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1 CERDI - Centre d-Études et de Recherches sur le Développement International

Abstract : During the 1980s and the 1990s, private investment in the Middle East and North Africa (MENA) has on average shown a decreasing or stagnant trend. This contrasts with the situation of the Asian economies, where private investment has always been more dynamic. In this paper, it is empirically shown for a panel of 39 developing economies-among which four MENA countries- that in addition to the traditional determinants of investment-such as the growth anticipations and the real interest rate-government policies explain MENA-s low investment rate. Insufficient structural reforms-which have most of the time led to poor financial development and deficient trade openness¬¬-have been a crucial factor for the deficit in private capital formation. The economic uncertainties of the region have represented another factor of the firm-s decisions not to invest. These uncertainties have consisted of the external debt burden and various measures of volatility.

keyword : cerdi





Autor: Ahmet Faruk Aysan - G. Pang - Marie-Ange Veganzones -

Fuente: https://hal.archives-ouvertes.fr/



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