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Curbing corruption can help countries achieve higher and more inclusive growth. The paper focuses on the Middle East, North Africa, and the Caucasus and Central Asia. The roots of corruption often lie in poor economic governance, and thus improving governance of economic institutions can help curb corruption. While every MCD country possesses its own strengths and weaknesses, there are some common themes and problems that emerge.

Economics: General --- International Economics --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Economywide Country Studies: Asia including Middle East --- Financial Institutions and Services: Government Policy and Regulation --- Political economy --- International institutions --- International organization --- Economics

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Curbing corruption can help countries achieve higher and more inclusive growth. The paper focuses on the Middle East, North Africa, and the Caucasus and Central Asia. The roots of corruption often lie in poor economic governance, and thus improving governance of economic institutions can help curb corruption. While every MCD country possesses its own strengths and weaknesses, there are some common themes and problems that emerge.

Economics: General --- International Economics --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Economywide Country Studies: Asia including Middle East --- Financial Institutions and Services: Government Policy and Regulation --- Political economy --- International institutions --- International organization --- Economics

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Applying a consumption-smoothing model to five ASEAN countries reveals that excessive private consumption has not tended to characterize their widening external imbalances in recent years, except to a small degree in Indonesia and Malaysia. Beyond consumption smoothing, however, a number of factors influence the desirability of running large external deficits, including the level and composition of external liabilities, the flexibility of macroeconomic policies, and the health of banking systems. Even when the current account deficit appears sustainable, there is a case to reduce them in order to lower the risks arising from such factors.

Exports and Imports --- Macroeconomics --- Macroeconomics: Consumption --- Saving --- Wealth --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- Economywide Country Studies: Asia including Middle East --- Aggregate Factor Income Distribution --- International economics --- Current account --- Current account deficits --- Consumption --- Current account balance --- Consumption distribution --- Balance of payments --- National accounts --- Economics --- Income distribution --- Malaysia

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We assess the degree of cross-market price discrepancy (a proxy for market integration), its evolution over time, and proximate determinants, using monthly price data for 21 agricultural goods and 60 markets in India. Econometric analysis shows that cross-market price integration is positively associated with the level of transportation infrastructure, and distance between market pairs. There is no robust evidence that price integration has increased in recent years, suggesting that any positive effects of recent policy initiatives are either small, outweighed by the identified determinants of integration, or yet to come.

Investments: Commodities --- Infrastructure --- Agribusiness --- Economic Integration --- Prices, Business Fluctuations, and Cycles: Other --- Economywide Country Studies: Asia including Middle East --- Agriculture: General --- Commodity Markets --- Investment --- Capital --- Intangible Capital --- Capacity --- Industry Studies: Transportation and Utilities: General --- Investment & securities --- Macroeconomics --- Agricultural economics --- Agricultural commodities --- Commodities --- Agricultural sector --- Transportation --- National accounts --- Economic sectors --- Farm produce --- Saving and investment --- Commercial products --- Agricultural industries --- India

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This IMF Departmental Paper presents the key areas in which countries of the Middle East, North Africa, and the Caucasus and Central Asia (MECA) can enhance governance and fight corruption to achieve their economic policy goals. It draws on advances that have already taken hold in the region.

Economics: General --- International Economics --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Economywide Country Studies: Asia including Middle East --- Financial Institutions and Services: Government Policy and Regulation --- Political economy --- International institutions --- Institutional governance --- Inclusive growth --- Middle East and Central Asia --- Fiscal governance --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Fiscal transparency --- Revenue administration transparency and accountability --- Corporate governance --- Money laundering