nep-ara New Economics Papers
on MENA - Middle East and North Africa
Issue of 2022‒05‒09
thirteen papers chosen by
Paul Makdissi
Université d’Ottawa

  1. A brief reading of the construction of the new development model By Abdelilah Abdouh
  2. Political stability and economic growth in developing economies: lessons from Morocco, Tunisia and Egypt ten years after the Arab Spring By Nizar Becheikh
  4. Awareness of foresight through education in Egypt: a case study from Egyptian university By Hamed Ead; Sahar Fadallah; Heba Fahmy; Mohamed Rezk; Leonardo Piccinetti; Mahmoud Sakr
  5. The determinants of quality financial communication on websites in Morocco (Case of non-financial companies listed on the Casablanca Stock Exchange) By Youssef El Yaacoubi; Farrat Outmane
  6. Contribution to the analysis of the determinants of the disclosure of information on CSR on websites in Morocco: case of financial organizations listed on the Casablanca stock exchange By Outmane Farrat; Zouhair Hajji
  7. Asymmetric Impact of Real Effective Exchange Rate Changes on Domestic Output Revisited: Evidence from Egypt By Sharaf, Mesbah; Shahen, Abdelhalem
  8. Rethinking Entrepreneurship within the Informal Sector in Morocco in the Post-Covid-19 era: For a Prospective Approach to Integrative Formalization By L Alla; E Jaouhari; Badr Bentalha
  9. Extraterritorial Trade Sanctions: Theory and Application to the US-Iran-EU Conflict By Eckhard Janeba
  10. Survival Strategies under Sanctions: Firm-Level Evidence from Iran By Iman Cheratian; Saleh Goltabar; Mohammad Reza Farzanegan
  11. Barriers to Women's Empowerment: Contribution to the Debate on Women's Empowerment in the Light of the New Development Model By Oussama Benlabbah
  12. Food consumption knowledge and habits in a developing country: a case of Lebanon By Nada Boustani; Manuela Ferreira; Raquel Guiné
  13. Crossed views on the need for a management control system and the new managerial culture: an exploratory study in Moroccan public administrations By Soukaina Boutakbout; Abdelhadi Grine; Mohamed Loulid

  1. By: Abdelilah Abdouh (UCA - Université Cadi Ayyad [Marrakech])
    Abstract: The construction of the new development model (NMD) of Morocco represents several similarities but also particularities compared to the theoretical constructions which are part of the strategies and development programs. The purpose of this paper is to offer a succinct reading or schematization of the construction of the NMD, without dwelling on the analysis of its content and its scope
    Abstract: Résumé : La construction du nouveau modèle de développement (NMD) du Maroc représente plusieurs similitudes mais aussi des particularités par rapport aux constructions théoriques qui s'inscrivent dans le cadre des stratégies et des programmes de développement. La finalité de ce papier est d'offrir une lecture ou schématisation succincte de la construction du NMD, sans s'attarder à l'analyse de son contenu et sa portée.
    Keywords: le nouveau model de développement,le nouveau modèle de développement au Maroc,le NMD,Le NMD au Maroc,le développement au Maroc,les politiques de développement au Maroc,les politiques publiques au Maroc,le référentiel du développement au Maroc,le développement local au Maroc,Le développement territorial au Maroc,Modélisation du développement au Maroc,les acteurs de développement au Maroc,Le diagnostic de développement au Maroc,le diagnostic territorial au Maroc,le changement au Maroc,les axes de transformations au Maroc,les choix stratégiques de développement au Maroc,la conduite du changement au Maroc,le pacte de développement au Maroc,les aspects de développement au Maroc,Les facteurs de développement au Maroc,diagnostic psychologique de développement,Diagnostic culturel de développement,diagnostic acteurs de développement,Fondements du NMD,les sources du nouveau model ede développement,analyse systémique du développement au Maroc,Analyse systémique du nouveau modelé de développement au Maroc,le développement du Maroc,le système d'action du NMD,le NMD et principes constitutionnels,la constitution marocaine et le nouveau modèle de développement,les instruments de changement au Maroc,le système stratégique de développement au Maroc,le système tactique de développement au Maroc
    Date: 2022–02–10
  2. By: Nizar Becheikh (American University in Cairo)
    Abstract: In 2011, the Arab region has seen an unprecedented popular uprising commonly referred to as the "Arab Spring". The objective of this paper is to analyze the economic performance and institutional changes that have taken place in Egypt, Tunisia, and Morocco following the Arab Spring, and understand the interconnect between the socio-political context on the one side, and economic performance and growth on the other side, in a period marked by severe turbulences, especially in Tunisia and Egypt. The analysis covers the economic, institutional, competitiveness, business environment, infrastructural, and human capital aspects in the three countries. It is based on the author's own research and knowledge of the region, the recent emerging literature on the topic, newspaper archives, and the publicly available economic and business data and reports provided by international organizations. Our analysis shows that Tunisia, the country that has ignited the Arab Spring, was the one most hit by its aftermath on the economic, social, and institutional levels. We argue that, although pure authoritarian regimes were historically a failure in the region, "Western" democracy has so far shown several limits when applied into the Arab region context as it led to neither socio-political stability nor economic growth.
    Keywords: economic growth,institutions,political stability,Arab Spring,Egypt,Morocco,Tunisia,Political Economy
    Date: 2021–06–30
  3. By: Manal Ahdadou (ENCGT - Ecole Nationale de Commerce et de Gestion de Tanger - UAE - Université Abdelmalek Essaâdi); Abdellah Aajly (ENCGT - Ecole Nationale de Commerce et de Gestion de Tanger - UAE - Université Abdelmalek Essaâdi); Mohamed Tahrouch (ENCGT - Ecole Nationale de Commerce et de Gestion de Tanger - UAE - Université Abdelmalek Essaâdi)
    Abstract: Morocco has carried out a series of reforms to ensure the successful development of the governance framework of Moroccan companies. These efforts have been mainly in the form of legal and institutional reforms. With the objective of adopting a corporate governance code aligned with the OECD's governance principles, Morocco has been quick to take all the necessary steps to successfully raise awareness among Moroccan companies, particularly listed companies, on the subject of corporate governance. However, although the first phase of raising awareness and establishing the foundations of governance has been successfully completed, the shortcomings of corporate governance today demonstrate the presence of major challenges and approaches that need to be reconsidered.
    Abstract: Le Maroc a mené une série de réformes pour assurer un développement réussi du cadre de gouvernance des entreprises marocaines. Les efforts mobilisés à ce niveau se sont concrétisés principalement dans des réformes juridiques et institutionnelles. Ayant pour objectif de se doter d'un code de gouvernance des entreprises aligné sur les principes de gouvernance de l'OCDE, le Maroc ne s'est pas tardé à prendre toutes les mesures nécessaires pour réussir la sensibilisation des sociétés marocaines, notamment les sociétés cotées, autour du sujet de gouvernement de l'entreprise. Toutefois, bien que la première phase de sensibilisation et d'établissement des fondements de la gouvernance soit accomplie avec succès, les défaillances que connaît la "corporate governance" aujourd'hui témoignent de la présence d'importants défis à relever et d'approches à reconsidérer.
    Date: 2021–09–14
  4. By: Hamed Ead (Cairo University); Sahar Fadallah (Cairo University); Heba Fahmy (Cairo University); Mohamed Rezk (Academy of Scientific Research & Technology); Leonardo Piccinetti (Europe for Business, Ltd); Mahmoud Sakr (Academy of Scientific Research & Technology)
    Abstract: Egypt has extensive expertise and experience in future centres through cooperation between independent research institutes and its external partners. The important step forward will be the combination of this experience and the competence of Egyptian institutions to eventually develop a bottom-up regional community of connected educators, scientists, students, practitioners, policymakers and local communities for future foresight. This paper examines the current state of foresight of future and practices among Egyptian universities' faculty members and students, proposing to increase public awareness and comprehension of foresight of future promotion performance in Egypt. A questionnaire designed based on an intensive online project-based bootcamp was done by entrepreneurship club at Cairo University to increase the participants' awareness of the foresight. The questionnaire was distributed to 173 students and participants who attended the camp from 10 faculties of Cairo University and other Egyptian universities. The findings revealed that students were unaware of the Framework Foresight (FF) program and had poor knowledge. Students' awareness of the FF program correlated positively with educational level, age, gender, and specialization. This work provides an approach to understanding the quality of foresight knowledge used or generated throughout the foresight exercises and their significance in sustainable development challenges.
    Keywords: Awareness,Foresight of Future,Egypt,Egyptian universities,Sustainable Development,Education
    Date: 2021–12–30
  5. By: Youssef El Yaacoubi; Farrat Outmane (ENCGF - Ecole Nationale de Commerce et de Gestion De Fès - USMBA - Université Sidi Mohamed Ben Abdellah)
    Abstract: L'objectif de cette recherche est de mettre en exergue les déterminants de la qualité de la communication financière sur les sites web de 50 entreprises non financières cotées dans la bourse des valeurs de Casablanca. Pour atteindre cet objectif, nous avons testé l'impact de huit variables explicatives. En effet, pour analyser et comprendre la nature de la relation entre les déterminants et la qualité de la communication financière sur internet, nous avons mobilisé le cadre théorique composé de la théorie de l'agence qui est considérée comme cadre solide capable d'expliquer la relation entre les propriétaires et les dirigeants, et la théorie de signal qui suggère que les dirigeants doivent minimiser l'asymétrie informationnelle à travers l'émission des signaux sur sa situation financière afin de rassurer les partenaires. A l'encontre des hypothèses de la recherche, les résultats de test de Poisson ont montré que les entreprises appartiennent au secteur des hautes technologies et les entreprises qui ont un bon ratio de liquidité publient moins d'informations sur leurs sites web. Les résultats de test de Poisson ont montré aussi l'existence d'une corrélation positive entre qualité de la communication financière et la taille, l'émission des titres financiers, le taux d'endettement et l'âge.
    Keywords: Théorie de l'agence,théorie de signal,communication financière,entreprises cotées,régression de Poisson
    Date: 2021–06–17
  6. By: Outmane Farrat (ENCGF - Ecole Nationale de Commerce et de Gestion De Fès - USMBA - Université Sidi Mohamed Ben Abdellah); Zouhair Hajji
    Abstract: Déclaration de divulgation : Les auteurs n'ont pas connaissance de quelconque financement qui pourrait affecter l'objectivité de cette étude. Conflit d'intérêts : Les auteurs ne signalent aucun conflit d'intérêts. Citer cet article FARRAT, O., & HAJJI, Z. (2022). Contribution à l'analyse des déterminants de la divulgation des informations RSE sur les sites web au Maroc : cas des organismes financiers cotés dans la bourse de Casablanca.
    Keywords: Qualité,RSE,Sites web,Organismes financiers. Classification JEL: M14 Type de l'article : Recherche empirique Quality,CSR,Websites,Financial organizations. JEL Classification : M14 Paper type: Empirical research
    Date: 2022–01–31
  7. By: Sharaf, Mesbah (University of Alberta, Department of Economics); Shahen, Abdelhalem (Alexandria University)
    Abstract: The Egyptian pound has undergone substantial devaluations over the past five years. The Central Bank of Egypt aimed through these currency devaluations to stimulate domestic output. In this paper, we investigate the asymmetric impact of the real effective exchange rate (REER) on Egypt's real domestic output from 1960 to 2020 using a Nonlinear Autoregressive Distributed Lag (NARDL) model. The analyses account for the various channels via which the REER would affect domestic output. Results show evidence of a long-run asymmetry in the output effect of REER changes in which only real currency depreciations have a contractionary impact on output, while the REER has no impact on output in the short run. The Egyptian monetary authority cannot rely on domestic currency depreciation as a policy instrument to boost domestic output.
    Keywords: Asymmetric effects; Domestic output; Egypt; ARDL; Real effective exchange rate
    JEL: E63 F31 F41 F62
    Date: 2022–03–24
  8. By: L Alla (ENSAF - École nationale des sciences appliquées de Fès = National School of Applied Sciences of Fez); E Jaouhari (EST Khenifra - Sultan Moulay Sliman University); Badr Bentalha (ENCGF - Ecole Nationale de Commerce et de Gestion De Fès - USMBA - Université Sidi Mohamed Ben Abdellah)
    Abstract: Several studies have led to the conclusion that entrepreneurial dynamics in the sector are more related to a variety of reasons or motivations than to subjective ones. Aside from the illegal sphere of this economy, understanding such dynamics, prompting entrepreneurs to evolve in the informal economy and stimulating their resilience at the edge of the modern economy. With the Covid-19 pandemic, some informal enterprises have demonstrated, more than others, significant capacities for crisis resilience, more creativity and innovation, more organization and networking, yet struggling in a hostile environment and without any state support. How else can the business model of informal sector entrepreneurship be approached to better approach its integrative formalization? This is our research problem. Based on a review of the literature, we first try to identify the concept, the approaches to informal entrepreneurship and the theoretical determinants of entrepreneurial dynamics in the sector by proposing a standard profile. Then, we present the reference models of structuring-formalization of the sector, and propose a theoretical framework, to be refined by contextualization within the framework of the Moroccan economy. The research proposals thus identified will be examined through semi-directive interviews with entrepreneurs operating in the informal sector. The objective of this study is to contribute to a good understanding of the causes of the resilience of these entrepreneurs, the levers to be mobilized to succeed in the formalization process.
    Abstract: Plusieurs travaux ont abouti à ce que la dynamique entrepreneuriale dans le secteur est davantage liée à une panoplie de raisons ou motivations tant que subjective. A part la sphère illégale de cette économie, la compréhension d'une telle dynamique, incitant les entrepreneurs à évoluer dans l'économie informelle et stimulant leur résilience à la lisière de l'économie moderne. Avec la pandémie du Covid-19, certaines entreprises informelles ont fait preuve, plus que d'autres, d'importantes capacités de résistance à la crise, de plus créativité et d'innovation, de plus d'organisation et de réseautage, pourtant aux prises avec un environnement hostile et ne pouvant compter sur aucune aide de l'État. Comment peut-on appréhender autrement le business model de l'entrepreneuriat du secteur informel pour mieux approcher sa formalisation intégrative ? Telle est notre problématique de recherche. A partir d'une revue de littérature, nous tentons d'abord de cerner le concept, les approches de l'entrepreneuriat informel, les déterminants théoriques de la dynamique entrepreneuriale dans le secteur via la proposition d'un profil-type. Ensuite, nous présentons les modèles de référence de structuration-formalisation du secteur, et en proposer une trame théorique, à affiner par contextualisation dans le cadre de l'économie marocaine. Les propositions de recherche ainsi dégagées seront étudiées examinées par des entretiens semidirectifs avec les entrepreneurs opérant dans l'informel. L'objectif de cette étude est de contribuer à la bonne compréhension des causes de la résilience de ces entrepreneurs, les leviers à mobiliser pour réussir le processus de formalisation.
    Keywords: économie informelle,entrepreneuriat informel,résilience informelle,déviance,formalisation
    Date: 2022–01–01
  9. By: Eckhard Janeba
    Abstract: Under extraterritorial sanctions the sanctioning country extends its policies to trade of third countries with the sanctioned country. A prominent example is former US President Trump’s decision to leave the Joint Comprehensive Plan of Action (JCPOA), a multilateral agreement with Iran. The decision led to a shutdown of EU trade with Iran. In this paper, I develop a game-theoretic model to explain the emergence of extraterritorial sanctions. Such trade sanctions i) do not arise when the harmful activity of the sanctioned country (“build a nuclear bomb”) is verifiable even if monetary transfers are ruled out, but ii) emerge if a second activity (“sponsor international terrorism”) is not verifiable, and the sanctioning countries differ in their gains from trade with the sanctioned country, their harm from the non-verifiable, and their reputational cost from abandoning the international economic order. In the context of the US-Iran-EU conflict, I argue that the oil and gas fracking boom in the US together with former President Trump’s ignorance of his international reputation are key factors in the emergence of extraterritorial trade sanctions.
    Keywords: international trade, sanctions, extraterritorial sanctions, US-Iran conflict
    JEL: F02 F51 K33
    Date: 2022
  10. By: Iman Cheratian; Saleh Goltabar; Mohammad Reza Farzanegan
    Abstract: Given the importance of firm strategic management in time of crises, this study investigates Micro, Small, and Medium Enterprises (MSMEs) survival strategies during the international sanctions against Iran. Using data from a questionnaire of 486 firms between December 2019 to September 2020, we found that firm strategies in reducing research and development (R&D) expenditures, marketing costs, and fixed/overhead costs and investing in information technology (IT) are positively related to their survivability. Conversely, managerial decisions to “reduce production” and “staff pay cut/freeze” have negative and significant impacts on a firm’s ability to survive during sanctions. Moreover, micro firms are more resilient than their small and medium counterparts. The findings also confirm that age has a significant and positive impact on firm survival. Finally, the results show that having a business plan, access to finance and technology, owner education, export orientation, business networking and consulting services are the key drivers of withstanding the pressure from sanctions.
    Keywords: crisis, recession, sanction, survival strategies, firm, Iran
    JEL: F51 M13 L25 L26
    Date: 2022
  11. By: Oussama Benlabbah (Faculté des Sciences Juridiques, Economiques et Sociales - Université Mohamed V - Souissi)
    Abstract: This article comes within the framework of the insufficiency of the measures taken by the public authorities withregard to the empowerment of women. Empowerment is a recent concept that has aroused the interest of academics and practitioners for some decades. The ambiguity of agreeing around a universal definition still persists. On the other hand, the main features of a global definition do exist. However, we can define women's empowerment as the ability of women to make strategic decisions about their own lives and to access the resources necessary to ensure their independence and contribute to their well-being and the prosperity of their country. This work aims to highlight the obstacles facing the empowerment of women in Morocco. For this, we considered semi-directive interviews as part of a qualitative methodology in order to focus on these obstacles from the point of view of women. Subsequently, a textual analysis using the Nvivo tool was applied to interpret the results. These show that access to education and its quality, the socio-cultural structure, family influence are among the main obstacles to the overall and effective empowerment of Moroccan women. However, integrating the notion of empowerment into school curricula, guaranteeing equal access to higher education, ICTs, awareness-raising can play a crucial role in making women's empowerment a participatory process, effective, comprehensive and efficient.
    Abstract: Cet article intervient dans le cadre de l'insuffisance des mesures prises par les autorités publiques en ce qui concerne l'empowerment des femmes. L'empowerment est un concept récent qui a suscité l'intérêt des académiciens et praticiens depuis quelque décennie. L'ambigüité de s'accorder au tour d'une définition universelle persiste toujours. Par contre, les principaux traits d'une définition globale existent. Cependant, nous pouvons définir l'empowerment des femmes comme la capacité de la femme à prendre des décisions stratégiques de sa propre vie et d'accéder aux ressources nécessaires pour assurer son indépendance et contribuer à son bien-être et la prospérité de son pays. Ce travail a pour objectif de mettre l'accent sur les obstacles face à l'empowerment des femmes au Maroc. Pour ce, nous avons envisagé des entretiens semi-directifs dans le cadre d'une méthodologie qualitative afin de mettre le point sur ces obstacles du point de vue des femmes. Par la suite une analyse textuelle à l'aide de l'outil Nvivo a été appliquée pour interpréter les résultats. Ces derniers montrent que l'accès à l'éducation et sa qualité, la structure socio culturelle, l'emprise familiale sont parmi les obstacles principaux face à un empowerment global et effectif des femmes marocaines. Cependant, intégrer la notion de l'autonomisation dans les programmes scolaires, garantir l'égalité de l'accès à l'enseignement supérieur, les TIC, la sensibilisation peut jouer un rôle crucial pour faire de l'empowerment des femmes un processus participatif, effectif, global et efficient
    Keywords: Obstacles to women's empowerment,Inclusive development,new development model,Autonomisation des femmes,nouveau modèle de développement,obstacles face à l'empowerment des femmes
    Date: 2022
  12. By: Nada Boustani (Saint Joseph University of Beirut); Manuela Ferreira (Polytechnic Institute of Viseu); Raquel Guiné (Polytechnic Institute of Viseu)
    Abstract: This research work investigated the Lebanese consumers' knowledge about food fibre and their food habits according to age groups and gender. The study was conducted from January 2021 till end of March 2021. Due to the pandemic of Covid-19 and the lockdown, the questionnaire was administered randomly through social media. The survey consisted of a longitudinal study carried out on a non-probabilistic convenience sample of 258 Lebanese participants. The responses were used to undertake a quantitative, descriptive and analytical study. The questionnaires received and considered valid, were mostly from women (59.7%) and essentially living in an urban environment (78.3%). To analyse the data, basic descriptive statistics were considered on a first level. Additionally, statistical tests were also carried out (Student t test for comparisons between two groups). Finally, results and analysis were done to evaluate the importance of food knowledge among these people in addition to their eating habits and the possible gender differences. The results revealed that there are some gender inequalities (F=6.238, α= 0.0013) in terms of knowledge about food fibre, but no living environment differences were found (F=0.36, α=0.85). Additionally, consumption habits showed major differences between female and male food behaviour, especially when it comes to eating: the frequency of eating outside from home, eating fast food and consuming fruits. The value of this study focuses on the food knowledge and habits in Lebanon, specifically in a country defined by a multi-ethnical diversity and religiosity and where food habits were mainly related to social behaviour. Therefore, this study adds more knowledge about these people's food behaviour and valuable information about specific food attitudes.
    Keywords: Lebanese consumers,social behaviour,eating habits,food knowledge,fast food,food fibre
    Date: 2021–12–30
  13. By: Soukaina Boutakbout (laboratoire Interdisciplinaire de Recherches et d’études en management des organisations et droit de l’entreprise-LIREMD); Abdelhadi Grine (laboratoire Interdisciplinaire de Recherches et d’études en management des organisations et droit de l’entreprise-LIREMD); Mohamed Loulid (laboratoire Interdisciplinaire de Recherches et d’études en management des organisations et droit de l’entreprise-LIREMD)
    Abstract: This article explores the management control system in the context of the New Public Management initiatives. These initiatives have led to changes in the structure and functioning of public sector organizations in order to make them work better. A qualitative research methodology is applied, in particular with 9 managers through individual semi-directive interviews to obtain a better understanding of our phenomenon. To do this, we have advocated a contingency approach on the determinants of the management control system. This study proves that the Administration is always in search of improvement and that a mobilization of the decision-makers is to be undertaken. Thus, the success (or failure) of the New Public Management (NPM) reforms depends, in large part, on the administrative, political and strategic context in which these reforms take place. The results obtained allowed us to understand that the implementation of the management control system is still an urgent need for Moroccan public administrations in order to follow the transformation movement launched by the Kingdom. One of the main limitations of this study is related to the difficulty of accessing secondary data and the field, since our research theme focused on the public sphere. However, we encountered tremendous reluctance on the part of collaborators. Although experimental, our exploratory qualitative study requires additional confirmatory quantitative study to determine, verify, and generalize our theoretical findings. At the same time, we should have taken more than two Administrations, but we were unable to meet this desired standard.
    Abstract: Cet article porte sur l'exploration du système de contrôle de gestion dans le contexte des initiatives de la nouvelle gestion publique. Ces initiatives ont entraîné des changements dans la structure et le fonctionnement des organisations du secteur public afin de les faire mieux fonctionner. Une méthodologie de recherche qualitative est appliquée notamment auprès de 9 responsables à travers des entretiens individuels semi-directifs pour obtenir une meilleure compréhension de notre phénomène. Pour ce faire, nous avons préconisé une approche de contingence portant sur les déterminants du système de contrôle de gestion. Cette étude prouve que l'Administration est toujours en quête d'amélioration et qu'une mobilisation des décideurs est à entreprendre, ainsi le succès (ou l'échec) des réformes de New Public Management (NPM) dépend, en grande partie, du contexte administratif, politique et stratégique dans lequel ces réformes s'inscrivent. Les résultats obtenus, nous ont permis de comprendre que la mise en œuvre du système de contrôle de gestion reste toujours un besoin urgent pour les Administrations publiques marocaines afin qu'elles puissent suivre le mouvement de transformation lancé par le Royaume. L'une des principales limites de cette étude est liée à la difficulté d'accéder aux données secondaires ainsi qu'au terrain puisque notre thématique de recherche s'est intéressée à la sphère publique. Toutefois, nous avons rencontré des réticences énormes de la part des collaborateurs. Bien qu'expérimentalement, notre étude qualitative exploratoire nécessite une étude quantitative confirmatoire supplémentaire pour déterminer, vérifier et généraliser nos résultats théoriques. Parallèlement, nous aurions dû prendre plus de deux Administrations, mais nous n'avons pas pu répondre à cette norme souhaitée.
    Keywords: New Public Management,Management Control Systems,Public Management,Public Administration,Nouveau Management Public,Contrôle de Gestion,Gestion Publique,Administration Publique
    Date: 2022–01–31

This nep-ara issue is ©2022 by Paul Makdissi. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.