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Finance & Development is published quarterly in English, Arabic, Chinese, French, Russian, and Spanish. English edition ISSN 0015-1947

EDITOR-IN-CHIEF

Jeffrey Hayden

MANAGING EDITOR

Marina Primorac

SENIOR EDITORS

Camilla Andersen

Hyun-Sung Khang

Natalie Ramírez-Djumena

James L. Rowe, Jr.

Simon Willson

ONLINE EDITOR

Glenn Gottselig

ASSISTANT EDITORS

Khaled Abdel-Kader

Maureen Burke

Jacqueline Deslauriers

Lika Gueye

PRINT/WEB PRODUCTION SPECIALIST

Lijun Li

SOCIAL MEDIA MANAGER

Sara Haddad

SENIOR EDITORIAL ASSISTANT

Niccole Braynen-Kimani

CREATIVE DIRECTOR

Luisa Menjivar

GRAPHIC ARTISTS

Seemeen Hashem

Kenneth Nakagawa

Michelle Martin

ADVISORS TO THE EDITOR

Bas Bakker

Nicoletta Batini

Helge Berger

Tim Callen

Paul Cashin

Adrienne Cheasty

Alfredo Cuevas

Marcello Estevão

Domenico Fanizza

James Gordon

Thomas Helbling

Laura Kodres

Paolo Mauro

Gian Maria Milesi-Ferretti

Paul Mills

Martin Muhleisen

Laura Papi

Uma Ramakrishnan

Abdelhak Senhadji

© 2013 by the International Monetary Fund. All rights reserved. For permission to reproduce any F&D content, submit a request via online form (www.imf.org/external/terms.htm) or by e-mail to copyright@imf.org. Permission for commercial purposes also available from the Copyright Clearance Center (www.copyright.com) for a nominal fee.

Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect IMF policy.

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Postmaster: send changes of address to Finance & Development, International Monetary Fund, PO Box 92780, Washington, DC, 20090, USA. Periodicals postage is paid at Washington, DC, and at additional mailing offices.

The English edition is printed at Dartmouth Printing Company, Hanover, NH.

Features

MIDDLE EAST: LOOKING AHEAD

Toward Prosperity for All

Arab countries in transition need a guiding vision for the future

Masood Ahmed

Freedom and Bread Go Together

Economic reforms in the Arab world must be implemented in parallel with political change

Marwan Muasher

Only Fair

Social justice must be at the foundation of Arab economic reforms

Nada al-Nashif and Zafiris Tzannatos

As a Matter of Finance

To help boost economic growth, Arab countries need a stable supply of funds and better access to credit

Adolfo Barajas and Ralph Chami

Point of View: Business, Not as Usual

Private enterprise, driven by a nascent middle class, is the key to successful democratic transition in the Middle East

Vali Nasr

Straight Talk: Defining Moment

Only by opening up will the Arab countries in transition achieve the broad-based growth their societies so desperately need

David Lipton

Picture This: Trade, Growth, and Jobs

Closer trade integration would reward countries in the Middle East with increased growth and jobs

Amine Mati

ALSO IN THIS ISSUE

On the Rise

High prices and new technology have triggered a sudden surge in oil and gas production in the United States that could shake up global energy markets

Thomas Helbling

Held Back by Uncertainty

Recoveries are slowed when businesses and consumers are unsure of the future

Nicholas Bloom, M. Ayhan Kose, and Marco E. Terrones

Degrees of Development

New data suggest that the higher the educational attainment of civil servants the better a country’s economic outcomes

Rabah Arezki and Marc Quintyn

The Comeback

Mexico’s newfound competitiveness helps it regain a share of the U.S. import market it had lost to China

Herman Kamil and Jeremy Zook

Departments

IN BRIEF

People in Economics

The $787 Billion Question

Maureen Burke profiles Christina Romer, former chair of the U.S. Council of Economic Advisers

Back to Basics

What Are Structural Policies?

Monetary and fiscal policies deal with short-term economic fluctuations, but an economy’s problems often go deeper

Khaled Abdel-Kader

Book Reviews

The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order, Benn Steil

The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It, Anat Admati and Martin Hellwig

The Great Indian Phone Book, Robin Jeffrey and Assa Doron

Data Spotlight

Inclusive Africa

The number of Africans with access to banking and other financial services is growing Luca Errico, Goran Amidzic, and Alexander Massara

Illustration: pp. 42–43, Seemeen Hashem/IMF.

Photography: Cover, Maya Alleruzo/AP/Corbis; p. 2, Salem Krieger/Corbis, Michael S. Yamashita/National Geographic Society/Corbis, Philippe Lissac/Corbis; p. 3, Imaginechina/Corbis, Michael S. Lewis/National Geographic Society/Corbis; p. 4, Noah Berger Photography; p. 8, Luis Otero/Hemis/Zumapress.com; pp. 8–9, iStockphoto.com/Lorna Piche; p. 10, Mohammed Vifo/UPI/Newscom; p. 12, Chokri Mahjour/Zumapress.com; p. 14, Adham Khorshed/Demotix/Corbis; p. 18, Ali Arkady/Metrography/Corbis; p. 22, Bilal Hussein/Associated Press; pp. 26–27, Dirk Panier/arabianEye/Corbis; p. 30, Michael Spilotro/IMF; p. 32, Kadari Mohamed/Xinhua/Zumapress.com; p. 33, Phil Weymouth/Bloomberg via Getty Images; p. 34, Orlin Wagner/Associated Press; p. 38, iStockphoto; p. 48, Keith Dannemiller/Corbis.

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Finance & Development, March 2013
Author:
International Monetary Fund