Comparative Macroeconomic Dynamics in the Arab World: A Panel Var Approach
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Summary:
The paper presents a comparative analysis of macroeconomic dynamics of 18 Arab countries based on a panel vector autogression estimation. Comparing growth performance, fiscal and current account developments in these countries, the study concludes that (1) in the short run, external and country-specific factors play an almost equal role in explaining macroeconomic fluctuations, but in the long run external factors dominate; (2) on average, program countries are less vulnerable to adverse exogeneous shocks than nonprogram countries; (3) to mitigate the negative impact of an external shock, domestic policy response should be consistent with the size of the shock.
Series:
Working Paper No. 2000/054
Subject:
Balance of payments Commodities Current account Current account balance Fiscal policy Fiscal stance Oil Oil prices Prices
English
Publication Date:
March 1, 2000
ISBN/ISSN:
9781451847505/1018-5941
Stock No:
WPIEA0542000
Pages:
52
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