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International Monetary Fund. External Relations Dept.

This paper analyzes why the Middle East and North Africa (MENA) region has lagged in growth and globalization. Despite attempts to spur recovery and initiate structural reforms, many countries in the region remain on a slow growth path, effectively sidelined from globalization and the benefits of closer economic integration with the rest of the world. The benefits from oil failed to generate a sustained growth dynamic or bring about greater regional economic integration. The paper highlights that the slowdown in economic reforms is a key factor for the economic depression in the MENA region.

PAUL K. WOOLLEY

Over the past few years, there has been considerable discussion of the relative merits of various types of controls over international capital movements. Controls that have been the subject of the most analysis and empirical investigation are the dual exchange market and the U. S. Interest Equalization Tax. Yet the U. K. investment currency market, which has operated in various forms for the past 30 years and which stems from the embargo on the export of capital by residents, has been largely neglected.2