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F&D logo
A quarterly magazine of the IMF
  March 2003
Volume 40, Number 1
The Middle East and North Africa

Unfulfilled Promise
George T. Abed
Given its natural and cultural resources, why isn't the region doing better economically?

Living Better
Sena Eken, David A. Robalino, and George Schieber
MENA countries need to improve social policies to raise living standards

Wanted: More Jobs
Edward Gardner
With its large, growing labor force, MENA needs to foster growth to create jobs

Failed Legacies
Adam Bennett
After years of central planning, MENA's economies are stagnant

Banking on Development
Susan Creane, Rishi Goyal, A. Mushfiq Mobarak, and Randa Sab
Why financial sector development is crucial

Should MENA Countries Float or Peg?
Abdelali Jbili and Vitali Kramarenko
The advantages of moving from fixed to flexible exchange rate regimes

Also in This Issue

What Goes Up . . .
Steven Barnett and Rolando Ossowski
How can oil-exporting countries prepare themselves for the day the oil runs out?

Managing Oil Wealth
Benn Eifert, Alan Gelb, and Nils Borje Tallroth
The political economy of oil-exporting countries

Commodity Currencies
Paul Cashin, Luis C�spedes, and Ratna Sahay
Commodity-exporting countries and their exchange rates


From the Editor

Letters to the Editor

In Brief

News from international agencies

People in Economics

The Lab Man
Jeremy Clift interviews Nobel Prize winner Vernon L. Smith

Picture This

The Middle East dominates world oil
Bright E. Okogu

Back to Basics

When countries get too much of a good thing
Christine Ebrahim-zadeh explains Dutch disease

Straight Talk

A Vote Against Grandiose Schemes
Kenneth S. Rogoff argues against schemes to coordinate dollar, yen, and euro monetary policy

Book Reviews

The Ills of Aid: An Analysis of Third World Development Policies,   Eberhard Reusse

Efficiency, Equity, and Legitimacy: The Multilateral Trading System at the Millennium,  Roger Porter, Pierre Sauv�, Arvind Subramanian, and Americo Beviglia-Zampetti (editors)

Globalization and the Politics of Development in the Middle East,   Clement M. Henry and Robert Springborg

Globalization and Firm Competitiveness in the Middle East and North Africa Region,   Samiha Fawzy (editor)

Monetary Policy and Exchange Rate Regimes: Options for the Middle East,   Elina Cardoso and Ahmed Galal (editors)

State-Owned Enterprises in the Middle East and North Africa: Privatization, Performance and Reform,   Merih Celasun (editor)