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Macroeconomic Vulnerability and Investment Risks in the Middle East and North Africa Region

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    In this paper we assess a country’s investment risk by studying its vulnerability to shocks in macroeconomic variables including GDP growth, infl ation, and unemployment. Based on the criteria of quick stabilization in the impulse responses of the macro variables after a one standard deviation shock, we rank a sample of ten MENA countries as follows: Algeria (least risky), Syria, Malta, Israel, Saudi Arabia, Tunisia, Oman, Jordan, United Arab Emirates and Bahrain (most risky). We conclude that a country’s economic policy appears to be more important than its oil reserves in stabilizing its economy and attracting FDI in the MENA region.

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    File URL: http://www.iei1946.it/RePEc/ccg/GHOSH%20LI%201_39.pdf
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    Article provided by Camera di Commercio Industria Artigianato Agricoltura di Genova in its journal Economia Internazionale / International Economics.

    Volume (Year): 62 (2009)
    Issue (Month): 1 ()
    Pages: 1-39

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    Handle: RePEc:ris:ecoint:0012
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    1. Khalid Sekkat & Marie-Ange Veganzones, 2005. "Trade and foreign exchange liberalization, investment climate and FDI in the MENA," DULBEA Working Papers 05-06.RS, ULB -- Universite Libre de Bruxelles.
    2. Corsetti, Giancarlo & Dedola, Luca & Leduc, Sylvain, 2004. "International risk-sharing and the transmission of productivity shocks," Working Paper Series 0308, European Central Bank.
    3. Richard Dennis & Jose A. Lopez, 2004. "Policy applications of a global macroeconomic model," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jun11.
    4. Backus, David K. & Smith, Gregor W., 1993. "Consumption and real exchange rates in dynamic economies with non-traded goods," Journal of International Economics, Elsevier, vol. 35(3-4), pages 297-316, November.
    5. Timothy Cogley & James M. Nason, 1993. "Output dynamics in real business cycle models," Working Papers in Applied Economic Theory 93-10, Federal Reserve Bank of San Francisco.
    6. repec:eme:ijmfpp:v:2:y:2006:i:2:p:154-172 is not listed on IDEAS
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