nep-ara New Economics Papers
on MENA - Middle East and North Africa
Issue of 2023‒11‒06
eleven papers chosen by
Paul Makdissi, Université d’Ottawa

  1. Export performance in the context of the health crisis: case of Morocco By Elkhider Abdelkader; Asmaa Kissai
  2. Digital Transformation and Financial Inclusion: A Strategic Imperative for Morocco's Banking Sector By Bouchtaoui Mohamed
  3. FDI and economic growth in Africa : the case of Morocco By Walid Agrar; Mimoun Derraz
  4. Leveraged Buyouts in Morocco: catalysts for value creation and corporate governance By Abir Attahiri; Mohamed Makhroute
  5. Analysis of the financing of Moroccan SMEs using the Moucharaka model: An optimised perspective on the divergence ratio. By Abid Mustapha; Douari Aziz
  6. Communication issues in supply chain management: An exploratory study in the import-distribution sector of IT products in Morocco By Sara Talbi; Sofia Achour; Badra Abkary
  7. Investing in Business Model Innovation and adaptation during crisis period: Evidence from the Moroccan Insurance sector in Covid-19. By Leila Benslimane; Salah Eddine Kartobi; Abdessamad Ejjiar
  8. National and subnational burden of brain and central nervous system cancers in Iran, 1990–2019: Results from the global burden of disease study 2019 By Mahdavi, Mahdi; Moghaddam, Sahar Saeedi; Abbasi‐Kangevari, Mohsen; Mohammadi, Esmaeil; Shobeiri, Parnian; Sharifi, Guive; Jafari, Ali; Rezaei, Negar; Ebrahimi, Narges; Rezaei, Nazila; Ghamari, Seyyed‐Hadi; Malekpour, Mohammad‐Reza; Khalili, Majid; Larijani, Bagher; Kompani, Farzad
  9. The economy-wide impact of Sudan’s ongoing conflict: Implications on economic activity, agrifood system and poverty [in Arabic] By Siddig, Khalid; Raouf, Mariam; Ahmed, Mosab O. M.
  10. Finansal Kiralama Sektorunun Yatirimlarin Finansmani Acisindan onemi By Kubra Bolukbas; Tuba Pelin Sumer
  11. Ani Kredi Buyumesi ve Firma Davranisi: Bir Vaka Analizi By Tarik Alperen Er; Aykut Sengul; Ýbrahim Yarba

  1. By: Elkhider Abdelkader (GRESSGD - Groupe de recherche économie sociale solidaire gouvernance et développement - GRESSGD - Groupe de recherche économie sociale solidaire gouvernance et développement); Asmaa Kissai (GRESSGD - Groupe de recherche économie sociale solidaire gouvernance et développement - GRESSGD - Groupe de recherche économie sociale solidaire gouvernance et développement)
    Keywords: Export performance, Moroccan exports, Crisis, Exportations, Maroc, Performance à l'export, Crise, Crise sanitaire
    Date: 2023–09–21
  2. By: Bouchtaoui Mohamed (Faculty of Law, Economics and Social Sciences, Salé, Mohammed V University, Rabat, Morocco.)
    Abstract: This paper studies the current state of the Moroccan banking system in the context of digital economy development, to establish the benchmarks and needs for banking regulation, and to study the potential possibilities of digitalization of relations and transactions in the banking sector in the mechanism of implementing prudential rules. Digital transformation in the banking industry is associated with obstacles that seem to hinder the smooth implementation of digital approaches. This issue has not been adequately addressed in the current academic literature. The main purpose of this qualitative exploratory study is to identify the main perceived obstacles to digital transformation in the Moroccan commercial banking sector from a point of view and to analyse them accordingly. However, challenges such as low financial penetration and mismatches with costumer needs persists. The digitalization of financial services emerges as a promosing avenue to address these issues, significantly increasing financial access and inclusion in Morocco, in line with trends observed in other African Nations.
    Abstract: Cet article étudie l'état actuel du système bancaire marocain dans le contexte du développement de l'économie digitale, afin d'établir les repères et les besoins en matière de réglementation bancaire, et d'étudier les possibilités potentielles d'une digitalisation des relations et des transactions dans le secteur bancaire dans le cadre de la mise en œuvre des règles prudentielles. La transformation digitale dans l'industrie bancaire est associée à des obstacles qui semblent entraver la mise en œuvre fluide des approches numériques. Cette question n'a pas été adéquatement abordée dans la littérature académique actuelle. L'objectif principal de cette étude exploratoire qualitative est d'identifier les principaux obstacles perçus à la transformation digitale dans le secteur bancaire marocain d'un point de vue analytique. Cependant, des défis tels que la faible pénétration financière et les discordances avec les besoins des clients persistent. La digitalisation des services financiers émerge comme une avenue prometteuse pour résoudre ces problèmes, en augmentant significativement l'accès aux services financiers et en favorisant l'inclusion financière au Maroc, en conformité avec les tendances observées dans d'autres pays africains.
    Keywords: Moroccan banking sector, digital economy, digital transformation process, financial services., African Scientific Journal
    Date: 2023–09–26
  3. By: Walid Agrar (ENCGO - Ecole Nationale de Commerce et de Gestion); Mimoun Derraz (Université Mohammed Premier [Oujda])
    Abstract: From the beginning of the 1980s, Morocco, like other emerging countries, organized a set of measures and reforms working in favor of the attractiveness of FDI.FDI represents the "bridge" for African countries to integrate into and be part of the international financial and commercial sphere.Morocco is aware of the role of FDI in economic growth, it has embarked on a project of structural, institutional and regulatory reforms and changes in order to ensure their attractiveness.The presence of FDI in an economy symbolizes an open and efficient internationalized economic system and acts as an engine of economic growth.Through this study, we will demonstrate the effects of FDI on the economic and social growth of Morocco, via an analysis of macroeconomic indicators, to conclude with recommendations drawn on the basis of the practices of pioneering countries in the attraction of FDI. FDI remains a determining factor and a had a degree of influence on the economic growth of Morocco, which is positioned among others such as the promotion of local investment, the development of human capital, etc.
    Abstract: Dès le début des années quatre-vingt le Maroc à l'image d'autres pays émergents a organisé un ensemble de mesures et réformes jouant en faveur de l'attractivité des IDE.Les IDE représentent le « pont » pour les pays africains pour s'intégrer dans la sphère financière et commerciale internationale et d'en faire partie.Le Maroc est conscient du rôle des IDE dans la croissance économique, il s'est engagé dans un chantier de réformes et mutations structurelles, institutionnelles et réglementaires afin d'assurer leur attractivité.La présence des IDE dans une économie symbolise un système économique internationalisé ouvert et efficace et fait office d'un moteur de croissance économique.A travers cette étude, nous allons démontrer les effets des IDE sur la croissance économique et sociale du Maroc, par le biais d'une analyse des indicateurs macroéconomiques, pour conclure avec des recommandations tirées sur la base des pratiques des pays pionniers dans l'attraction des IDE. Les IDE restent un facteur déterminant et d'un degré d'influence sur la croissance économique du Maroc, qui se positionne parmi d'autres tels que la promotion de l'investissement local, le développement du capital humain, etc.
    Keywords: FDI, economic growth, attractiveness, Morocco, IDE, croissance économique, attractivité, Maroc
    Date: 2023–08
  4. By: Abir Attahiri (Laboratoire de Recherche en Finance, Comptabilité, Gestion et Systèmes d’Information d’Aide à la Décision - Ecole nationale de commerce et de gestion settat); Mohamed Makhroute (Laboratoire de Recherche en Finance, Comptabilité, Gestion et Systèmes d’Information d’Aide à la Décision - Ecole nationale de commerce et de gestion settat)
    Abstract: Leveraged Buyout (LBO) structures hold a pivotal place within the regulated private equity ecosystem in Morocco, despite their limited development and the challenges they face. In comparison to the stock exchange market, these structures continue to demonstrate robust performance. Build upon agency theory, which delves into the relationships between owners and managers within firms, this study primarily aims to deeply examine how leverage and governance influence value creation in these transactions. The adopted methodology is qualitative, based on semi-structured interviews with six LBO sector experts in Morocco. This methodological choice is justified by the exploratory nature of the research, allowing for in-depth analysis and understanding of the nuances and practices in this specific domain. Moreover, exploratory questions drawn from existing literature were employed to guide the inquiry and steer discussions. Results derived from this qualitative approach highlight a discernible and significant impact that these two factors - leverage and governance - exert on the wealth creation process. The theoretical contributions of this research enrich the understanding of LBOs in Morocco by emphasizing the importance of financial leverage, transparent governance, and alignment of interests for the success of these transactions. On a practical level, it offers valuable insights for investors, managers, and professionals in the Moroccan LBO sector. However, it is essential to consider the inherent limitations of this research, including the small sample size and the qualitative nature of the interviews.
    Abstract: Les montages de Leveraged Buyouts (LBO) occupent une place cruciale au sein de l'écosystème du capitalinvestissement régulé au Maroc, malgré leur développement limité et les défis auxquels ils font face. En comparaison avec les marchés publics, ces montages continuent de présenter une performance robuste. Fondée sur la théorie de l'agence, qui explore les relations entre propriétaires et gestionnaires au sein des entreprises, cette étude vise avant tout à examiner profondément comment l'effet de levier et la gouvernance influencent la création de valeur dans ces transactions. La méthodologie adoptée est qualitative, basée sur des entretiens semistructurés avec six experts du secteur des LBO au Maroc. Ce choix méthodologique est justifié par la nature exploratoire de la recherche, permettant une profondeur d'analyse et une compréhension des nuances et des pratiques de ce domaine spécifique. De plus, des questions exploratoires tirées de la littérature existante ont été employées pour orienter l'enquête et guider les échanges. Les résultats issus de cette démarche qualitative mettent en évidence un impact discernable et significatif que ces deux facteurs - l'effet de levier et la gouvernance - exercent sur le processus de création de richesse. Les apports théoriques de cette recherche enrichissent la compréhension des LBO au Maroc en soulignant l'importance de l'effet de levier financier, de la gouvernance transparente et de l'alignement des intérêts pour le succès de ces transactions. Sur le plan pratique, elle offre des perspectives précieuses pour les investisseurs, les gestionnaires et les professionnels du secteur des LBO au Maroc. Cependant, il est primordial de prendre en compte les limites inhérentes à cette recherche, notamment la taille limitée de l'échantillon et le caractère qualitatif des entretiens.
    Keywords: Leveraged buyouts, indebtedness, corporate governance, value creation, agency theory, Achat à effet de levier, endettement, gouvernance d’entreprise, création de valeur, théorie d’agence
    Date: 2023–09–30
  5. By: Abid Mustapha (LAREGMA - Laboratoire de Recherche en Economie, Gestion Management des affaires - FEG SETTAT - Faculté d’Économie et de Gestion de Settat); Douari Aziz (LAREGMA - Laboratoire de Recherche en Economie, Gestion Management des affaires - FEG SETTAT - Faculté d’Économie et de Gestion de Settat)
    Abstract: Small and Medium-sized Enterprises (SMEs) are an engine of economic growth in both developed and developing countries, but they often face financing difficulties due to the reluctance of traditional banks to grant them loans. For this reason, it is important to explore other sources of funding, such as participatory financing. This study, based on the financial data of 25 Moroccan SMEs between 2018 and 2022, compared the profit rate obtained through participatory financing (Moucharaka) with that obtained through a bank loan. The results showed that Moucharaka is an effective solution for improving the economic performance of Moroccan SMEs.
    Abstract: Les PME sont un moteur de croissance économique dans les pays développés et en développement, mais elles rencontrent souvent des difficultés de financement en raison de la réticence des banques traditionnelles à leur accorder des prêts. Pour cette raison, il est important d'explorer d'autres sources de financement, telles que la finance participative. Cette étude, basée sur les données financières de 25 PME marocaines entre 2018 et 2022, a comparé le taux de profit obtenu grâce à la finance participative (Moucharaka) avec celui obtenu par un crédit bancaire. Les résultats ont démontré que la Moucharaka est une solution efficace pour améliorer la performance économique des PME marocaines.
    Keywords: Participatory Financing, Dispersion Ratio, Produits Moucharaka, Finance participative, Petite ou moyenne entreprise, Ratio de dispersion, African Scientific Journal, Ratio de dispersion Moucharaka Products, Small or Medium Enterprise, Produits Moucharaka Finance participative Petite ou moyenne entreprise Ratio de dispersion Moucharaka Products Participatory Financing Small or Medium Enterprise Dispersion Ratio
    Date: 2023–08–30
  6. By: Sara Talbi (Université Hassan II - FSJES de Casablanca); Sofia Achour (Université Hassan II - FSJES de Casablanca); Badra Abkary (Université Hassan II - FSJES de Casablanca)
    Abstract: In the context of a competitive economic environment, it is essential for any company to coordinate, cooperate, and collaborate with various stakeholders in the supply chain if it wishes to thrive in a fierce market. This article emphasizes the importance of communication throughout the supply chain process and highlights its impact on all aspects of a company. Reliable communication within the supply chain, supported by well-defined processes, a clear information flow, and an appropriate information system, can contribute to managing uncertainties related to unpredictable market changes. By establishing effective communication, companies can better anticipate demand fluctuations, optimize inventory levels, improve production planning, and respond more quickly to customer demands. To this end, we propose identifying commonly encountered communication issues within the supply chain, which helps to better understand the challenges of communication between different links in this chain. To reach these conclusions, we used an exploratory qualitative approach combined with thematic content analysis, based on semi-structured interviews with the five main importers and distributors of authorized computer products by manufacturers and publishers, who hold a near-monopoly in the Moroccan market. The results of this study have demonstrated that communication among supply chain actors can provide operational and tactical advantages to the stakeholders, although its strategic implementation is complex. By understanding these challenges and seeking appropriate solutions, companies can strengthen their competitive position and ensure their longevity in the market.
    Abstract: Dans le contexte d'une conjoncture économique compétitive, il est essentiel pour toute entreprise de coordonner, coopérer et collaborer avec les différents acteurs de la supply chain si elle souhaite perdurer sur un marché acharné. Cet article souligne l'importance de la communication tout au long du processus de la supply chain et met en évidence son impact sur tous les aspects d'une entreprise. Une communication fiable au sein de la supply chain, soutenue par des processus bien définis, un circuit d'information claire et un système d'information adapté, peut contribuer à la gestion des incertitudes liées aux changements imprévisibles du marché. En établissant une communication efficace, les entreprises peuvent mieux anticiper les variations de la demande, optimiser leurs niveaux de stock, améliorer la planification de la production et répondre plus rapidement aux demandes des clients. À cet effet, nous proposons une identification des problèmes de communication couramment rencontrés au sein de la supply chain, ce qui permet de mieux comprendre les enjeux de la communication entre les différents maillons de cette chaîne. Pour parvenir à ces conclusions, nous avons utilisé une approche qualitative exploratoire combinée à une analyse de contenu thématique, basée sur des entretiens semi-directifs avec les cinq principaux importateurs-distributeurs de produits informatiques agréés par les constructeurs et éditeurs, qui détiennent un quasi-monopole sur le marché marocain. Les résultats de cette étude ont démontré que la communication entre les acteurs de la supply chain peut procurer des avantages opérationnels et tactiques aux acteurs, bien que sa mise en œuvre stratégique soit complexe. En comprenant ces enjeux et en cherchant des solutions appropriées, les entreprises peuvent renforcer leur position concurrentielle et assurer leur pérennité sur le marché.
    Keywords: Communication, supply chain, stakeholders, information flow., Communication, supply chain, acteurs, flux d’informations
    Date: 2023
  7. By: Leila Benslimane (UCA - Université Cadi Ayyad [Marrakech]); Salah Eddine Kartobi (UCA - Université Cadi Ayyad [Marrakech]); Abdessamad Ejjiar (UCA - Université Cadi Ayyad [Marrakech])
    Abstract: This article aims to examine the impact of the COVID-19 pandemic on business model innovation and adaptation within Morocco's insurance industry. Employing a multiple case study approach involving six insurance firms, the study assesses the crisis's influence on firm performance during the initial pandemic year. Data was collected through comprehensive online surveys and semi-structured interviews, investigating the implementation of innovative and adaptive business models. The findings demonstrate that the crisis significantly drove business model innovation and adaptation for the firms. Moreover, firms that successfully incorporated more adaptive elements demonstrated improved performance. This research underscores the importance of business model innovation and adaptation in navigating crises and enhancing resilience. It contributes to the limited literature on the COVID-19 impact on the insurance sector, shedding light on strategies that foster enduring success amid challenging circumstances.
    Keywords: Business model innovation, Business model adaptation, Covid-19, Crisis, Insurance
    Date: 2023–10–04
  8. By: Mahdavi, Mahdi; Moghaddam, Sahar Saeedi; Abbasi‐Kangevari, Mohsen; Mohammadi, Esmaeil; Shobeiri, Parnian; Sharifi, Guive; Jafari, Ali; Rezaei, Negar; Ebrahimi, Narges; Rezaei, Nazila; Ghamari, Seyyed‐Hadi; Malekpour, Mohammad‐Reza; Khalili, Majid; Larijani, Bagher; Kompani, Farzad
    Abstract: Central nervous system cancers (CNS cancers) impose a significant burden upon healthcare systems worldwide. Currently, the lack of a comprehensive study to assess various epidemiological indexes of CNS cancers on national and subnational scales in Iran can hamper healthcare planning and resource allocation in this regard. This study aims to fill this gap by providing estimates of CNS cancer epidemiological measures on national and subnational levels in Iran from 1990 to 2019. This study is a part of Global Burden of Disease (GBD) 2019 that contains epidemiological measures including prevalence, incidence, mortality, Disability‐Adjusted Life Years (DALYs), Years Lived with Disability (YLDs), and Years of Life Lost (YLLs) of CNS cancers. Age standardization was utilized for comparing different provinces. In 2019, 5811 (95% Uncertainty Interval: 2942–7046) national new cases and 3494 (1751–4173) deaths due to CNS cancers were reported. National age‐standardized incidence (ASIR), deaths (ASDR), and DALYs rates were 7.3 (3.7–8.8), 4.6 (2.3–5.5), and 156.4 (82.0–187.0) per 100, 000 in 2019, respectively. Subnational results revealed that ASDR and ASIR have increased in the past 30 years in all provinces. Although incidence rates have increased in all age groups and genders since 1990, death rates have remained the same for most age groups and genders except for young patients aged under 15, where a decrease in mortality and YLLs can be observed. The incidence, deaths, and DALYs of CNS cancers increased at national and subnational levels. These findings should be considered for planning and resource allocation.
    Date: 2023
  9. By: Siddig, Khalid; Raouf, Mariam; Ahmed, Mosab O. M.
    Keywords: REPUBLIC OF THE SUDAN; EAST AFRICA; AFRICA SOUTH OF SAHARA; AFRICA; conflicts; infrastructure; trade; production; financial institutions; markets; economic activities; livelihoods; household income; poverty
    Date: 2023
  10. By: Kubra Bolukbas; Tuba Pelin Sumer
    Abstract: [TR] Financial leasing stands out as an alternative to banking sector loans for financing investments. it is seen that investment loans and financial leasing receivables are similar in terms of maturity and interest rate, but companies with financial leasing receivables have on average a smaller asset size and export ratio compared to those using investment loans. While financial leasing transactions provide companies tax advantage, operational convenience and rapid adaptation to technological innovations, it is observed that the number of companies operating in the sector and the asset size of the sector compared to the banking sector have decreased over the years. Moreover, the size of the financial leasing sector in Turkey lags behind developed and developing countries. The fact that the financial leasing companies generally operates as a subsidiary of banks, cannot diversify its funding composition, and is rapidly affected by tax changes regarding financial leasing transactions and changes in firms' investment demand is considered to be effective in this situation. [EN] Finansal kiralama islemleri, yatirimlarin finansmaninda bankacilik sektoru kredilerine alternatif olarak one cikmaktadir. Yatirim kredileri ile finansal kiralama alacaklarinin vade ve faiz acisindan benzer oldugu, ancak finansal kiralama alacagi olan firmalarin yatirim kredisi kullananlara kiyasla ortalamada daha kucuk aktif buyuklugune ve ihracat oranina sahip oldugu gorulmektedir. Finansal kiralama islemleri, firmalara vergi avantaji, operasyonel kolaylik ve teknolojik yeniliklere hizli uyum saglama gibi avantajlar sunarken, sektorde faaliyet gosteren sirket sayisinin ve sektorun bankacilik sektorune kiyasla aktif buyuklugunun yillar icerisinde azaldigi izlenmektedir. Ayrica, Turkiye’deki finansal kiralama sektoru buyuklugu gelismis ve gelismekte olan ulkelerin gerisindedir. Finansal kiralama sektorunun agirlikli olarak bankalarin istiraki olarak faaliyet gostermesi, fonlama kompozisyonunu cesitlendirememesi, finansal kiralama islemlerine yonelik vergi degisikliklerinden ve firmalarin yatirim talebindeki degisimlerden hizli etkilenmesinin bu durumda etkili oldugu degerlendirilmektedir.
    Date: 2023
  11. By: Tarik Alperen Er; Aykut Sengul; Ýbrahim Yarba
    Abstract: [TR] Türkiye’de 2022 yilinin ilk yarisinda kredi arzinda Turk lirasi cinsi firma kredilerinin surukleyicisi oldugu ciddi bir ivmelenme gerceklesmistir. Bu calismada, guncel ve genis bir mikro veri seti kullanilarak soz konusu donemde kullandirilan Turk lirasi cinsi kredilerin etkinligi analiz edilmektedir. Firma eslestirme analizi ve farklarin farki yontemiyle elde edilen bulgular, ilgili donemde firmalarin daha fazla kredi kullaniminin kredi kullanimi daha dusuk olan grup ile kiyaslandiginda ihracat performanslarina yansimadigini gostermektedir. Firma olcegi ayriminda incelendiginde ise kucuk ve orta buyuklukteki isletmelerin (KOBÝ) ihracat performanslarinda belirgin bir ayrisma gozlenmezken, gorece fazla kredi kullanan buyuk firmalarin daha az kredi kullanan buyuk firmalara kiyasla ihracat performanslarinda belirgin bir dusus gorulmektedir. Ayrica, daha fazla kredi kullanan KOBÝ’lerin ithalat, yurt ici girdi alimi, vadesinden once yabanci para cinsi borc kapatma ve net doviz alimlarini artirdigi, daha fazla kredi kullanan buyuk firmalarin ise doviz alimlarini artirma egiliminde oldugu gorulmektedir. calismanin sonuclari, iktisadi yazindaki asiri ve secici olmayan kredi genislemelerinin gelismekte olan ulkelerde verimlilik artisina neden olmadigi yonundeki bulgulari teyit ederken, kredilerin arz ve talep dengesini destekleyecek sekilde secici ve istikrarli gelisimini saglayan politikalarin onemine isaret etmektedir. [EN] In Türkiye, a significant rise was experienced in loan supply driven by TL-denominated corporate loans, which led to a serious acceleration in loan growth in the first half of 2022. Using a rich micro data set, this study analyzes the effectiveness of loans granted in the first half of 2022. Utilizing the combination of coarsened exact matching procedure and difference-in-differences methodology, the results show that the relatively higher use of loans in the relevant period was not reflected in the export performances of the firms. in terms of firm scale, while there is no significant difference in export performances of SMEs, large firms that use higher amount of credit experienced a remarkable decline in their export revenues compared to large firms with relatively less usage of credit. Also, SMEs that use higher amount of credit increased their imports, domestic input purchases, FX denominated debt settlement and net foreign currency purchases, while large firms that use more loans tend to increase their net foreign currency purchases. The results confirm the findings in the literature that excessive and untargeted credit expansions may not lead to productivity gains in developing countries, and they point to the importance of policies that ensure selective and stable development of credit growth in a way that supports the credit supply and demand balance.
    Date: 2023

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