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Does the Quality of Institutions Limit the MENA's Integration in the World Economy?

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Author Info
Pierre-Guillaume Méon
Khalid Sekkat

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Abstract

Using a large sample of countries over the 1990s, this paper examines the extent to which institutions' functioning disables a greater participation of the Middle East and North Africa (MENA) in the world economy. It focuses on the impact on manufactured exports and FDI attractiveness and considers a broad index of political risk as well as indices targeted toward specific aspects of governance (corruption, government effectiveness and the rule of law). The results are robust to different econometric approaches and lend strong support to the hypothesis that the functioning of institutions may disable the participation of MENA countries in the world economy. They suggest that the impact of an improvement in the quality of institutions may result in a sensitive increase of FDI inflows and manufactured exports. That increase is comparable to the one resulting from liberalisation policies. Hence, although institutional reforms can take time, they deserve the necessary efforts given their outcomes as compared to other reforms. Copyright 2004 Blackwell Publishing Ltd.

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Article provided by Blackwell Publishing in its journal The World Economy.

Volume (Year): 27 (2004)
Issue (Month): 9 (09)
Pages: 1475-1498
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Handle: RePEc:bla:worlde:v:27:y:2004:i:9:p:1475-1498

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  1. Axel Dreher & Friedrich Schneider, 2006. "Corruption and the Shadow Economy: An Empirical Analysis," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  2. Schneider, Friedrich, 2007. "Shadow Economies and Corruption All Over the World: New Estimates for 145 Countries," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 1(9), pages 1-66. [Downloadable!]
  3. Azmat Gani & Biman Chand Prasad, 2006. "Institutional Quality and Trade in Pacific Island Countries," Working Papers 2006, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada.. [Downloadable!]
  4. Fathi Ali & Norbert Fiess & Ronald MacDonald, 2008. "Do Institutions Matter for Foreign Direct Investment?," Working Papers 2008_26, Department of Economics, University of Glasgow. [Downloadable!]
  5. Zeghni, Sylvain & Fabry, Nathalie, 2008. "Building institutions for growth and human developement : an economic perspective applied to transitional countries of Europe and CIS," MPRA Paper 9235, University Library of Munich, Germany. [Downloadable!]
  6. Zeghni, Sylvain & Fabry, Nathalie, 2008. "Building institutions for growth and human development: an economic perspective applied to the transitional countries of Europe and CIS," MPRA Paper 9171, University Library of Munich, Germany. [Downloadable!]
  7. Pierre-Guillaume Méon & Khalid Sekkat, 2007. "Revisiting the Relationship between Govenance and Foreign Direct Investment," Working Papers DULBEA 07-13.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
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  8. José Caetano & Aurora galego, 2009. "FDI in the European Union and Mena Countries: Institutional and Economic Determinants," CEFAGE-UE Working Papers 2009_09, University of Evora, CEFAGE-UE (Portugal). [Downloadable!]
  9. Moser, Christoph & Nestmann, Thorsten & Wedow, Michael, 2006. "Political risk and export promotion: evidence from Germany," Discussion Paper Series 1: Economic Studies 2006,36, Deutsche Bundesbank, Research Centre. [Downloadable!]
    Other versions:
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