nep-ara New Economics Papers
on MENA - Middle East and North Africa
Issue of 2018‒04‒23
seventeen papers chosen by
Paul Makdissi
Université d’Ottawa

  1. For sustainable economic growth that seeks to improve environmental quality: an empirical analysis applied to morocco, algeria, tunisia, and egypt By El Alaoui, Aicha; Nekrache, Hassane
  2. Alternative Financing Models in Public Facilities : The case study of Medical Campuses, Healthcare PPP Program in Turkey By Dilek Pekdemir
  3. Explaining the MENA Paradox: Rising Educational Attainment, Yet Stagnant Female Labor Force Participation By Assaad, Ragui; Hendy, Rana; Lassassi, Moundir; Yassin, Shaimaa
  4. Determining Risk Management Dynamics: An Analysis of Risk Perceptions of Real Estate Development Firms in Turkey By Harun Tanrivermis; Yesim Aliefendioglu; Akin Ozturk; Yunus Emre Kapusuz
  5. Islamic Republic of Iran; 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Iran By International Monetary Fund
  7. Addressing the Youth Unemployment Challenge: International Lessons Learned that can be useful for Morocco By Thomas AWAZU PEREIRA DA SILVA
  8. A Sustainable Tourism Approaches for Sustainable Urban and Regional Development: The Case of Göreme Municipality of Nevehir Province By Yesim Aliefendioglu; Gizem Var; Harun Tanrivermis
  9. Assessment of development trends of real estate investment funds implementations in Turkey By Gulnaz Sengul; Harun Tanrivermis; Yesim Aliefendioglu
  10. Islamic Republic of Iran; Selected Issues By International Monetary Fund
  11. Different Dimensions of Brazil and Morocco Trade Flows: A Quantitative Assessment By Eduardo A. HADDAD; Fernando S. PEROBELLI; Flãvio V. VIEIRA; Vinicius A. VALE
  12. Policy proposal to Reduce Skilled Unemployment in Morocco using Public- Private Partnerships (PPPs): 3R-PPP – Retrain-Rebalance-Reduce-PPP By Thomas AWAZU PEREIRA DA SILVA
  13. Do ownership structure and quality of financial information affect the cost of debt of Tunisian listing firms? By Aida Sy; Lamia Jamel; Abdelkader Derbali
  14. Learning to Live with Cheaper Oil; Policy Adjustment in MENA and CCA Oil-Exporting Countries By Martin Sommer; Allan G Auclair; Armand Fouejieu; Inutu Lukonga; Saad N Quayyum; Amir Sadeghi; Gazi H Shbaikat; Andrew J Tiffin; Bruno Versailles
  15. Urban Growth, Spatial Change, Land Use, Housing and Population Relations: The Case of Ankara Province By Yesim Aliefendioglu; Sibel Canaz Sevgen; Gizem Var; Harun Tanrivermis
  16. Étude de la confiance comme déterminant de l'attractivité des P2I marocaines aux IDE: cas de la P2I de l'industrie automobile à Tanger By Sabrine Belqasmi; Mohamed Azz El Arab Debbarh
  17. الاقتصاد السياسي للإصلاحات في الدول الغنية بالموارد الطبيعية: دروس مستقاة من التجربة الجزائرية By MENNA, Khaled

  1. By: El Alaoui, Aicha; Nekrache, Hassane
    Abstract: This paper tries to examine the link between economic growth and environmental damage in Morocco, Algeria, Tunisia, and Egypt, denoted MATE. The main objective for these countries in the coming years is to improve economic growth, which is necessary in response to the increasing demand of their populations, the improvement of the life’s quality of their citizens, and to meet the environmental challenges they face. For that, two steps are followed to investigate the relationship between economic growth and environmental damage. In the first step, a basic Environmental Kuznets Curve (EKC) equation for each country over the period 1970-2010 is tested to measure the effect of economic growth on environmental quality and to determinate the possibility of the existence of an EKC. In the second step, a few variables are introduced in the basic EKC equation (model tested in the first step) such as economic openness indicator, enrollment rate, and urbanization rate. The purpose is to measure the possible influence of these variables (included economic growth) on the environmental damage, and to determinate also the possibility of the existence of an EKC. The results of both models show that the relationship between economic growth and environment is complex and ambiguous. It is not possible to find a unique form of this relationship and each variable introduced in the model can give some explanation where the application of EKC is unclear and uncertain. So, each country through policymakers, governmental and nongovernmental organizations must apply preventive and precautionary measures to reduce environmental damages. These measures must be appropriate to its economic and environmental conditions benefiting from the experiences of neighbors, especially those of developed countries, and to take lessons from their past mistakes related to pollution, regional development and resource management.
    Keywords: Economic Growth, Environmental degradation, EKC
    JEL: C13 N57 Q56
    Date: 2017–05
  2. By: Dilek Pekdemir
    Abstract: The healthcare sector is expanding in the world in parallel to changing medical challenges, growing populations and also increasing number of senior citizens are creating higher demand for healthcare services. The Turkish healthcare market has also been shaping by the very same drivers and is expected to continue its growth with growing population and upsurge in healthcare spending. The healthcare providers are the Ministry of Health, universities and the private sector, with the Ministry accounting for two-thirds of country's hospitals in Turkey. A large majority of health infrastructure in Turkey is old and out of date and is no longer appropriate to meet healthcare needs considering large and increasing population. Furthermore, the budgetary pressures on the government is forcing to explore alternatives to traditional public sector provision. In response to the need for large capacity investments in healthcare systems, the Turkish government launched its Health PPP Program in 2010. The aim of the program is to develop new healthcare facilities and to improve service delivery. The government is also seeking private sector participation in the hospital infrastructure sector in Turkey. The Health PPP Program will consist of 50 projects with an estimated EUR 20 billion investment value. Around 15 projects under the Program are at various stages of tender, financing and construction. PPP is a common model to finance such public facilities in Turkey with various applications such as Build-Operate-Transfer, Build-Operate-Own or Transfer of Operation Rights. The Build-Lease-Transfer model was introduced into Turkish legislation in 2013, commonly known as the City Hospitals/Medical Campuses Law, and it was specifically introduced to support healthcare PPP's. Under the Build-Lease-Transfer model, the private sector finances and builds a facility and then leases it to the relevant public authority, with the state providing the public service. The infrastructure facility is leased for a maximum of 30 years and the public authority pays a lease fee to the private investor and operates the facility during the lease period. This paper is aimed to investigate the new financing model in healthcare facilities in Turkey. Turkey's medical campus programme, also known as hospital PPP's, has been one of the most discussed topics in the country's infrastructure sector and legal environment. The healthcare facilities projects are structured on a Build-Lease-Transfer model with strong demonstration effects for the rest of Turkey by promoting the use of PPP contracting, and demonstrating good practice in international PPP standards. This new financing model is attracting not only participation of Turkish private sector, but also international financing institutions, such as ICF and EBRD.
    Keywords: built-lease-transfer model; Healthcare; medical campus; Ppp; Turkey
    JEL: R3
    Date: 2017–07–01
  3. By: Assaad, Ragui (University of Minnesota); Hendy, Rana (Doha Institute for Graduate Studies); Lassassi, Moundir (Center for Research in Applied Economics for Development); Yassin, Shaimaa (University of Paris 1 Panthéon-Sorbonne)
    Abstract: Despite rapidly rising female educational attainment and the closing if not reversal of the gender gap in education, female labor force participation rates in the MENA region remain low and stagnant, a phenomenon that has come to be known as the "MENA paradox." Even if increases in participation are observed, they are typically in the form of rising unemployment. We argue in this paper that female labor force participation among educated women in four MENA countries - Algeria, Egypt, Jordan and Tunisia - is constrained by adverse developments in the structure of employment opportunities on the demand side. Specifically, we argue that the contraction in public sector employment opportunities has not been made up by a commensurate increase in opportunities in the formal private sector, leading to increases in female unemployment or declines in participation. We use multinomial logit models estimated on annual labor force survey data by country to simulate trends in female participation in different labor market states (public sector, private wage work, non-wage work, unemployment and non-participation) for married and unmarried women of a given educational and age profile. Our results confirm that the decline in the probability of public sector employment for women with higher education is associated with either an increase in unemployment or a decline in participation.
    Keywords: public employment, labor market, female labor force participation, sectoral choice, human capital, MENA
    JEL: J16 J21 J22 J82
    Date: 2018–03
  4. By: Harun Tanrivermis; Yesim Aliefendioglu; Akin Ozturk; Yunus Emre Kapusuz
    Abstract: Although it is well known that there are many sources of risks in real estate investments, particularly in commercial real estate investments, the works are frequently commenced without consideration of risk resources and uncertainties in the project evaluation and investment decision making processes. The nature and impact on investment value of environmental, economic, real estate sector, and project risks are observed to vary from the beginning of the project development process until the end of it. Dynamic methods are often used in commonplace feasibility studies and integration of risks to calculations and periodically updating feasibility analyses are found to be usually neglected. However, project-specific risks such as the ownership of land, land development rights, and demands of the owners of neighboring parcels and economic risks directly affect the feasibility of the investment and can be major sources of failure.In this study, risk perceptions of upper middle managers of large-scale real estate development companies were evaluated and risk management approaches implemented within the companies were discussed. The scope of the study was limited to companies that are members of the Turkish Contractors Association (TCA), to which only the biggest real estate firms of Turkey can be members, and members of other important associations. In the construction and real estate market, two of the most important sectors in the Turkish economy, members of the TCA realize 70%of construction works within the country and 90%of the works undertaken by Turkish contractors abroad and have the ability to represent the industry. In this study, the impact of risk according to its resources on the preparation and implementation of real estate projects and risk perceptions of managers were examined based on the responses received to the questions electronically sent to the members of the TCA and other important associations. The study results revealed that that developers carry out risk management and decision support system activities, use intuitive risk analysis methods, utilize risks in integrated decision-making processes and the risk items that the developers consider are identified. According to the study results, sales forecasts, and the changes in foreign exchange and interest rates are significant in risk management in line with academic studies.
    Keywords: Decision Support Systems; real estate development projects; risk analysis and risk management; Risk dynamics; Risk perceptions
    JEL: R3
    Date: 2017–07–01
  5. By: International Monetary Fund
    Abstract: The recovery has broadened to the non-oil sector and the authorities sustained macroeconomic stability in challenging circumstances. Nevertheless, the legacy of sanctions and policies of that period have left incomes at the levels of a decade ago and unemployment high. A weak banking sector, structural bottlenecks and heightened uncertainty constrain Iran’s growth potential.
    Date: 2018–03–29
  6. By: Dora Abidi (Ph.D. Student, Graduate School of Economics, Osaka University)
    Abstract: During the last decade, the need and importance of soft skills are significantly increasing because of three main reasons. Firstly, the firm fs performance is highly associated to the firm f interaction with its external environment that involves customers and local stakeholders. Secondly, the workplace productivity is highly depending on the quality of relationship and communication among the employees. Thirdly, today fs environment is considered as a VUCA (Volatile, Uncertain, Complex and Ambiguous) situation and represents serious challenge. Thus, firms should create people oriented skills such as problem solving and communication. In addition, decisions makers should develop an accurate response when they meet the unexpected. They could be the employees from upper to mid-level position employees. Drawing on these critical conclusions, this study aims at providing empirical evidence on the positive impact of employees f soft skills on firm fs capabilities in terms of innovation performance, firm fs knowledge, explorative and exploitative behavior and strategic flexibility. The survey was conducted with 67 firms based in Tunisia, which is one of the leading emerging countries in the MENA region that has recently faced social and economic changes. Our results concur with the employer survey and explain the reason why employers are increasingly looking for these skills in their employees.
    Keywords: Soft skills, innovativeness, VUCA, Tunisia
    JEL: M12
    Date: 2018–03
    Abstract: Current levels of youth unemployment have hovered much higher than average unemployment in many developed and developing countries. European and MENA region countries are the hardest hit with rates climbing to record highs following the global financial crisis. In addition to a specific sensitivity to cyclical economic activity, the main factors that explain youth unemployment are known but more striking in Morocco than in the rest of the world: demographic trends in youth labor force participation; skills mismatches; and labor market rigidity are present. In order to tackle its youth unemployment problem Morocco can use policies resulting from lessons learned internationally such as active labor market policies, more adequate minimum wage settings, more flexible contracts, initiatives to acquire new skills related to current technological changes; and finally, more public-private partnerships (PPP). It is important that the issue of youth unemployment is addressed promptly when youth unemployment rates are high because of the strong correlation between youth unemployment and socio-economic and political instability.
    Date: 2018–03
  8. By: Yesim Aliefendioglu; Gizem Var; Harun Tanrivermis
    Abstract: Creating employment opportunities and increasing the national income, the tourism sector contributes to increased prosperity. In the Tenth Development Plan of Turkey covering the 2014-2018 period, it has been emphasized that sustainable tourism activities will be enhanced within the scope of an environmentally sensitive and responsible tourism understanding and the sociocultural and environmental degradation associated with tourism will be reduced. In the implementation of tourism activities for local and regional economic development, the main objective is minimizing the impact on the environment and socio-cultural structures.In this study, sustainable tourism opportunities in settlements, of which development is based on tourism, are elaborated and the Göreme Municipality, whose tangible and intangible cultural assets are at risk of being lost due to the indirect effects of uncontrolled tourism, are chosen as the study area. Settlements such as Göreme that owe their economic development success to culture tourism have to protect their existing natural, cultural, and social features in order to ensure the continuation of this development. While conservation of the gained identities of settlements is a necessity for urban and regional development, it is also a requirement to feel the sense of belonging to the city or the region. The Göreme Municipality is a settlement with an identity thanks to the existence of a cultural landscape and in such settlements, although the main objective of tourism is to enhance the quality of life economic viability, the sustainability of tangible and intangible assets that should be protected should not be thrown into the background. However, the study results suggest that with the transformation of the old residential buildings of the region built using traditional materials to hotels due to demand pressures, the local population becomes alienated from the town and the culture around them.The sustainability of the intangible cultural heritage has not been achieved; the real estate in the region changed hands with the appeal of hotel investments to investors out of the region; and the low level of utilization of the local people from increased revenues has led to a failure in ensuring regional development and a fall in the quality of life of residents in the area. It is understood that in case the current trends continue, tourism will have a damaging structure rather than providing economic contribution for the local com
    Keywords: Governance; local and regional development; real estate ownership; Sustainable and cultural tourism; Transformation
    JEL: R3
    Date: 2017–07–01
  9. By: Gulnaz Sengul; Harun Tanrivermis; Yesim Aliefendioglu
    Abstract: Developing countries have improved their markets by accelerating capital movements with the economic and financial policies they have implemented and made an important contribution to integration with the outside world. For this reason, investors are looking for ways to increase their returns by targeting alternative investment instruments in order to benefit from international capital movements in emerging markets. Lease certificates (sukuk), real estate certificates and real estate investment funds stand out in the financing of real estate projects. Real estate investment funds, one of the increasingly attractive alternative investment instruments, are known as investment instruments for individuals and institutional investors with high financial wealth from the first day they were established in developed and emerging markets. A real estate investment fund is an institutional structure that enables individual savings to be brought together and is utilized collectively in professional investments in real estate. In the broadest sense, these funds that appeal to domestic and foreign savings owners, that all shareholders benefit from their profits in proportion to their shares, and that have certain tax advantages are assets governed and audited by the Capital Markets Board.The purpose of this paper to analyze the today’s situations of real estate investment funds in Turkey. In the first part of the report, current status of real estate investment funds as a new investment fund instrument in Turkey have been examined from the perspective of legal regulations and implementation. In the second part of the paper, the development of the funds established in Turkey and an analysis of the current situation and identification of the main problems have been made. Firstly, the names, structures, types, main projects that the funds make or tend to make investments, the basic problems of investors and solution opportunities regarding the real estate investment funds established in accordance with the legal regulations, which were put into effect by the Capital Markets Board in Turkey, were evaluated by means of secondary data as well as data collected from investors in face-to-face interviews. In this stage it was analyzed using the data gathered through face-to-face interviews with the managers and experts of funds, which have obtained the required permissions from the Board and have been operating, and other stakeholders. An in-depth interview technique was used for the data summarization and with using this method, open-ended questions related to the research were directed to the target persons in the face and face interviews, the contributions to country economics, real estate and construction sector, preferences for choosing REIFs for managers, advantages or disadvantages have been discussed by taking the opinions of fund investors and all the stakeholders.
    Keywords: Money and Capital Markets, Real Estate Investments, Real Estate Projects, Real Estate Investment Funds and Real Estate Mutual Funds
    JEL: R3
    Date: 2017–07–01
  10. By: International Monetary Fund
    Abstract: Selected Issues
    Date: 2018–03–29
  11. By: Eduardo A. HADDAD; Fernando S. PEROBELLI; Flãvio V. VIEIRA; Vinicius A. VALE
    Abstract: Brazil and Morocco have been engaged in different forms of trade negotiations and committed to liberalize their trade, as they have concluded several bilateral and multilateral trade agreements whether within the WTO or in specific framework. This paper analyzes different facets of trade relations between Brazil and Morocco and assesses the potential for deeper trade integration between these two key players in the southern Atlantic. Trade flows between Brazil and Morocco have been concentrated in a few products and it is clear that there are significant opportunities to improve not only the magnitude of trade flows but also the range of products in the near future. Given the gap in terms of economic size, the Moroccan market does not draw more than 0.35% of the total Brazilian exports (45th market). The Chinese and the American markets are the most important destinations of Brazilian foreign sales, followed by some regional economies like Argentina and Chile. For Morocco, Brazil is relatively more important as a market for national exports, representing, in 2014, 4.6% of total exports and thus, placing itself as the third most important destination for Moroccan exports, after France and Spain. One can say that a significant part of the bilateral trade between Brazil and Morocco is closely associated to the agricultural value chain. Morocco provides fertilizers, while Brazilians exports to Morocco concentrate mainly on agricultural products. The regional distribution of value added effects of Moroccan exports to Brazil reveals that fertilizers exports benefits, direct and indirectly, almost all Moroccan regions, in spite of the concentration of mining and processing activities in specific locations. Simulations have been conducted to assess the impact of the elimination of tariffs and export subsidies on trade between the two countries. On one hand, there is a potential increase in welfare in Brazil equal to USD 212.46 in a context of bilateral liberalization. On the other hand, welfare in Morocco and in the ROW may potentially face a decrease (equivalent to USD 88.03 and USD 64.32, respectively). The divergence in results can be explained in part by the different sizes of these two economies, the share of each economy in the international trade, and the degrees of specialization and inter-sectorial integration in each country. Notwithstanding, there would be potential gainers and losers in both countries.
    Keywords: Brazil, Morocco, Bilateral trade, Trade barriers, Agricultural products, trade in value added, Specialization, Computable General Equilibrium Model
    Date: 2018–01
    Abstract: This proposal seeks to contribute to reduce, in a cost-effective way, Morocco’s unusually high, persistent and growing unemployment level for university graduates1. It complements and enhances the existing Université Internationale de Rabat (UIR) Public-Private Partnership (PPP). Tertiary enrolment in Morocco has been increasing above what seems to be labor market absorptive capacity. Over the past decade, the share of the unemployed with university degrees as a percentage of total unemployment climbed from 16% in 2001 to 22.4% in 2015. In particular, the skill composition of students exiting the tertiary education system seems to create a skill mismatch (or a “skill gap”) vis-à-vis labor demand. Many policy reports and recent research have blamed the lack of adequate skills among university graduates in Morocco. The existing UIR-PPP seeks to address these issues since 2012 by offering student access to a more technical curriculum. We propose to enhance it further by providing a more rigorous screening mechanism, reducing its costs and increasing its effectiveness. We also provide a simulation that measures its contribution to the reduction of the rate of skilled unemployment in Morocco under a set of assumptions, thus allowing policy-makers to assess how efficient the use of public financing in high education PPPs has been.
    Date: 2018–03
  13. By: Aida Sy (SUNY - The State University of New York); Lamia Jamel (Université de Sousse); Abdelkader Derbali (Institut Supérieur de Gestion Sousse)
    Abstract: The main objective of this paper is to investigate empirically the relationship between the boards with other internal governance mechanisms such as ownership structure, quality of financial information and the cost of debt. To do so, we use a sample of 28 Tunisian listing firms during the period from 2007-2015. The empirical results show that the ownership structure and the quality of financial information have an important role in determining the characteristics of the cost of debt. The results also indicate that the cost of debt is related positively with factors from the boards of directors, to the size of the listing firms and negatively to the institutional participation on the capital of firm.
    Keywords: cost of debt,Corporate governance,Board of Directors,ownership structure
    Date: 2017
  14. By: Martin Sommer; Allan G Auclair; Armand Fouejieu; Inutu Lukonga; Saad N Quayyum; Amir Sadeghi; Gazi H Shbaikat; Andrew J Tiffin; Bruno Versailles
    Abstract: This paper discusses the challenges posed by low oil prices in the MENA and CCA regions, the adjustment policies adopted so far, and remaining adjustment needs and future risks.
    Keywords: Oil;Oil exporting countries;Oil exports;Oil prices;Oil producing countries;Oil product prices;Oil revenues;exporters, exchange rate, liquidity, deficits
    Date: 2016–06–08
  15. By: Yesim Aliefendioglu; Sibel Canaz Sevgen; Gizem Var; Harun Tanrivermis
    Abstract: Urban development and shaping of spaces are closely associated with a city’s economic activities and demographic characteristics. After the announcement of Ankara as the capital city in 1923, the size of the city was understood to be very insufficient and a new zoning plan was started to combat the inadequate housing assets and even cooperatives were established to accelerate housing construction for public officers. However, it is noteworthy that the development was too slow until the 1950s, after which date the urban scale grew rapidly due to the growing population and diversifying economic activities, new development areas turned to settlements, and naturally, natural vegetation was rapidly destroyed. Despite the increasing housing stock in the city, the demand for and prices of real estate in general, and particularly housing, are very high, which encourages allocation of new settlement areas as residential housing areas. A process, whereby an increased density in residential areas is provisioned with the new development plans made by the Municipalities, the Housing Development Administration, and the other public authorities, is experienced and with the urban transformation and renewal projects, the current housing stock is being swiftly renewed. In these circumstances, space use and spatial development in the city are managed based on revenue or economic rent rather than public policy and sustainability goals while fringe urban development also leads to increased infrastructure investment and local service costs.In this paper, the population, number of housing, and spatial development relationships in the 1923-2017 period were first dealt with based on macro data and the results of that study were analyzed in integration with remote sensing data and the man-made structures and the development in residential areas identified with satellite data were comparatively evaluated. ın the second stage, factors affecting the change in the total land assets in the province were examined with a regression model and it was established that the process of transformation of land to land lot was shaped by the impact of demographic factors. In order to regulate the use of space at the provincial and regional levels, there seems to be a requirement to primarily control the migration to the city; manage urban development based on public policies; restructure planning policies on equitable sharing of the economic rent created by planning activities in the city; and t
    Keywords: housing development; Land Use Change; public policy requirements; Urban space and development; vegetation and man-made structures
    JEL: R3
    Date: 2017–07–01
  16. By: Sabrine Belqasmi (Le Laboratoire de recherche Stratégie, Management et Gouvernance - l'Ecole Nationale de Commerce et de Gestion Tanger); Mohamed Azz El Arab Debbarh
    Date: 2017–04–19
  17. By: MENNA, Khaled
    Abstract: تعبّر عملية الإصلاح عن وعي القائمين على السياسة الاقتصادية بضرورة تغيير النهج المتبع من قبل بغية تحسين الأداء وتخصيص أمثل للموارد. لقد كانت الصدمة النفطية سنة 1986 الباعث الأساس لأول موجة من الإصلاحات الاقتصادية والتي انتهت بشكل مفاجئ وعنيف سنة 1991. وشملت هذه الإصلاحات ميادين عدّة على غرار المؤسسات العمومية، والنظام المالي والمصرفي، ونظام التخطيط، وعلاقات العمل. وتحت وطء المديونية الخارجية طبقت الجزائر برنامجا للتعديل الهيكلي (1994-1998). واختلفت النتائج المفضية لمثل هذه البرامج على الصعيدين الاقتصادي أو الاجتماعي. وتتيح الأزمة الاقتصادية الحالية الفرصة أمام السلطات العمومية الفرصة للقيام بإصلاحات عميقة تساهم في تخفيف من حدة ارتباط الاقتصاد بالرّيع. غير أن التجارب أثبتت أنه دون الأخذ بعين الاعتبار بالجانب المؤسسي في هذا المسار، تصبح عملية الإصلاح تكراراً لعمليات سابقة دون معرفة النتائج المترتبة عنها.
    Keywords: الإصلاح، الأزمة الاقتصادية، الريع، النمّو الاقتصادي، الاقتصاد الجزائري.
    JEL: Z13
    Date: 2016–09–30

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