ABSTRACT The Dubai Mercantile Exchange Limited (DME) is the energy commodities exchange located i... more ABSTRACT The Dubai Mercantile Exchange Limited (DME) is the energy commodities exchange located in the DIFC that lists and trades the Oman Crude Oil Futures Contracts (DME Oman). The DME Oman is the sole benchmark for Oman and Dubai crude oil official selling prices, and the only market listing sour crude in the region. To date, over two million contracts or two billion barrels of crude oil have been traded over the DME since its launch in June 2007. Furthermore, the average daily volumes in DME touched 3,000 contracts during Q1 2011 with the highest record reached in January 2011 when the average daily volume was 3,570 contracts (equivalent to 3.5 million barrels of oil per day). Today, it is considered the largest physically-delivered crude oil futures contract in the world with a 35% (at an annual rate) rise in trading volume in 1Q2011.Against this backdrop it is important to test the market efficiency of DME and also test whether the prices are reliable and not subject to manipulation. This paper analyzes the efficiency of DME oil market by using the “weak form of market efficiency”, which posits that future prices are optimal predictors of spot prices. Furthermore, the analysis is done using the Hansen and Hodrick correction which allows treating the overlapping observation problem. Our empirical results are consistent with the hypothesis that the DME market is efficient with reliable prices that reflect available market information. The DME has added value to oil markets by providing a transparent market price mechanism at a time of higher than average volatility in oil prices and market conditions.
Abstract: The GCC Monetary Union (GMU) will start, according to the deadline set by the Heads of ... more Abstract: The GCC Monetary Union (GMU) will start, according to the deadline set by the Heads of State, by 2010, in little more than a year. This historic achievement will need to be accompanied by a re-assessment of the exchange rate policy that links the currencies of the GCC ...
ABSTRACT Oil-exporting countries, including the GCC economies, have experienced a windfall as a r... more ABSTRACT Oil-exporting countries, including the GCC economies, have experienced a windfall as a result of high oil prices since 2003. Hydro-carbon revenues in the Middle East which has the world’s largest share of oil and natural gas reserves have filtered into their domestic economies through increased government spending and large scale investment projects. However, given the exhaustible nature of energy resorces, long term planning is necessary in order to ensure that the revenues are not spent unwisely.Friedman’s Permanent Income Hypothesis (PIH) helps to connect economic theory to the practical/empirical approach of estimating the effect of higher energy prices on the stock of wealth represented by fossil fuel underground reserves. The PIH states that individuals base their consumption (and savings) decisions not on their current income which may be subject to transitory, short term fluctuations, but on their permanent income, their longer-term income prospects, and an estimate of their future wealth. The same reasoning, mutatis mutandis, can be applied to countries. In this paper we calculate the permanent income effect on the GCC countries deriving from the fluctuations of energy commodity prices and the implications for the future development of this region. Several scenarios are considered – based on assumptions over oil and gas prices and discount rates of income streams.The central result shows that the present value of the hydrocarbon wealth for the GCC countries can be estimated at USD 11.2 trillion, assuming a 3% rate of return (and discount rate) and a price of $50 per barrel (at 2009 constant prices). The analogous value for natural gas reserves assuming a discount rate of 3% and a price $9 per mn Btu stands at USD 7.1 trillion. Hence, the permanent wealth from oil and natural gas reserves under rather conservative assumptions stands at a whopping USD 18.3 trillion, giving GCC the potential to swap their fossil fuel reserves for half of the world’s current (August 2009) stock market capitalization!The energy commodity revenues should not be considered income, but as the transformation of underground wealth into financial wealth. This stream of revenues will be sufficient to finance the transformation of the GCC countries into diversified economies through investments in infrastructure and education. Additionally the revenues will continue to be invested worldwide, with non negligible repercussions on asset valuations and in particular on the continuing restructuring of the world’s financial and corporate sectors.There are a number of important lessons and consequences of the increased wealth of the GCC.• Their higher current and prospective wealth enables the GCC countries and other energy exporters to use their wealth to invest in economic diversification to reduce their vulnerability to oil and gas price fluctuations.• The increased financial wealth of the GCC calls for increased investment and resources to be devoted to wealth and asset management and control.• The fiscal situation and debt capacity of the GCC countries should be analysed taking into consideration the vast current and prospective wealth of the GCC countries.• The recent financial crisis has demonstrated the importance of the financial cushion provided by the international financial assets that the GCC built up over 2003-2008 in helping them weather the global economic and financial crisis.
This paper should not be reported as representing the views of the DIFC. The views expressed in t... more This paper should not be reported as representing the views of the DIFC. The views expressed in this paper are those of the authors and do not necessarily represent those of the DIFC or DIFC policy, nor of the Government of Dubai or any Federal body. The DIFC Economic Notes are published to elicit comments and to further debate among academics, practitioners and policy makers.
The Middle East and North Africa (MENA) countries, similar to many emerging market economies, fac... more The Middle East and North Africa (MENA) countries, similar to many emerging market economies, face wide gaps on corporate governance compared to their industrialized counterparts. The second MENA regional corporate governance forum, held on June 3 to 5, 2004, Beirut aimed to address practical implementations of corporate governance in the Arab world with a focus on improving transparency and disclosure. This report provides a summary of conclusions and recommendations that emerged from the second MENA regional corporate governance forum.
Nasser Saidi has taught macroeconomics and international economics at The University of Chicago (... more Nasser Saidi has taught macroeconomics and international economics at The University of Chicago (1977-80), the Graduate Institute of International Studies and the University of Geneva (1981-85). He is a consultant to governments, central banks and international financial organisations, in work relating to Latin America and the Middle East. He is the author of numerous articles and studies in theoretical and applied international macroeconomics, and of "Essays in Rational Expectations and Flexible Exchange Rates", (1981). Notes: Mean and standard deviation (s.d.) of growth rates of indicated variables. Real GDP is GDP at constant (1974=100) prices; CPI, Consumer Price Index (1974=100); LU$ is the Lebanese Pound/U.S. Dollar exchange rate (annual average); MI, M3 denote narrow and broad definitions of the money supply, with M3 including foreign currency deposits; International Reserves in $ held by the Bank of Lebanon, with gold valued at market prices; Foreign exchange reserves in $ held by Bank of Lebanon; Public Debt definition comprises outstanding Treasury Bills and Bonds, and loans and advances of the consolidated banking system to the government; Imports, Exports are from Direction of Trade Statistics (DOTS) published by the IMF. Government expenditures and revenue at constant prices.
kindly provided hard to find data and statistics, and Zeina Zein El-Abidine for efficient researc... more kindly provided hard to find data and statistics, and Zeina Zein El-Abidine for efficient research assistance. The analysis, views and opinions expressed are those of the author and should not be interpreted or construed to represent any official policies or views. External challenges frequently offer an impetus for internal unification. The challenges emerging post September 11, the war in Afghanistan and Iraq, and the declared war on terrorism, are strategic opportunities that the Arab countries should grasp to create a turning point in the history of the region. This paper calls for an Arab awakening- a renaissance embodied in a strategy of regional economic integration. Witnessing an increase in intra-regional tourism, capital, and direct investment flows, the business sector has already taken up the challenge; while the corporate sector and the new generation of entrepreneurs aspiring to enjoy the benefits of regional economic integration, face barriers. The paper reviews the e...
The MENA countries face a multitude of challenges, in particular relating to the efficiency, size... more The MENA countries face a multitude of challenges, in particular relating to the efficiency, size and reform of the public sector. Large public sectors, highly centralised government administrations, complex regulatory structures, limited development of institutions and limited attention to promoting voice, transparency and accountability in government are characteristic of the situation in many MENA countries. The application of modern technologies and ICT in the form of e-Government could yield great benefits in the reform and modernization of the public sector. The experience of e-Government in a number of developed as well as in developing countries has proven to be a tool for economic development, institutional and civil service reform, for greater efficiency and transparency and has led to higher productivity growth in government provided goods and services. The institution of e-Government can also be instrumental in achieving ‘good governance’, direct representation and voice...
Thank you for inviting me to address this conference dealing with an important issue for Lebanon’... more Thank you for inviting me to address this conference dealing with an important issue for Lebanon’s future. I would like to thank the Lebanese Center for Policy Studies, the Adenauer Foundation and the World Bank for having organized this symposium. My talk falls into five parts. The first part is a general overview and discussion of the background to the Partnership Agreement. In the second, I will sketch the major dispositions of the agreement. The third part is a brief discussion of the potential costs and benefits of the agreement, with a focus on its economic implications. The fourth part consists of a discussion of economic policy issues and options. Section five of the talk relates to the implications for monetary policy.
This article analyzes the impact of the financial crisis triggered by the sub-prime mortgage defa... more This article analyzes the impact of the financial crisis triggered by the sub-prime mortgage defaults on the emerging market economies (EME), with special reference to the MENA and GCC regions. Various factors are contributing to the limited impact of the crisis in the GCC-strong macroeconomic fundamentals, the low prevalence of complex structured products, the growing importance of Islamic banking and finance, and regulatory and prudential rules discouraging exposure to sub-investment grade investments, to name a few. The reported direct losses have been minimal, though there have been some notable contagion effects, especially on stock markets, Sukuk issuances, delays and/or postponements in bond issuances and obviously on yields in secondary markets.However, steady capital inflows and infrastructure projects in the emerging markets have developed their endogenous growth capacity, thereby increasing resilience. When the dust settles it is expected that the capital to re-ignite the...
one of the more mysterious transitions in Hegel's mnoumental 'science of logic' is the transition... more one of the more mysterious transitions in Hegel's mnoumental 'science of logic' is the transition from the last stages of Being into the shadowy negative realm of essence. this paper assesses the logic of those steps, in which measure becomes fully present but unable to capture an absence Hegel will eventually name as essence. the paper emphasizes that the correlativity that marks the realm of essence is already introduced in the final two chapters of Hegel's analysis of measure. it concludes by explaining why Hegel thought bad astronomy-the division of planetary orbit into centripetal and centrifucal force-illustrates the final sublation of quality and quantity. While quality and quantity both have 'beyonds' , the realm of essence does not. essence is revealed to be a totality that contains both itself and other (measure, or appearance) in a single correlation.
Nasser Saidi is the President of Nasser Saidi & Associates a niche economic & financial advisory ... more Nasser Saidi is the President of Nasser Saidi & Associates a niche economic & financial advisory services company offering its services to governments, central banks, regulators and multinationals, including banks & financial institutions. He is Chair of the regional Clean Energy Business Council. He is also a member of the IMF’s Regional Advisory Group for MENA and Co-Chair of the OECD MENA Corporate Governance Working Group. Dr. Saidi served as Minister of Economy and Trade and Minister of Industry of Lebanon and First Vice-Governor of the Central Bank of Lebanon for two mandates 1993-2003. He was the Chief Economist and Strategist of the Dubai International Financial Centre, 2006-2012. He is the founder & former CEO of the Hawkamah Institute for Corporate Governance & Mudara Institute of Directors. Dr. Nasser Saidi President of Nasser Saidi & Associates
Essays on Rational Expectations and Flexible Exchange Rates
... Essays on rational expectations and flexible exchange rates. Post a Comment. CONTRIBUTORS: Au... more ... Essays on rational expectations and flexible exchange rates. Post a Comment. CONTRIBUTORS: Author: Saidi, Nasser Amin (b. 1950, d. ----. PUBLISHER: Garland Pub. (New York). SERIES TITLE: YEAR: 1982. PUB TYPE: Book (ISBN 0824041658 ). VOLUME/EDITION: ...
... The growing importance of Islamic banking and finance, and ... This means companies and finan... more ... The growing importance of Islamic banking and finance, and ... This means companies and financialinstitutions from the Gulf will be in ideal positions once the situation stabilizes to inject capital in the world financial system. ... 96 REDRAWING GLOBAL FINANCIAL GEOGRAPHY ...
Aid, Trade, Cooperation & the EU: "Things Must Be Done Differently" to Rescue the Euromed Partnership, 2001
More than five years have passed since the onset of the Barcelona process. It is time to review a... more More than five years have passed since the onset of the Barcelona process. It is time to review and assess the results. This paper specifically discusses this matter in terms of aid, trade and cooperation, raising several issues: What role for EU development assistance is needed for the EuroMed Partnership to develop? What is the volume of aid and cooperation required and what are the appropriate instruments? How best to make EU aid more effective? What are the instruments and mechanisms necessary to foster private flows and private sector development? Evidence shows that aid, assistance and cooperation in the EuroMed area have been declining, and that the implementation rate of the MEDA program has fallen well below expectations. A number of institutional reforms and others policy measures at the level of the EU as well as the Mediterranean partners are proposed to remedy the situation, and could form part of a joint plan of action of the EuroMed partners.
The MENA countries face a multitude of challenges, in particular relating to the efficiency, size... more The MENA countries face a multitude of challenges, in particular relating to the efficiency, size and reform of the public sector. Large public sectors, highly centralised government administrations, complex regulatory structures, limited development of institutions and limited attention to promoting voice, transparency and accountability in government are characteristic of the situation in many MENA countries. The application of modern technologies and ICT in the form of e-Government could yield great benefits in the reform and modernization of the public sector. The experience of e-Government in a number of developed as well as in developing countries has proven to be a tool for economic development, institutional and civil service reform, for greater efficiency and transparency and has led to higher productivity growth in government provided goods and services. The institution of e-Government can also be instrumental in achieving ?good governance?, direct representation and voice...
1. Transition, Growth & Employment. This paper addresses a number of issues relating to labour & ... more 1. Transition, Growth & Employment. This paper addresses a number of issues relating to labour & employment in the context of the post-conflict reconstruction of Iraq. Iraq faces a number of transitions. One, from a State dominated economy, with extensive regulation, distortions, and barriers to competition and to labour mobility, towards a market based economy with a dominant role played by the private sector. Two, effecting a political transition from a one-party, authoritarian regime, to a pluralistic political regime, with effective protection of human rights and democratic representation. Three, moving from a closed economy to increased openness, with lower tariff barriers to trade in goods and greater mobility of capital and assets. Four, achieving economic diversification by moving from an oil-sector dominated economy to a more diversified production and activity structure. Indeed, the recently issued National Development Strategy calls for extensive liberalization, privatiza...
ABSTRACT The Dubai Mercantile Exchange Limited (DME) is the energy commodities exchange located i... more ABSTRACT The Dubai Mercantile Exchange Limited (DME) is the energy commodities exchange located in the DIFC that lists and trades the Oman Crude Oil Futures Contracts (DME Oman). The DME Oman is the sole benchmark for Oman and Dubai crude oil official selling prices, and the only market listing sour crude in the region. To date, over two million contracts or two billion barrels of crude oil have been traded over the DME since its launch in June 2007. Furthermore, the average daily volumes in DME touched 3,000 contracts during Q1 2011 with the highest record reached in January 2011 when the average daily volume was 3,570 contracts (equivalent to 3.5 million barrels of oil per day). Today, it is considered the largest physically-delivered crude oil futures contract in the world with a 35% (at an annual rate) rise in trading volume in 1Q2011.Against this backdrop it is important to test the market efficiency of DME and also test whether the prices are reliable and not subject to manipulation. This paper analyzes the efficiency of DME oil market by using the “weak form of market efficiency”, which posits that future prices are optimal predictors of spot prices. Furthermore, the analysis is done using the Hansen and Hodrick correction which allows treating the overlapping observation problem. Our empirical results are consistent with the hypothesis that the DME market is efficient with reliable prices that reflect available market information. The DME has added value to oil markets by providing a transparent market price mechanism at a time of higher than average volatility in oil prices and market conditions.
Abstract: The GCC Monetary Union (GMU) will start, according to the deadline set by the Heads of ... more Abstract: The GCC Monetary Union (GMU) will start, according to the deadline set by the Heads of State, by 2010, in little more than a year. This historic achievement will need to be accompanied by a re-assessment of the exchange rate policy that links the currencies of the GCC ...
ABSTRACT Oil-exporting countries, including the GCC economies, have experienced a windfall as a r... more ABSTRACT Oil-exporting countries, including the GCC economies, have experienced a windfall as a result of high oil prices since 2003. Hydro-carbon revenues in the Middle East which has the world’s largest share of oil and natural gas reserves have filtered into their domestic economies through increased government spending and large scale investment projects. However, given the exhaustible nature of energy resorces, long term planning is necessary in order to ensure that the revenues are not spent unwisely.Friedman’s Permanent Income Hypothesis (PIH) helps to connect economic theory to the practical/empirical approach of estimating the effect of higher energy prices on the stock of wealth represented by fossil fuel underground reserves. The PIH states that individuals base their consumption (and savings) decisions not on their current income which may be subject to transitory, short term fluctuations, but on their permanent income, their longer-term income prospects, and an estimate of their future wealth. The same reasoning, mutatis mutandis, can be applied to countries. In this paper we calculate the permanent income effect on the GCC countries deriving from the fluctuations of energy commodity prices and the implications for the future development of this region. Several scenarios are considered – based on assumptions over oil and gas prices and discount rates of income streams.The central result shows that the present value of the hydrocarbon wealth for the GCC countries can be estimated at USD 11.2 trillion, assuming a 3% rate of return (and discount rate) and a price of $50 per barrel (at 2009 constant prices). The analogous value for natural gas reserves assuming a discount rate of 3% and a price $9 per mn Btu stands at USD 7.1 trillion. Hence, the permanent wealth from oil and natural gas reserves under rather conservative assumptions stands at a whopping USD 18.3 trillion, giving GCC the potential to swap their fossil fuel reserves for half of the world’s current (August 2009) stock market capitalization!The energy commodity revenues should not be considered income, but as the transformation of underground wealth into financial wealth. This stream of revenues will be sufficient to finance the transformation of the GCC countries into diversified economies through investments in infrastructure and education. Additionally the revenues will continue to be invested worldwide, with non negligible repercussions on asset valuations and in particular on the continuing restructuring of the world’s financial and corporate sectors.There are a number of important lessons and consequences of the increased wealth of the GCC.• Their higher current and prospective wealth enables the GCC countries and other energy exporters to use their wealth to invest in economic diversification to reduce their vulnerability to oil and gas price fluctuations.• The increased financial wealth of the GCC calls for increased investment and resources to be devoted to wealth and asset management and control.• The fiscal situation and debt capacity of the GCC countries should be analysed taking into consideration the vast current and prospective wealth of the GCC countries.• The recent financial crisis has demonstrated the importance of the financial cushion provided by the international financial assets that the GCC built up over 2003-2008 in helping them weather the global economic and financial crisis.
This paper should not be reported as representing the views of the DIFC. The views expressed in t... more This paper should not be reported as representing the views of the DIFC. The views expressed in this paper are those of the authors and do not necessarily represent those of the DIFC or DIFC policy, nor of the Government of Dubai or any Federal body. The DIFC Economic Notes are published to elicit comments and to further debate among academics, practitioners and policy makers.
The Middle East and North Africa (MENA) countries, similar to many emerging market economies, fac... more The Middle East and North Africa (MENA) countries, similar to many emerging market economies, face wide gaps on corporate governance compared to their industrialized counterparts. The second MENA regional corporate governance forum, held on June 3 to 5, 2004, Beirut aimed to address practical implementations of corporate governance in the Arab world with a focus on improving transparency and disclosure. This report provides a summary of conclusions and recommendations that emerged from the second MENA regional corporate governance forum.
Nasser Saidi has taught macroeconomics and international economics at The University of Chicago (... more Nasser Saidi has taught macroeconomics and international economics at The University of Chicago (1977-80), the Graduate Institute of International Studies and the University of Geneva (1981-85). He is a consultant to governments, central banks and international financial organisations, in work relating to Latin America and the Middle East. He is the author of numerous articles and studies in theoretical and applied international macroeconomics, and of "Essays in Rational Expectations and Flexible Exchange Rates", (1981). Notes: Mean and standard deviation (s.d.) of growth rates of indicated variables. Real GDP is GDP at constant (1974=100) prices; CPI, Consumer Price Index (1974=100); LU$ is the Lebanese Pound/U.S. Dollar exchange rate (annual average); MI, M3 denote narrow and broad definitions of the money supply, with M3 including foreign currency deposits; International Reserves in $ held by the Bank of Lebanon, with gold valued at market prices; Foreign exchange reserves in $ held by Bank of Lebanon; Public Debt definition comprises outstanding Treasury Bills and Bonds, and loans and advances of the consolidated banking system to the government; Imports, Exports are from Direction of Trade Statistics (DOTS) published by the IMF. Government expenditures and revenue at constant prices.
kindly provided hard to find data and statistics, and Zeina Zein El-Abidine for efficient researc... more kindly provided hard to find data and statistics, and Zeina Zein El-Abidine for efficient research assistance. The analysis, views and opinions expressed are those of the author and should not be interpreted or construed to represent any official policies or views. External challenges frequently offer an impetus for internal unification. The challenges emerging post September 11, the war in Afghanistan and Iraq, and the declared war on terrorism, are strategic opportunities that the Arab countries should grasp to create a turning point in the history of the region. This paper calls for an Arab awakening- a renaissance embodied in a strategy of regional economic integration. Witnessing an increase in intra-regional tourism, capital, and direct investment flows, the business sector has already taken up the challenge; while the corporate sector and the new generation of entrepreneurs aspiring to enjoy the benefits of regional economic integration, face barriers. The paper reviews the e...
The MENA countries face a multitude of challenges, in particular relating to the efficiency, size... more The MENA countries face a multitude of challenges, in particular relating to the efficiency, size and reform of the public sector. Large public sectors, highly centralised government administrations, complex regulatory structures, limited development of institutions and limited attention to promoting voice, transparency and accountability in government are characteristic of the situation in many MENA countries. The application of modern technologies and ICT in the form of e-Government could yield great benefits in the reform and modernization of the public sector. The experience of e-Government in a number of developed as well as in developing countries has proven to be a tool for economic development, institutional and civil service reform, for greater efficiency and transparency and has led to higher productivity growth in government provided goods and services. The institution of e-Government can also be instrumental in achieving ‘good governance’, direct representation and voice...
Thank you for inviting me to address this conference dealing with an important issue for Lebanon’... more Thank you for inviting me to address this conference dealing with an important issue for Lebanon’s future. I would like to thank the Lebanese Center for Policy Studies, the Adenauer Foundation and the World Bank for having organized this symposium. My talk falls into five parts. The first part is a general overview and discussion of the background to the Partnership Agreement. In the second, I will sketch the major dispositions of the agreement. The third part is a brief discussion of the potential costs and benefits of the agreement, with a focus on its economic implications. The fourth part consists of a discussion of economic policy issues and options. Section five of the talk relates to the implications for monetary policy.
This article analyzes the impact of the financial crisis triggered by the sub-prime mortgage defa... more This article analyzes the impact of the financial crisis triggered by the sub-prime mortgage defaults on the emerging market economies (EME), with special reference to the MENA and GCC regions. Various factors are contributing to the limited impact of the crisis in the GCC-strong macroeconomic fundamentals, the low prevalence of complex structured products, the growing importance of Islamic banking and finance, and regulatory and prudential rules discouraging exposure to sub-investment grade investments, to name a few. The reported direct losses have been minimal, though there have been some notable contagion effects, especially on stock markets, Sukuk issuances, delays and/or postponements in bond issuances and obviously on yields in secondary markets.However, steady capital inflows and infrastructure projects in the emerging markets have developed their endogenous growth capacity, thereby increasing resilience. When the dust settles it is expected that the capital to re-ignite the...
one of the more mysterious transitions in Hegel's mnoumental 'science of logic' is the transition... more one of the more mysterious transitions in Hegel's mnoumental 'science of logic' is the transition from the last stages of Being into the shadowy negative realm of essence. this paper assesses the logic of those steps, in which measure becomes fully present but unable to capture an absence Hegel will eventually name as essence. the paper emphasizes that the correlativity that marks the realm of essence is already introduced in the final two chapters of Hegel's analysis of measure. it concludes by explaining why Hegel thought bad astronomy-the division of planetary orbit into centripetal and centrifucal force-illustrates the final sublation of quality and quantity. While quality and quantity both have 'beyonds' , the realm of essence does not. essence is revealed to be a totality that contains both itself and other (measure, or appearance) in a single correlation.
Nasser Saidi is the President of Nasser Saidi & Associates a niche economic & financial advisory ... more Nasser Saidi is the President of Nasser Saidi & Associates a niche economic & financial advisory services company offering its services to governments, central banks, regulators and multinationals, including banks & financial institutions. He is Chair of the regional Clean Energy Business Council. He is also a member of the IMF’s Regional Advisory Group for MENA and Co-Chair of the OECD MENA Corporate Governance Working Group. Dr. Saidi served as Minister of Economy and Trade and Minister of Industry of Lebanon and First Vice-Governor of the Central Bank of Lebanon for two mandates 1993-2003. He was the Chief Economist and Strategist of the Dubai International Financial Centre, 2006-2012. He is the founder & former CEO of the Hawkamah Institute for Corporate Governance & Mudara Institute of Directors. Dr. Nasser Saidi President of Nasser Saidi & Associates
Essays on Rational Expectations and Flexible Exchange Rates
... Essays on rational expectations and flexible exchange rates. Post a Comment. CONTRIBUTORS: Au... more ... Essays on rational expectations and flexible exchange rates. Post a Comment. CONTRIBUTORS: Author: Saidi, Nasser Amin (b. 1950, d. ----. PUBLISHER: Garland Pub. (New York). SERIES TITLE: YEAR: 1982. PUB TYPE: Book (ISBN 0824041658 ). VOLUME/EDITION: ...
... The growing importance of Islamic banking and finance, and ... This means companies and finan... more ... The growing importance of Islamic banking and finance, and ... This means companies and financialinstitutions from the Gulf will be in ideal positions once the situation stabilizes to inject capital in the world financial system. ... 96 REDRAWING GLOBAL FINANCIAL GEOGRAPHY ...
Aid, Trade, Cooperation & the EU: "Things Must Be Done Differently" to Rescue the Euromed Partnership, 2001
More than five years have passed since the onset of the Barcelona process. It is time to review a... more More than five years have passed since the onset of the Barcelona process. It is time to review and assess the results. This paper specifically discusses this matter in terms of aid, trade and cooperation, raising several issues: What role for EU development assistance is needed for the EuroMed Partnership to develop? What is the volume of aid and cooperation required and what are the appropriate instruments? How best to make EU aid more effective? What are the instruments and mechanisms necessary to foster private flows and private sector development? Evidence shows that aid, assistance and cooperation in the EuroMed area have been declining, and that the implementation rate of the MEDA program has fallen well below expectations. A number of institutional reforms and others policy measures at the level of the EU as well as the Mediterranean partners are proposed to remedy the situation, and could form part of a joint plan of action of the EuroMed partners.
The MENA countries face a multitude of challenges, in particular relating to the efficiency, size... more The MENA countries face a multitude of challenges, in particular relating to the efficiency, size and reform of the public sector. Large public sectors, highly centralised government administrations, complex regulatory structures, limited development of institutions and limited attention to promoting voice, transparency and accountability in government are characteristic of the situation in many MENA countries. The application of modern technologies and ICT in the form of e-Government could yield great benefits in the reform and modernization of the public sector. The experience of e-Government in a number of developed as well as in developing countries has proven to be a tool for economic development, institutional and civil service reform, for greater efficiency and transparency and has led to higher productivity growth in government provided goods and services. The institution of e-Government can also be instrumental in achieving ?good governance?, direct representation and voice...
1. Transition, Growth & Employment. This paper addresses a number of issues relating to labour & ... more 1. Transition, Growth & Employment. This paper addresses a number of issues relating to labour & employment in the context of the post-conflict reconstruction of Iraq. Iraq faces a number of transitions. One, from a State dominated economy, with extensive regulation, distortions, and barriers to competition and to labour mobility, towards a market based economy with a dominant role played by the private sector. Two, effecting a political transition from a one-party, authoritarian regime, to a pluralistic political regime, with effective protection of human rights and democratic representation. Three, moving from a closed economy to increased openness, with lower tariff barriers to trade in goods and greater mobility of capital and assets. Four, achieving economic diversification by moving from an oil-sector dominated economy to a more diversified production and activity structure. Indeed, the recently issued National Development Strategy calls for extensive liberalization, privatiza...
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