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The Arab region faces a growing realization that development paths of the past are no longer capable of achieving national objectives. The problem of insufficient job creation in the Arab region is mounting, and without fundamental transitions in the Arab economies which ensure greater and sustainable job creation, the employment challenge will worsen rapidly and dramatically. The authors will articulate the broad course of action needed in the Arab economies. First, in Section II the authors describe the development challenges facing the Arab world, in particular, the challenge of employment creation. In Section III, the authors examine the constraints of the old development model in the region in terms of meeting these development challenges. Section IV proposes a set of transitions that constitute the contours of a new development model. Section V outlines the fundamental changes needed for making this transition, including improved governance, higher quality education and greater gender equality. The concluding section VI makes a few observations about the feasibility and issues of implementation.

Accountability --- Arab States --- Economic Growth --- Energy --- Finance --- Gender --- Job Creation --- Macroeconomics and Economic Growth --- Oil & Gas --- Poverty Reduction --- Private Sector --- Unemployment

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International finance --- Foreign exchange --- Money --- Change --- Monnaie --- Pays de l'Union européenne --- European Economic Community countries --- Economic conditions --- Conditions économiques --- 336.74 --- 339.74 --- 330.115 --- AA / International- internationaal --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 333.110 --- 333.825 --- 334.151.27 --- 333.831.0 --- 333.80 --- 333.841 --- 333.403 --- 333.450 --- 333.846.7 --- 333.846.0 --- Geld. Geldwezen. Monetaire sector. --- Monetaire buitenlandse politiek. Deviezenpolitiek --- Econometrie --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet. --- Deviezenpolitiek. Interventies. --- Europees monetair stelsel. --- Evolutie van de rentetarieven naar de duur van de bedragen. Verband tussen de diverse rentetarieven: algemeenheden. --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden. --- Inflatie. --- Monetaire theorieën. Kwantitatieve theorie. Theorie van de incasso's. Optiek van de uitgaven en inkomens. --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit. --- Verband tussen de geld-, bank- en kredietpolitiek en de buitenlandse handel en betalingsbalans. --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden. --- 330.115 Econometrie --- 339.74 Monetaire buitenlandse politiek. Deviezenpolitiek --- 336.74 Geld. Geldwezen. Monetaire sector. --- Pays de l'Union européenne --- Conditions économiques --- Geld. Geldwezen. Monetaire sector --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet --- Deviezenpolitiek. Interventies --- Europees monetair stelsel --- Evolutie van de rentetarieven naar de duur van de bedragen. Verband tussen de diverse rentetarieven: algemeenheden --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden --- Inflatie --- Monetaire theorieën. Kwantitatieve theorie. Theorie van de incasso's. Optiek van de uitgaven en inkomens --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- Verband tussen de geld-, bank- en kredietpolitiek en de buitenlandse handel en betalingsbalans --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden --- Foreign exchange - European Economic Community countries --- Money - European Economic Community countries --- European Economic Community countries - Economic conditions

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This paper addresses the issue of the low level of private investment in the Middle East and North Africa (MENA) region, with special emphasis on the role of governance. Based on the existing literature, the authors categorize what types of governance institutions are more detrimental to entrepreneurial investments. They then estimate a simultaneous model of private investment and governance quality where economic policies concurrently explain both variables. The empirical results show that governance plays a significant role in private investment decisions. This result is particularly true in the case of "administrative quality" in the form of control of corruption, bureaucratic quality, investment-friendly profile of administration, and law and order, as well as for "political stability." Evidence in favor of "public accountability" seems, however, less robust. The estimations also stress that structural reforms-such as financial development and trade openness-and human development affect private investment decisions directly, and/or through their positive impact on governance. These findings bring new empirical evidence on the subject of private investment in the developing world and in MENA countries in particular.

Accountability --- Bureaucratic Quality --- Civil Liberties --- Corruption --- Debt Markets --- Democratic Institutions --- Economic Activity --- Economic Policies --- Economic Theory and Research --- Emerging Markets --- Finance and Financial Sector Development --- Financial Development --- Financial Literacy --- Governance --- Governance Indicators --- Governance Institutions --- Governance Quality --- Human Development --- Investment and Investment Climate --- Investment Climate --- Labor Policies --- Macroeconomics and Economic Growth --- National Governance --- Non Bank Financial Institutions --- Participation --- Political Economy --- Political Instability --- Political Rights --- Political Stability --- Private Sector Development --- Property Rights --- Rule of Law --- Security --- Social Protections and Labor