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on Arab World |
| By: | Oya Pinar Ardic; Burcay Erus; Gurcan Soydan |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:bou:wpaper:2010/01&r=ara |
| By: | Sule Akkoyunlu (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | We investigate in this paper whether the stable pattern of remittances over the last three decades can be explained by the altruistic behaviour. This possibility is tested by means of cointegration analysis, which is applied to Turkish remittances from Germany over the period 1962-2005. A single cointegrating relationship is found between the remittances of Turkish workers in Germany and the real Turkish GDP per capita, the real German GDP per capita, the stock of Turkish migrants in Germany, the real exchange rate, and the government instability. The negative coefficient associated with Turkish income and positive coefficients on the real exchange rate and political instability support the claim that Turkish remittances from Germany are altruistically motivated. In addition, we find that the coefficient on the stock of Turkish migrants to be equal to one. |
| Keywords: | Migration, Remittances, Alturism, Cointegration |
| JEL: | C22 F22 F24 |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:10-246&r=ara |
| By: | Shaikh, Salman |
| Abstract: | This paper looks at the practiced Islamic finance and alternatives it offers for corporate finance managers in sourcing funds i.e. i) Ijara ii) Murabaha iii) equity modes like Musharakah and Mudarabah iv) Diminishing Musharakah, v) Salam and vi) Istisna. It also looks at alternatives for sourcing funds from savers to provide financing thereof by financialintermediaries i.e. i) Qard-e-Hasan ii) Musharakah and iii) Mudarabah. The paper also gives a brief account of literature on Islamic corporate finance, interest free finance, alternatives suggested in the past and their pros and cons, role of central bank in Islamic finance and alternatives for OMO, Interbank lending and money market in Islamic finance. |
| Keywords: | Islamic corporate finance; pricing of capital; interest free finance; Interest; Interest free economy; Usury; Time value of money; Riba; Musharakah; Mudarabah; Ijara; Salam; Istisna; Qard-e-Hasan; Diminishing Musharakah |
| JEL: | G10 G30 G21 |
| Date: | 2010–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19458&r=ara |
| By: | Loayza, Norman V.; Odawara, Rei |
| Abstract: | In the past half a century, Egypt has experienced remarkable progress in the provision of infrastructure in all areas, including transportation, telecommunication, power generation, and water and sanitation. Judging from an international perspective, Egypt has achieved an infrastructure status that closely corresponds to what could be expected given its national income level. The present infrastructure status is the result of decades of purposeful investment. In the past 15 years, however, a worrisome trend has emerged: Infrastructure investment has suffered a substantial decline, which may be at odds with the country’s goals of raising economic growth. Improving infrastructure in Egypt would require a combination of larger infrastructure expenditures and more efficient investment. The analysis provided in this paper suggests that an increase in infrastructure expenditures from 5 to 6 percent of gross domestic product would raise the annual per capita growth rate of gross domestic product by about 0.5 percentage points in a decade’s time and 1 percentage point by the third decade. If the increase in infrastructure investment did not imply a heavier government burden (for instance, by cutting down on inefficient expenditures), the corresponding increase in growth of per capita gross domestic product would be substantially larger, in fact twice as large by the end of the first decade. This highlights the importance of considering renewed infrastructure investment in the larger context of public sector reform. |
| Keywords: | Transport Economics Policy&Planning,Public Sector Economics,Non Bank Financial Institutions,Debt Markets,Economic Theory&Research |
| Date: | 2010–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:5177&r=ara |
| By: | Elisa Cavatorta (Department of Economics, Mathematics & Statistics, Birkbeck) |
| Abstract: | In this paper we explore the patterns of interactions between military expenditure shares in the MENA region over the period 1979-2007. We explore if there are latent common factors that impact on the military expenditures of 15 countries in the MENA region and whether these factors can be interpreted. Unobserved common factors induce cross-sectional dependence and may lead traditional panel-time series estimators to be inconsistent. To identify these latent factors we apply the Principal Component Analysis. We evaluate the interpretation of the estimated factors using the Multiple-Indicator Multiple-Cause model. We found that there is a substantial evidence of cross-sectional dependence in the MENA region, induced mainly by two unobserved factors, but these factors are difficult to interpret. |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:bbk:bbkefp:1001&r=ara |
| By: | Shaikh, Salman |
| Abstract: | This paper reviews limited, but precious academic literature on central banking and monetary management in Islamic finance. It discusses the building blocks of an Islamic monetary system. It discusses how savings would feature despite discontinuation of interest, how inflation will be checked with central banks not having at its disposal conventional OMO, how liquidity will be managed in banking sector when central bank wants to inject liquidity or mop up funds. How and to what extent the institution of Zakat would enable the government to meet its fiscal targets and does not crowd out private sector. How balance of payments and exchange rate stability can be managed in an interest free economy. If in the short term, the government or central bank needs alternative source of revenue other than Zakat, they can issue GDP linked bonds. This could replace T-bill and provide a base instrument for OMO and liquidity management in the banking and financial sector. |
| Keywords: | Islamic corporate finance; pricing of capital; interest free finance; Interest; Interest free economy; Usury; Time value of money; Riba; Musharakah; Mudarabah; Ijara; Salam; Istisna; Qard-e-Hasan; Diminishing Musharakah |
| JEL: | E42 E52 E60 |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20029&r=ara |
| By: | EL ELJ, Moez |
| Abstract: | In the context of economic globalization and of the internationalization of R&D activity, innovation is becoming one of the most important assets for corporations in developed and emerging countries as well. The aim of this research is to analyze the main determinants of technological innovation of Tunisian firms on the basis of the innovation survey conducted by Tunisian Ministry of Scientific Research, Technology and Skills Development in 2005. Precisely, we analyze the effects of the external technological factors and In house R&D effort variables on innovation performances of Tunisian firms. We, then attempt to explore these relationships and see if they are affected by other moderator variables linked to exportation intensity and foreign capital share. In our estimation, we utilize the binomial logit model. Our preliminary results show that R&D activity is not the only explanatory factor of the innovation. In addition, Tunisian firms with high export ratio as well as firms with significant foreign capital participation are found to be not innovating since they depend primarily on the innovations conducted abroad. |
| Keywords: | Technological Innovation; Technological opportunities; R&D in Developing Countries; Logit Regression with Interactive variables |
| JEL: | O55 O33 O31 C25 |
| Date: | 2009–10–24 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:18128&r=ara |