مجلة التنمية الاقتصادية
Volume 10, Numéro 1, Pages 139-148
2025-06-30

Monetary Flexibility, Exchange Rate Regimes, And Economic Performance In The Middle East And North Africa



Authors : Gassem Mohammed Fouad . Zemri Bouazza Elamine .

Abstract

This study examines the impact of exchange rate regimes on economic growth in selected MENA countries from 1980 to 2023 using panel data and a Panel VAR framework. Employing unit root tests, Pedroni cointegration, Granger causality, variance decomposition, and impulse response functions, it finds no long-run cointegration between regimes and growth. However, short-term dynamics reveal that fixed regimes rely heavily on exports and GDP, while intermediate regimes display more self-contained stability. The results highlight that no single regime is optimal, emphasizing the need for context-specific exchange rate strategies tailored to each country’s structural and macroeconomic conditions.

Keywords

Exchange Rate Regimes ; Economic Growth ; MENA Region ; Panel VAR

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