After years of high commodity prices, a new era of lower prices, especially for oil, will be challenging for resource-rich countries, which must cope with the decline in income and the potential widening of internal and external imbalances. This column summarises a recent eBook in which leading economists examine the shifting landscape in commodity markets and explore the exchange rate, monetary and fiscal policy options, as well as the role of finance, including sovereign wealth funds and diversification.
Mohammed LaksaciFormer governor, Bank of Algeria
Mohammed Laksaci graduated from Algiers's Ecole Superieure de Commerce in 1978 with a bachelor degree in finance. He holds a bachelorís and a masterís degree in economics from the Catholic University of Louvain (UCL, Belgium). In 1985, he received his PhD in economics from UCLouvain, where he also worked as a teaching assistant from 1982 to 1985 in charge of the Monetary Theory course. From 1986 to 1990, he was a lecturer at Algiersís Ecole Superieure de Commerce and president of its scientific council. From 2001 to 2016, he was Governor at the International Monetary Fund for Algeria, and a member of its international monetary and financial committee representing a group of six countries : Afghanistan, Algeria, Ghana, Iran, Morocco and Tunisia. During that period, he also served as Vice-Governor at the Arab Monetary Fund. Laksaci was nominated president of the Association of African Central Banks twice. Since November 2016, he is a visiting lecturer at Ecole Superieure de Commerce, dispensing courses for PhD students.