02019cas a2200253 a 4500 AALejournalIMF006450 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455200818 1018-5941 BD-DhAAL BD-DhAAL Grigoli, Francesco. Recoveries in the Middle East, North Africa, and Pakistan : Have Macroeconomic Policies Been Effective? / Francesco Grigoli, Dalia Hakura. Washington, D.C. : International Monetary Fund, 2010. 1 online resource (30 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper identifies and documents the properties of output gap recessions and recoveries in the Middle East, North Africa, and Pakistan (MENAP) during the 1980 to 2008 period. It goes on to investigate the key determinants of the recoveries. The duration of MENAP countries' recessions and recoveries has increased from the 1990s to the 2000s. MENAP hydrocarbon exporting countries' recessions were on average more pronounced in the 2000s, and hydrocarbon importing countries' recessions milder. Fiscal policy is found to have played a key role during the recoveries to potential output, although with weaker effects for MENAP countries that are more open to trade. Monetary policy is found to have been less effective. This is likely to be related to the fact that many of the MENAP countries have fixed exchange rate regimes and hence have limited room for active monetary policy. Mode of access: Internet Hakura, Dalia. IMF Working Papers; Working Paper ; No. 2010/122 Full text available on IMF http://elibrary.imf.org/view/journals/001/2010/122/001.2010.issue-122-en.xml IMF e-Library