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To what degree are trade liberalization, productivity, and economic growth correlated? Can economic policies designed to encourage competition and curtail industry protection result in large-scale improvements, such as increased innovation and reduced unemployment? After 20 years of economic reform in the Middle East and North Africa (MENA), economic performance is still lagging behind many regions of the world. Even in those countries that are the most advanced in implementing reforms, including Egypt, Jordan, Morocco and Tunisia, industries with low productivity growth and high market power continue to dominate. Moreover, the termination of the Multi-Fiber Agreement and the negotiations concerning further liberalization of trade in agricultural products (under the framework of the World Trade Organization) put these and other countries under pressure of fierce competition from emerging nations. Recent empirical evidence on the impact of reforms in a number of developing countries shows that such persistence of inefficiency and market power is specific to MENA. Showcasing in-depth analyses from Jordan, Morocco, Tunisia, and Turkey (with comparative data from Asia and Latin America), this book focuses on the dynamics of firm entry and exit to help explain the low productivity of the region. The results suggest a number of policy recommendations designed to foster competition, which, in turn, would contribute to innovation, productivity growth, and improved return on capital investments. The book not only reveals important correlations among policy and market factors in MENA, but suggests fruitful areas of research in other developing regions of the world.

Economic policy and planning (general) --- Foreign trade policy --- Middle East --- Turkey --- North Africa --- Economic development --- Industrial productivity --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Economic development - Africa, North. --- Economic development - Middle East. --- Industrial productivity - Africa, North. --- Industrial productivity - Middle East.

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The estimated spillover of the global crisis to emerging market (EM) economies in the Middle East and North Africa (MENA) indicates that nearly two-thirds of the increased financial stress in MENA EM countries after the Lehman shock is attributable to direct or indirect spillovers of financial stress in advanced economies. Moreover, the estimated models suggest that the increased financial stress and slowdown in economic activity in advanced economies can explain about half of the drop in real GDP growth in MENA EM countries after the Lehman shock.

Economic development -- Middle East -- Econometric models. --- Financial crises -- Middle East -- Econometric models. --- Global financial crisis, 2008-2009. --- Middle East -- Economic conditions -- 21st century -- Econometric models. --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- Econometrics --- Finance: General --- Financial Risk Management --- Macroeconomics --- 'Panel Data Models --- Spatio-temporal Models' --- Index Numbers and Aggregation --- leading indicators --- General Outlook and Conditions --- General Financial Markets: Government Policy and Regulation --- Estimation --- Externalities --- General Financial Markets: General (includes Measurement and Data) --- Financial Crises --- Finance --- Econometrics & economic statistics --- Economic & financial crises & disasters --- Financial soundness indicators --- Estimation techniques --- Spillovers --- Emerging and frontier financial markets --- Financial sector policy and analysis --- Econometric analysis --- Financial markets --- Financial services industry --- Econometric models --- International finance --- Egypt, Arab Republic of --- Economic development --- Econometric models. --- Middle East --- Economic conditions