MENA Export Performance and Specialization
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World Bank, Washington, DC
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Industry and financial profiles of MENA
firms may underpin the observation that MENA country exports
are below potential and skewed toward low value-added goods
that are unable to spur rapid job creation and inclusive
growth. To assess this link, the paper combines analysis
highlighting external financing as a determinant of export
performance, and analysis highlighting sector asset
tangibility and governance. Why? Because high value-added
sectors tend to have higher shares of intangible assets and
to create innovative products requiring substantial research
and development or investments, thereby making these sectors
more dependent on external financing. Using sector- and
firm-level export data with country-level indicators, the
results indicate that countries with more developed
financial sectors and stronger governance tend to have
higher exports from sectors that are more reliant on finance
external to the firm, and lower exports from sectors with
higher shares of tangible assets. Interestingly, financial
sector development boosts exports less in MENA than in
non-MENA countries. To foster expansion of higher value
exports, the results suggest a critical need for: (i) deeper
financial sector development that strengthens market-based
systems, such as asset registries and credit reporting
agencies, and (ii) strengthening of legal and governance frameworks.
Palabras clave
LIVING STANDARDS, LINE OF CREDIT, CAPITAL MARKETS, BORROWER, LINES OF CREDIT, ECONOMIC GROWTH, INTANGIBLE ASSETS, FINANCIAL SECTORS, EXPORT SECTORS, INCOME, INTEREST, SAVINGS ACCOUNTS, PROPERTY RIGHTS, EXCHANGE, ECONOMIC DEVELOPMENTS, INCOME GROUP, GDP PER CAPITA, GOOD GOVERNANCE, LIQUIDITY, EXPORTS, DEVELOPING COUNTRIES, POLITICAL ECONOMY, WORLD DEVELOPMENT INDICATORS, INCENTIVES, VARIABLES, BORROWERS, CAPITAL STOCK, PRICE, BENCHMARKS, SECURE PROPERTY RIGHTS, EXTERNAL FINANCE, DEVELOPMENT, LEGAL FRAMEWORKS, MACROECONOMIC STABILITY, INFLUENCE, SAVINGS, DEVELOPMENT ECONOMICS, EXPORT GROWTH, CONTRACT ENFORCEMENT, RISK DIVERSIFICATION, LOW-INCOME COUNTRIES, DEMOCRACY, CORPORATE FINANCE, INTEREST RATES, MIDDLE-INCOME ECONOMIES, FINANCIAL INSTITUTIONS, MARKETS, CAPITAL MARKET, PRIVATE INVESTMENT, AGENCY PROBLEMS, FINANCIAL PRODUCTS, GOVERNANCE INDICATORS, INCOME LEVELS, MIDDLE-INCOME COUNTRIES, GLOBAL EXPORTS, TRADITIONAL BANKING, COUNTRY-LEVEL INDICATORS, AGENCY COSTS, INVENTORY, FINANCIAL SYSTEM, REAL ESTATE, LEGAL FRAMEWORK, SAVINGS ACCOUNT, EQUITY, HUMAN CAPITAL, VALUE ADDED, WAGES, GLOBAL MARKET, OWNERSHIP STRUCTURE, ECONOMIC OUTCOMES, DOMESTIC MARKETS, INTERNATIONAL TRADE, BARRIERS, VALUE, COMPETITIVENESS, FOREIGN DIRECT INVESTMENT, CREDIT, COMPARATIVE ADVANTAGES, FOREIGN INVESTMENT, WORKING CAPITAL, AGRICULTURE, JOB CREATION, SHARES, ASSETS, BENCHMARK, SECURITIES, GOVERNANCE INDICATOR, GOVERNANCE, ENFORCEMENT, INSURANCE, ECONOMIC DEVELOPMENT, TRADE, ECONOMIC INTEGRATION, BANK LOAN, GDP, GOODS, INVESTOR, THEORY, FINANCIAL DEVELOPMENT, INTANGIBLE, LEGAL SYSTEM, FINANCIAL MARKET, BUSINESS CLIMATE, INVESTMENT, SHARE, COMPARATIVE ADVANTAGE, INVESTMENT CLIMATE, COLLATERAL, FINANCIAL MARKETS, BUSINESS ENVIRONMENT, BANKING, POLITICAL STABILITY, FINANCIAL INTERMEDIARY, INVESTMENTS, LENDING, WORLD TRADE, EXTERNAL FINANCING, RISK OF EXPROPRIATION, FINANCIAL SYSTEMS, LABOR MARKETS, OUTCOMES, FINANCIAL SECTOR, ORGANIZATIONAL CAPITAL, CASH FLOW, FINANCIAL SECTOR DEVELOPMENT, DEVELOPMENT POLICY, CORPORATE GOVERNANCE