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The External Wealth of Arab Nations: Structure, Trends, and Policy Implications

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dc.contributor.authorMohieldin, Mahmoud
dc.contributor.authorRostom, Ahmed
dc.contributor.authorZaki, Chahir
dc.date.accessioned2020-01-09T15:55:53Z
dc.date.available2020-01-09T15:55:53Z
dc.date.issued2020-01
dc.description.abstractThe paper makes two main contributions. First, it analyzes net foreign assets and liabilities in selected Arab countries over the past two decades, emphasizing the relative significance of direct versus portfolio investment. It distinguishes between foreign direct investment, portfolio equity investment, official reserves, and external debt. Second, the paper examines the effects of policy variables that affect the accumulation of net foreign assets and its components, analyzing how the existence of a sovereign wealth fund, the country's exchange rate regime, and the development of its financial system affect its net foreign assets. The main findings show that the presence of a sovereign wealth fund is positively and statistically significantly associated with foreign direct investment in Arab countries. Financial development (defined as credit to the private sector as a percentage of gross domestic product) is also statistically significant across various regressions. The more financially developed a country is, the more it should invest in riskier assets, such as portfolio assets. But Arab investors are more risk averse than investors elsewhere. Oil-exporting countries tend to invest more in debt assets than in portfolio assets. For oil-importing countries, financial development is the most important determinant of foreign direct investment.en
dc.identifierhttp://documents.worldbank.org/curated/en/615571578323311199/The-External-Wealth-of-Arab-Nations-Structure-Trends-and-Policy-Implications
dc.identifier.doi10.1596/1813-9450-9103
dc.identifier.urihttps://hdl.handle.net/10986/33152
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9103
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectNET FOREIGN ASSETS
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectEXTERNAL DEBT
dc.subjectSOVEREIGN WEALTH FUNDS
dc.subjectARAB ECONOMIES
dc.subjectOIL-EXPORTING COUNTRY
dc.subjectPORTFOLIO INVESTMENT
dc.subjectOFFICIAL RESERVES
dc.subjectFINANCIAL DEVELOPMENT
dc.titleThe External Wealth of Arab Nationsen
dc.title.subtitleStructure, Trends, and Policy Implicationsen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleThe External Wealth Of Arab Nations : Structure, Trends, And Policy Implications
okr.date.disclosure2020-01-06
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/615571578323311199/The-External-Wealth-of-Arab-Nations-Structure-Trends-and-Policy-Implications
okr.guid615571578323311199
okr.identifier.doi10.1596/1813-9450-9103
okr.identifier.externaldocumentum090224b0874a7865_1_0
okr.identifier.internaldocumentum31684074
okr.identifier.reportWPS9103
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/615571578323311199/pdf/The-External-Wealth-of-Arab-Nations-Structure-Trends-and-Policy-Implications.pdfen
okr.pdfurlhttp://documents.worldbank.org/curated/en/612501564495857201/pdf/Incentivizing-Quantity-and-Quality-of-Care-Evidence-from-an-Impact-Evaluation-of-Performance-Based-Financing-in-the-Health-Sector-in-Tajikistan.pdfen
okr.region.administrativeMiddle East and North Africa
okr.region.geographicalMiddle East
okr.region.geographicalNorth Africa
okr.statistics.combined1403
okr.statistics.dr615571578323311199
okr.statistics.drstats1034
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Capital Markets and Capital Flows
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicInternational Economics and Trade::External Debt
okr.topicInternational Economics and Trade::Foreign Direct Investment
okr.txturlhttp://documents.worldbank.org/curated/en/612501564495857201/text/Incentivizing-Quantity-and-Quality-of-Care-Evidence-from-an-Impact-Evaluation-of-Performance-Based-Financing-in-the-Health-Sector-in-Tajikistan.txten
okr.unitOffice of the Senior Vice President for The 2030 Development Agenda, United Nations Relations and Partnerships
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relation.isAuthorOfPublication.latestForDiscovery1dfab836-9f99-578a-8220-2946e712ebf8
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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