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Middle East and Central Asia > Jordan

You are looking at 1 - 6 of 6 items for :

  • Type: Journal Issue x
  • Personal Income, Wealth, and Their Distributions x
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Cover IMF Working Papers
The Finance and Growth Nexus Re-Examined: Do All Countries Benefit Equally?
Mr. Adolfo Barajas
,
Mr. Ralph Chami
, and
Mr. Seyed Reza Yousefi
A large theoretical and empirical literature has focused on the impact of financial deepening on economic growth throughout the world. This paper contributes to the literature by investigating whether this impact differs across regions, income levels, and types of economy. Using a rich dataset for 150 countries for the period 1975–2005, dynamic panel estimation results suggest that the beneficial effect of financial deepening on economic growth in fact displays measurable heterogeneity; it is generally smaller in oil exporting countries; in certain regions, such as the Middle East and North Africa (MENA); and in lower-income countries. Further analysis suggests that these differences might be driven by regulatory/supervisory characteristics and related to differences in the ability to provide widespread access to financial services.
Keywords:
WP; MENA country; private sector; banking system; dependent variable; Growth; Financial Development; Inclusive Growth; Financial Access; MENA region; credit-GDP ratio; MENA growth underperformance; x Middle East and North Africa; x GCC; GCC grouping; MENA depth; banking sector; number of observation; bank financing; oil GDP; Credit; Oil; Personal income; Stock markets; Commercial banks; Central Asia; Sub-Saharan Africa; North Africa; Middle East; East Africa
Cover IMF Working Papers
Oil Prices, External Income, and Growth: Lessons From Jordan
Mr. Mehdi Raissi
and
Mr. Kamiar Mohaddes
This paper extends the long-run growth model of Esfahani et al. (2009) to a labor exporting country that receives large inflows of external income?the sum of remittances, FDI and general government transfers?from major oil-exporting economies. The theoretical model predicts real oil prices to be one of the main long-run drivers of real output. Using quarterly data between 1979 and 2009 on core macroeconomic variables for Jordan and a number of key foreign variables, we identify two long-run relationships: an output equation as predicted by theory and an equation linking foreign and domestic inflation rates. It is shown that real output in the long run is shaped by: (i) oil prices through their impact on external income and in turn on capital accumulation, and (ii) technological transfers through foreign output. The empirical analysis of the paper confirms the hypothesis that a large share of Jordan's output volatility can be associated with fluctuations in net income received from abroad. External factors, however, cannot be relied upon to provide similar growth stimuli in the future, and therefore it will be important to diversify the sources of growth in order to achieve a high and sustained level of income.
Keywords:
WP; interest rate; price boom; Growth models; long-run relations; Jordanian economy; remittances; foreign direct investment; oil price shocks; foreign output and inflation shocks and error correcting relations; output equation; co-trending restriction; test statistics; external income; error correction term; Fisher equation; error correction term of the long-run output equation; least squares; LR statistic; error-correction equation; oil income; multiple correlation coefficient; Oil prices; Personal income; Inflation; Oil; Purchasing power parity; Global
Cover IMF Working Papers
The Magnitude and Distribution of Fuel Subsidies: Evidence from Bolivia, Ghana, Jordan, Mali, and Sri Lanka
Mr. Robert Gillingham
,
David Locke Newhouse
,
Mr. David Coady
,
Mr. Kangni R Kpodar
,
Moataz El-Said
, and
Mr. Paulo A Medas
With the recent jump in world oil prices, the issue of petroleum product pricing has become increasingly important in developing countries. Reflecting a reluctance of many governments to pass these price increases onto energy users, energy price subsidies are absorbing an increasing share of scarce public resources. This paper identifies the issues that need to be discussed when analyzing the fiscal and social costs of fuel subsidies. Using examples from analyses recently undertaken for five countries, it also identifies the magnitude of consumer subsidies and their fiscal implications. The results of the analysis show that-in all of these countries-energy subsidies have significant social and fiscal costs and are badly targeted.
Keywords:
WP; fuel price; petroleum products; price rise; formula price; oil price
Cover Economic Dislocation and Recovery in Lebanon
Economic Dislocation and Recovery in Lebanon
Mr. Jose Martelino
,
Mr. S. Nuri Erbas
,
Mr. Adnan Mazarei
,
Ms. Sena Eken
, and
Mr. Paul Cashin

Abstract

This paper provides background information on the Lebanese economy, based on an analysis of the economic consequences of war, and discusses several issues that will be central to Lebanon's prospects for recovery

Keywords:
OP; exchange rate; Lebanese pound; economy; exchange rate movement; currency substitution; net foreign currency position; US$ exchange rate series; Lebanese economy; Exchange rates; Monetary aggregates; Dollarization; Personal income; Middle East; South America; Africa; Europe; dollar currency; access to flow; Total expenditures
Cover IMF Staff Papers
IMF Staff papers: Volume 42 No. 2
International Monetary Fund. Research Dept.
This paper develops an endogenous growth model of the influence of public investment, public transfers, and distortionary taxation on the rate of economic growth. The growth–enhancing effects of investment in public capital and transfer payments are modeled, as is the growth–inhibiting influence of the levying of distortionary taxes that are used to fund such expenditure. The theoretical implications of the model are then tested with data from 23 developed countries between 1971 and 1988, and time series cross sectional results are obtained that support the proposed influence of the public finance variables on economic growth.
Keywords:
SP; review subscription; Basle capital rule; rate of growth; priority mail delivery; panel database; income growth; productivity coefficient; Inflation; Personal income; Stock markets; Value-added tax; Middle East; Africa; Asia and Pacific; Eastern Europe; Southern Africa; West Africa; Global; East Africa
Cover IMF Working Papers
Fiscal Revenue and Inflationary Finance
Mr. Nurun N. Choudhry
This paper analyzes the erosion of fiscal revenue by inflation resulting from the issuance of money. The empirical evidence for a number of developing countries supports the well-known hypothesis that an increase in inflation will result in a fall in real fiscal revenue because of collection lags, thereby possibly widening the fiscal deficit. As such, attempts to generate resources to finance government expenditures via the inflation tax will involve a loss in other revenues, making this form of taxation even less desirable.
Keywords:
WP; rate of inflation; revenue; inflation revenue; revenue-maximizing inflation rate; lag coefficient; welfare cost ratio; fiscal revenue; Inflation; Government debt management; Personal income; Monetary base; Middle East; Western Hemisphere; Africa; Asia and Pacific