That possible, but normally if the folder is not readable it will still appear in the file browser.
Are you using ckgedit or fckg? If you are keeping a php error file, check there for errors.
You can also go to
fckeditor/editor/filemanager/connectors/php
In config.php, set
$DWFCK_con_dbg to true.
Make sure the web server has write access to that directory and then check the win_paths.txt files to see if the path to your pages directory is correct.