Within a broad framework for analyzing portfolio capital flows to developing countries, the paper undertakes a comparative analysis of equity markets in six Middle Eastern countries. The analysis, based primarily on a range of quantitative indicators, identifies the principal characteristics of...

The economy of the Middle East and North Africa improved considerably in 1996, and remained favorable in 1997. This paper, by Mohamed A. El-Erian and Susan Fennell, presents an assessment of the recent experience of the MENA economies and examines prospects for 1998 and beyond

After a prolonged and almost total reliance on debt restructurings and concerted new money facilities, several Latin American countries have, over the last two years, mobilized voluntary financing from international capital markets. Although the phenomenon is still relatively limited in terms of...

The paper analyzes the evolution of Mexico’s approach to commercial bank debt restructuring since the outbreak of the 1982 debt servicing problems. It discusses the key elements of the approach, their implementation, and their interaction with developments in the “international debt...

A number of developing countries, including some of the largest debtors, have recently completed comprehensive debt and debt service restructuring packages with their commercial bank creditors. The experience of these countries provides important lessons for other countries that are just...

The paper reviews the main structural reform issues facing Arab countries in the remainder of the 1990s. While the nature, extent, and implications of the policy challenges differ among individual countries in the Arab region, several aspects are common to a large number of them. Accordingly,...