برامج التثبيت الاقتصادي والتكيف الهيكلي في الدول العربية: تقييم كمي جديد

الملخص EN

This study aims to identify main causes moving toward adopting the structural adjustment programs “SAPs”.

the study found, through the descriptive analysis, that there were internal and external factors led to structural imbalances in the Arab economies, these imbalances led to the application of the SAPs.

based on empirical analysis, using panel data for the time period “1980-2014”, we employed two methods “dynamic panel data estimation (DPD) and two stage least square (2SLS)” to evaluate the impact of five polices under SAPs (decreasing the government expenditure, the official exchange rate, money supply, increasing economic openness and liberalization foreign direct investment) on the five macroeconomic indicators.

the main results show no significant difference between the two methods, so we adopted results of the DPD estimation, since the application of dynamic method can avoid several econometric problems that faced researchers before.

the study found that decreasing the broad money, economic openness and liberalization foreign direct investment have significant positive impact on the macroeconomic indicators.

on the other hand, decreasing official exchange rate and the government expenditure policies have significant negative impact on mentioned indicators.

finally, the study recommends stopping increasing exchange rate and government expenditure policies.

in addition, the study also recommends to maintain a steady rate of money supply growth, and to enforce liberalizing external trade and attracting foreign direct investment.