review” with a link to an article by Paul Krugman.

Promoting Inclusive Growth in the Middle East and North Africa
Promoting Inclusive Growth in the Middle East and North Africa

Author: Mr. Roberto Cardarelli

Publisher: International Monetary Fund

Published: 2022-10-11

Total Pages: 150

ISBN-13:

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Despite some pre-pandemic gains in poverty reduction, literacy, and lifespans, many economies in the Middle East and North Africa (MENA) have struggled to ensure that the benefits of economic development and diversification accrue equitably to all segments of their populations. Among the main issues that remain unresolved are the high share of inactive youth (who are not engaged in employment, education, or training); large gaps in economic opportunities for women; fragmented social protection systems; and underdeveloped private sectors with tight regulation, absence of a level playing field, and limited access to credit that stifle the creation of new firms and growth, employment, and incomes. The COVID-19 pandemic not only risks wiping out some of the progress made in the region over the past decades, but could also exacerbate inequality in a durable way. There is evidence that the impact of the pandemic has been uneven across groups, with the recession having a disproportionate effect on the low-skilled, the young, women, and migrant workers in employment and incomes. With widespread inequality, high unemployment, and the expected entry of 27 million young people into the labor force over the next 10 years, countries across the MENA region need to evolve their economic models to boost job creation and make sure that the benefits of economic development are shared more widely among all their citizens. This book’s objective is to reassess the inclusive growth agenda in the MENA region in light of the rapidly changing pandemic-influenced world. It argues that countries need to embrace global trade and technological advances and evolving demographics at home as an opportunity to successfully implement policies that foster higher and more inclusive growth. It underscores that a return to the old social contract is neither desirable nor feasible. The book presents a comprehensive view of policies suited to the regional context that would boost job-rich and inclusive growth within a resilient macroeconomic policy framework. Its goal is to provide guidance to policymakers in the region to frame how best to promote inclusive growth, including in their engagement with all stakeholders.

Informality and Inclusive Growth in the Middle East and North Africa
Informality and Inclusive Growth in the Middle East and North Africa

Author: Gladys Lopez-Acevedo

Publisher: World Bank Publications

Published: 2023-06-30

Total Pages: 281

ISBN-13: 1464819890

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The long-standing informality debate in the Middle East and North Africa (MENA) Region has taken on a new urgency as it looks for a pathway to more socially inclusive growth that is less reliant on fossil fuels. This is occurring against a backdrop of subpar labor market outcomes, further growth setbacks, and deteriorating fiscal and current account deficits in the aftermath of the COVID-19 pandemic--and in the wake of high inflation and supply chain disruptions triggered by the Russian Federation-Ukraine war. 'Informality and Inclusive Growth in the Middle East and North Africa' aims to better understand the characteristics and incentive structure that have led to the prevalence of informal employment in three MENA countries--the Arab Republic of Egypt, Morocco, and Tunisia. The report breaks new ground by adopting a comprehensive perspective to focus on the features of, and interrelationships among, different aspects of these countries' institutional landscapes to make sense of the complex incentive structure that workers and firms face when deciding between formal and informal options. Specifically, the report groups these issues in three broad realms: (1) entrepreneur-worker relations, (2) taxes and transfers, and (3) market conditions. 'This report is an extremely welcome addition to the literature on MENA labor markets. By analyzing the incentive structure and institutional factors that have led to the prevalence of informal employment in Egypt, Morocco, and Tunisia, it points the way to policy actions that can be taken to reduce informality and increase social protection for workers. It is a must-read for anyone who cares about greater economic inclusion in MENA.' --Ragui Assaad, Professor, Hubert H. Humphrey School of Public Affairs, University of Minnesota 'A compelling account of the implications of informality in the workforce and how economies of MENA can design appropriate policy responses. This timely report comes amid multiple social reforms in MENA and is a must-read for policy practitioners and economists in the region.' --Karim El Aynaoui, Executive President, Policy Center for the New South 'This report is particularly timely given the negative impact the COVID-19 pandemic and subsequent crises have had on living standards and poverty rates around the world and especially in MENA countries. While the focus on boosting growth and achieving the Sustainable Development Goals has revolved around financing, the report sheds new light on the benefits that tackling informality through institutional, regulatory, and policy changes could present to achieving these goals.' --Mahmoud Mohieldin, Executive Director, International Monetary Fund

Monetary Issues in the Middle East and North Africa Region
Monetary Issues in the Middle East and North Africa Region

Author: Mr.Simon Gray

Publisher: International Monetary Fund

Published: 2013-05-10

Total Pages: 176

ISBN-13: 1484349032

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This paper documents the main themes covered in two seminars (December 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, and liquidity management has impacted the relationship between the policy rate corridor and market rates. The balance sheet structure of central banks in the Middle East and North Africa (MENA) shows differences between oil exporters and others, while a few countries have exhibited notable changes since early 2011. Collateral now has a significant financial stability function. Although only one MENA country is part of the G20, implementation of the Basel III bank capital adequacy and liquidity rules will most likely impact banks’ way of doing business in MENA countries, even if indirectly.

Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability
Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability

Author: European Investment Bank

Publisher: European Investment Bank

Published: 2018-11-21

Total Pages: 277

ISBN-13: 9286138482

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In its fourth edition, this report focuses on recent developments in Africa's banking sectors and the policy options for all stakeholders. The study of banking sectors across all African sub-regions includes the results of the EIB survey of banking groups operating in Africa. Three thematic chapters address challenges and opportunities for financing investment in Africa: Crowding out of private sector lending by public debt issuance The state of bank recovery and resolution laws in Africa Policy options on how to finance infrastructure development. The report finds that in many African banking markets, the last two years saw a pause in financial deepening. However, a rising share of banking groups report improving market conditions and plan a structural expansion of their operations in Africa and a continued push for new technologies.

Economic Impact of Selected Conflicts in the Middle East
Economic Impact of Selected Conflicts in the Middle East

Author: MissRanda Sab

Publisher: International Monetary Fund

Published: 2014-06-11

Total Pages: 32

ISBN-13: 1498310893

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Using narrative-based country-case studies, war episodes in the Middle East were examined to assess their economic impact on conflict and neighboring economies. The paper found that conflicts led to a contraction in growth, higher inflation, large fiscal and current account deficits, loss of reserves, and a weakened financial system. Post-conflict recovery depended on the economic and institutional development of the country, economic structure, duration of the war, international engagement, and prevailing security conditions. The net economic impact on neighboring countries varied according to their initial economic conditions, number and income level of refugees they hosted, economic integration, and external assistance.

Water
Water

Author: Katie Meehan

Publisher: John Wiley & Sons

Published: 2023-02-08

Total Pages: 310

ISBN-13: 1119315166

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Discover the hydrosocial cycle and the impact of power, knowledge, and scarcity on water rights and use through this engaging and student-friendly textbook In Water: A Critical Introduction, a team of distinguished researchers delivers an expert examination of our most pressing water-related challenges, arguing that flows of water are shaped by social practices and geometries of power. Combining first-hand research and headline case studies, the authors reveal the hydrosocial relations often hidden in mainstream accounts of water, delving into current issues like water scarcity, floods, global water governance, legal conflicts, human rights, potable water provision, health, the water-food-energy nexus, and much more. Spanning five centuries, this comprehensive volume reflects on how imperial expansion has shaped hydrosocial relations in and between Europe, Asia, Africa, and the Americas, how water demand has changed over time, and how this change impacted lifestyle. As the first major text to synthesize critical water research in both local and global perspectives, this book is anchored by clear and compelling arguments — the "four planks" — and supported by the authors' original research and up-to-date synthesis of the latest critical research on major water problems. It also includes maps, illustrations, and additional learning materials to be used by educators. Readers will find: A lively and thorough introduction that explains why a critical approach is necessary to fully understand our current water challenges, with a focus on the "skeptical superhero" A global approach to key debates in water issues, including large dams, privatization, transboundary conflicts, agriculture and irrigation, water and sanitation provision, human rights, governance dilemmas, and the Sustainable Development Goals Comprehensive explorations of the roles played by expert knowledge, global capital, climate change, and justice struggles in the hydrosocial cycle Critical theoretical perspectives that integrate environmental social sciences, feminist critique, and a broadly defined political economy with the specificities of water resources Fulsome treatments of water governance, science, and management, including the origins and implications of neoliberal approaches to the privatization, commodification, and financialization of water An accessible text that "invites the reader" on a critical journey Water: A Critical Introduction is a key text for advanced high school, undergraduate, and graduate students who want a keener understanding of trends in environmental management, political ecology, and water governance, science, and engineering. Written with an interdisciplinary audience in mind, this book will benefit students taking courses in environmental studies, environmental law, geopolitics, international studies, human geography, hydrology, engineering, environmental economics, and related disciplines.

Expanding Opportunities for the Next Generation
Expanding Opportunities for the Next Generation

Author: Safaa El-Kogali

Publisher: World Bank Publications

Published: 2015-01-28

Total Pages: 343

ISBN-13: 1464803242

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Early childhood is the most important stage of human development yet in Middle East and North Africa countries there is little research and inadequate investment in this crucial stage of life. This book covers risk, protective factors, policies and programs that can address inequality and shortfalls in the early years of life.