|
on MENA - Middle East and North Africa |
| By: | Korkut, Cem; Özgür, Önder |
| Abstract: | Today, the sensitive side of national economies is financial sector. The main reason for this sensitivity is financial crises. This situation has increased the demand and orientation for Islamic finance as a substitute for the modern financial system. The Islamic finance is discussed as a real solution to financial crises because the Islamic finance methods and applications depend on real economic activities. Both this case and the distance that is taken by Muslim countries in recent years has increased the share of Islamic banking/finance in the world. Thus, it has been a long debate in Islamic finance literature to investigate the presence of dependency between profit share rate settled by participation banks and deposit interest rate offered in conventional banking. In this study, variables that affect profit share rate of participation banks and deposit interest rate of conventional banks are examined over the period between January 2006 and May 2015 in Turkey. OLS method is constructed and empirical results are pointed out that interest rate on government security and foreign exchange rate are significantly effective on participation banks’ profit share rate. In addition, the profitability of conventional banks, government security, and foreign exchange rate are significantly effective on deposit interest rate settled by conventional banks. The main reason for this link between conventional interest rate and profit share rate arises with the domiance of murabahah, simple buy and sell with term sale transactions, at Islamic financial institutions. The interest rate is a benchmark for participation banks to determine the profit share rate. To get rid of this dependency, Islamic financial institutions may tend towards mudarabah transactions. |
| Keywords: | Islamic banking and finance, participation banks, banking system, rate of returns, profit share rate, interest |
| JEL: | E43 E44 G00 P43 P50 |
| Date: | 2017–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:81642&r=ara |
| By: | Basher, Syed Abul; Haug, Alfred A.; Sadorsky, Perry |
| Abstract: | The impact that oil shocks have on stock prices in oil exporting countries has implications for both domestic and international investors. We derive the shocks driving oil prices from a fully-identified structural model of the oil market. We study their nonlinear relationship with stock market returns in major oil-exporting countries in a multi-factor Markov-switching framework. Flow oil-demand shocks have a statistically significant impact on stock returns in Canada, Norway, Russia, Kuwait, Saudi Arabia, and the UAE. Idiosyncratic oil-market shocks affect stock returns in Norway, Russia, Kuwait, Saudi Arabia and UAE. Speculative oil shocks impact stock returns in Canada, Russia, Kuwait and the UAE. Flow oil-supply shocks matter for the UK, Kuwait, and UAE. Mexico is the only country where stock returns are unaffected by oil shocks. These results shed important light on investor sentiment toward the relationship between oil shocks and stock markets in oil exporting countries. |
| Keywords: | Markov-switching; oil-exporting countries; oil-market shocks; stock returns |
| JEL: | E44 G15 Q43 |
| Date: | 2017–09–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:81638&r=ara |
| By: | Mohammad Habibur Rahman (Mohammed Bin Rashid School of Government, United Arab Emirates Author-2-Name: Fatima Mahmoud Salim Author-2-Workplace-Name: Duabi Health Authority, Dubai, United Arab Emirates) |
| Abstract: | "Objective – The United Arab Emirates (UAE) Vision 2021 aims to achieve a world-class healthcare system and the national agenda has set multiple Key Performance Indicators (KPIs) to accomplish accreditation by all healthcare facilities in the country by 2021. The purpose of this study was to assess the impact of Joint Commission International (JCI) accreditation on Infection Control (IC) KPIs in Dubai Hospital (DH). Methodology/Technique – A longitudinal case study covering 2007 to 2013 was conducted to examine this impact based on secondary data of the KPIs during this period and semi-structured interviews with senior health officials. Findings – The study reveals that the healthcare accreditation acts as a catalyst for implementing and monitoring changes but it also underscores some challenges. It proposes recommendations such as improving surveillance systems, ensuring proper resources allocation, and undertaking further research. Novelty – The study recommends improving the surveillance and reporting systems at the national level through frequent internal surveys." |
| Keywords: | Dubai; Infection Control; Joint Commission International Accreditation; Key Performance Indicators; United Arab Emirates. |
| JEL: | H51 I11 P46 |
| Date: | 2017–01–13 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:gjbssr456&r=ara |
| By: | Gil-Alana, Luis A.; Ozdemir, Zeynel Abidin; Tansel, Aysit |
| Abstract: | In this paper we have examined the unemployment rate series in Turkey by using long memory models and in particular employing fractionally integrated techniques. Our results suggest that unemployment in Turkey is highly persistent, with orders of integration equal to or higher than 1 in most cases. This implies lack of mean reversion and permanence of the shocks. We found evidence in favor of mean reversion in the case of female unemployment and this happens for all the groups of non-agricultural, rural, urban and youth unemployment series. The possibility of non-linearities are observed only in the case of female unemployment and the degree of persistence is higher in the cases of female and youth unemployment series. Important policy implications emerge from our empirical results. Labor and macroeconomic policies will most likely have long lasting effects on the unemployment rates. |
| Keywords: | Unemployment, hysteresis, NAIRU, fractional integration, Turkey |
| JEL: | C22 E24 |
| Date: | 2017–05–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:81571&r=ara |
| By: | Luis A. Gil-Alana (University of Navarra, Faculty of Economics and ICS, Pamplona, Spain); Zeynel Abidin Ozdemir (Department of Economics, Gazi University, Besevler, 06500, Ankara, Turkey. Economic Research Forum (ERF) Cairo, Egypt); Aysit Tansel (Middle East Technical University, ERF & IZA) |
| Abstract: | In this paper we have examined the unemployment rate series in Turkey by using long memory models and in particular employing fractionally integrated techniques. Our results suggest that unemployment in Turkey is highly persistent, with orders of integration equal to or higher than 1 in most cases. This implies lack of mean reversion and permanence of the shocks. We found evidence in favor of mean reversion in the case of female unemployment and this happens for all the groups of non-agricultural, rural, urban and youth unemployment series. The possibility of non-linearities are observed only in the case of female unemployment and the degree of persistence is higher in the cases of female and youth unemployment series. Important policy implications emerge from our empirical results. Labor and macroeconomic policies will most likely have long lasting effects on the unemployment rates. |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:tek:wpaper:2017/5&r=ara |
| By: | Nur Dilbaz Alacahan (Canakkale Onsekiz Mart University, Department of Banking and Finance); Seda Yavuzaslan Soylemez (Canakkale Onsekiz Mart University, Department of Accounting and Tax) |
| Abstract: | The aim of this paper is to analyze the impact of petrol prices on the stock prices of energy companies traded in Istanbul Stock Exchange. To achieve this objective, daily panel data for 9 energy companies are examined for the period between 01/02/2008 and 02/26/2016. For the estimations, random effects and fixed effects panel data estimation methods are used. According to the results, changes in petrol prices effects stock prices of energy companies, negatively. Interest rates and M2 money supply affect stock prices of the energy companies, negatively. In addition to the macro variables, ROA and capital growth are the micro variables affecting stock prices of energy companies. |
| Keywords: | Petrol Prices, Stock Prices, Panel Data Analysis, Turkey |
| JEL: | E44 G12 L96 |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ana:wpaper:17006&r=ara |
| By: | Burton A. Aggabao (University of Fujairah, United Arab Emirates Author-2-Name: Fermin G. Castillo, Jr Author-2-Workplace-Name: "University of Fujairah, Fujairah, United Arab Emirates ") |
| Abstract: | "Objective – The hotel Industry in the United Arab Emirates (UAE), particularly in Abu Dhabi, is characterized by many luxury hotels (chains) and affordable accommodations. This study seeks to understand the service quality provided by such hotels by gauging hotel guests perceptions and responses. Methodology/Technique – This study uses the descriptive-survey research approach to determine the service quality of the hospitality service among hotels in Abu Dhabi, UAE. A questionnaire was designed and pre-tested for reliability and validity before it was administered. The responses and interview answers of 50 hotel guests of different cultures and countries were gathered. Majority of them were tourists and travellers. Findings – Analysis of data disclosed that the service quality of hotels in Abu Dhabi was appraised as “very good to excellent”. Customer service and the quality of services were two important variables that play a major role in the hotel industry. Novelty – The hotel industry in the UAE is sustainable due to the UAE’s progressive plans and competitiveness. " |
| Keywords: | Tourism; Tourist, Service Quality; Customer Service; Hospitality Management |
| JEL: | M10 M31 |
| Date: | 2016–12–21 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jmmr114&r=ara |
| By: | M.J., Presno; M., Landajo; P., Fernandez Gonzalez |
| Abstract: | The stochastic properties of crude oil production have been examined in the literature from different perspectives, with partly non-coincident conclusions depending on model specification. In this paper the nature of the shocks affecting crude oil production is analyzed for a panel of 20 OPEC and non-OPEC countries with reference to the period from January 1973 to December 2015. We rely on a novel nonparametric panel stationarity testing approach which offers the advantage of not requiring model specification of the trend functions for the series in the panel. Our analysis detects strong evidence of non-stationarity, both globally and group-wise for the OPEC and non-OPEC countries. A case-by-case study reveals that stationarity is rejected for 8 out of the countries under study (namely, Algeria, Canada, China, Iran, Mexico, Nigeria, Qatar, and the US) for which shocks would thus have permanent effects, with stationarity being relatively more frequent among OPEC members. |
| Keywords: | Crude oil production, shocks, stationarity testing, nonparametric analysis, panel. |
| JEL: | C14 Q47 |
| Date: | 2017–09–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:81594&r=ara |
| By: | Antonio Di Paolo (Department of Econometrics, University of Barcelona); Aysit Tansel (Department of Economics Middle East) |
| Abstract: | This paper analyzes the drivers of wage differences among college graduates who hold a degree in a different field of study. We focus on Turkey, an emerging country that is characterized by a sustained expansion of higher education. We estimate conditional wage gaps by field of study using OLS regressions. Average differentials are subsequently decomposed into the contribution of observable characteristics (endowment) and unobservable characteristics (returns). To shed light on distributional wage disparities by field of study, we provide estimates along the unconditional wage distribution by means of RIF-Regressions. Finally, we also decompose the contribution of explained and unexplained factors in accounting for wage gaps along the whole distribution. As such, this is the first work providing evidence on distributional wage differences by college major for a developing country. The results indicate the existence of important wage differences by field of study, which are partly accounted by differences in observable characteristics (especially occupation and, to a lesser extent, employment sector). These pay gaps are also heterogeneous over the unconditional distribution of wages, as is the share of wage differentials that can be attributed to differences in observable characteristics across workers with degrees in different fields of study. |
| Keywords: | Fields of Study, Wage Differentials, Decomposition, Unconditional Wage Distribution, Turkey JEL classification: J31, J24, I23, I26 |
| Date: | 2017–09 |
| URL: | http://d.repec.org/n?u=RePEc:aqr:wpaper:201708&r=ara |
| By: | Rachid Mira (Centre d'Economie de l'Université de Paris Nord (CEPN)) |
| Abstract: | La restructuration des entreprises publiques en Algérie en vue de leur insertion dans un modèle d’économie de marché a nécessité depuis les années 1980 la mise en place d’un ensemble d’institutions et la transition d’un mode de régulation monopoliste vers un mode plus concurrentiel. Cependant, l’institution Etat est restée jusqu’à nos jours l’institution clé soutenant un régime d’accumulation dépendant des ressources en hydrocarbures. La politique budgétaire et financière de l’Etat a donc soutenu et financé la restructuration des entreprises publiques dans le cadre d’une nouvelle stratégie industrielle orientée vers la substitution d’importation et la diversification des exportations. La restructuration de la SNVI opérée depuis les années 1990 s’est inscrite dans une démarche globale de politique industrielle visant à assainir les entreprises publiques et refinancer les investissements productifs en vue de pouvoir soit privatiser, soit nouer des partenariats. Cette stratégie a nécessité le transfert de ressources budgétaires pour financer les investissements et assainir la dette et les découverts bancaires qui a constitué un coût du capital supporté par l’Etat. La politique de partenariat avec des investisseurs étrangers vise à poursuivre un processus de restructuration et de restauration de la compétitivité sur un marché ouvert à la concurrence mais sous régulation sous régulation de l’Etat. |
| Keywords: | Economic transition, Algeria, industrial development, public expenditures |
| JEL: | L16 L22 L23 L24 L25 O11 O12 O25 P31 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:upn:wpaper:2017-10&r=ara |