nep-ara New Economics Papers
on Arab World
Issue of 2009‒04‒13
six papers chosen by
Quentin Wodon
World Bank

  1. The Investment Strategies of Sovereign Wealth Funds By Shai Bernstein; Josh Lerner; Antoinette Schoar
  2. Determinants of Bilateral Immigration Flows Between The European Union and some Mediterranean Partner Countries: Algeria, Egypt, Morocco, Tunisia and Turkey By de Arce, Rafael; Mahia, Ramon
  3. Ethical Investment vs Islamic Investment: Will the Two Ever Converge in the Globalized World? By Rosita Chong; Alex Anderson
  4. Gravity Model of Turkish Agricultural Exports to the European Union By Ekrem Erdem; Saban Nazlioglu
  5. An Empirical Study of Internet Usage, Online Shopping, and Online Banking Behavior of Turkish University Students By Fahri Unsal; Nursel Ruzgar; Bahadtin Ruzgar
  6. Inflation Targeting and Exchange Rate Dynamics: Evidence From Turkey By K. Azim Ozdemir; Serkan Yigit

  1. By: Shai Bernstein; Josh Lerner; Antoinette Schoar
    Abstract: This paper examines the direct private equity investment strategies across sovereign wealth funds and their relationship to the funds’ organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when domestic equity prices are higher, and invest abroad when foreign prices are higher. Funds see the industry P/E ratios of their home investments drop in the year after the investment, while they have a positive change in the year after their investments abroad. SWFs where politicians are involved have a much greater likelihood of investing at home than those where external managers are involved. At the same time, SWFs with external managers tend to invest in lower P/E industries, which see an increase in the P/E ratios in the year after the investment. By way of contrast, funds with politicians involved invest in higher P/E industries, which have a negative valuation change in the year after the investment.
    JEL: G23 G24 H11
    Date: 2009–04
  2. By: de Arce, Rafael; Mahia, Ramon
    Abstract: In this paper one survey of econometrics modelling about migration flows determinants is carried out, with an extensive critical review of variables and methods used in recent literature. After it, a rigorous model to forecast migrations flows from Morocco, Algeria, Tunisia, Egypt and Turkey to EU is developed. The weight of network effects and potential migration in origin countries is pointed out and 15 years of forecast horizon is drawn.
    Keywords: migration determinants; migration econometric models; migration flows; EU-MPC migration
    JEL: F22 C23
    Date: 2008–07
  3. By: Rosita Chong (University Malaysia Sabah); Alex Anderson (Universiti Malaysia Sabah)
    Abstract: Faith and moral have not been the only factors that influenced people to invest ethically, but also their conscience too. People has long shun away from unethical forms of business activity. Therefore, many view that ethical investment overlaps Islamic investment. Though there are many similarities between them such as the prohibition of investment in business activities that are harmful to human being, and that both forms of investment required screening processes in order to determine the ethically acceptable form of investment. Nevertheless, there are some distinct differences. This is because Islamic investment is much more than merely investing activities as it is deeply rooted in the teaching of the Qur'an. Hence, principally the two types of investment are different. With the intense process of globalisation, there is a belief that they will converge. This study tries to show that while the types of investment possess similarities, however they differ in many aspects. This paper was presented May 22, 2008, at the 18th International Conference of the International Trade and Finance Association, meeting at Universidade Nova de Lisboa, Lisbon, Portugal.Key Words: Islamic investment, Ethical Investment, Converge
    Date: 2008–08–16
  4. By: Ekrem Erdem (Professor, Department of Economics, Erciyes University, Kayseri-Turkey); Saban Nazlioglu (Research Associate, Institute of Social Sciences, Erciyes University)
    Abstract: This study analyzes the determinants of Turkish agricultural exports to the European Union (EU) by estimating the gravity model for the panel of 23 trading partners in the EU covering the period 1996-2004. We find that Turkish agricultural exports to the EU are positively correlated with the size of the economy, the importer population, the Turkish population living in the EU countries, the non-Mediterranean climatic environment, and the membership to the EU-Turkey Customs Union Agreement while they are negatively correlated with agricultural arable land of the EU countries and geographical distance between Turkey and the EU countries. This paper was presented at the 18th International Conference of the International Trade and Finance Association, May 22, 2008, meeting at Universidade Nova de Lisboa, Lisbon, Portugal.Keywords: Gravity model, panel data, Turkish agricultural exports, the EU. JEL Classification: C23, F14.
    Date: 2008–08–14
  5. By: Fahri Unsal (Ithaca College, Ithaca, New York, USA); Nursel Ruzgar (Marmara University, Istanbul, Turkey); Bahadtin Ruzgar (Marmara University, Istanbul, Turkey)
    Abstract: This study reviews the global trends in Internet access and concludes the rest of the world is rapidly catching up with the Western world. The study then shifts to the Turkish case and reports the findings of a survey conducted at a Turkish University that focused on Internet usage, online shopping and online banking. The results indicate that a large majority of the students have high-speed internet access and use it for a variety of purposes. Educational use tops the list. About 17 percent have been involved in online shopping during the last year. Only 17 percent did their banking online. Credit card security and privacy issues were the main deterrents for online shopping and online banking. The findings were compared with the results of another survey that was conducted in 2003. The comparisons indicate that there is more Internet access, more DSL/ADSL usage, and more online activities in 2008 compared to 2003.This paper was presented at the 18th International Conference of the International Trade and Finance Association, meeting May 23, 2008, at Universidade Nova de Lisboa, Lisbon, Portugal.
    Date: 2008–08–14
  6. By: K. Azim Ozdemir; Serkan Yigit
    Date: 2009

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