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on MENA - Middle East and North Africa |
| By: | Awdeh, Ali |
| Abstract: | The Arab region contains several countries that suffer high levels of indebtedness, resulting from decades of weak (if not failing) macroeconomic, fiscal, monetary and trade policies. This indebtedness was further exacerbated by political and security unrest, and lastly by the repercussions of Covid-19 crisis. By end 2019, i.e. before the eruption of Covid-19 pandemic, the government debt-to-GDP ratio reached 200 percent in Sudan, which ranked the country third globally in this indicator. Two other Arab countries recorded government debt-to-GDP ratio above 100 percent, namely Lebanon and Bahrain. Several other Arab countries also record considerably high debt ratios, in particular Yemen, Egypt, Jordan, Morocco, and Tunisia. Among other factors, the persistent budget deficit, which is determined by the fiscal policies, is in turn a major determinant of the mounting debt in the Arab region. This high indebtedness resulted in high debt service burden in the Arab countries, which is financed via increased borrowing, higher taxes, and leading to lower government spending, thus imposing liquidity challenges and limits fiscal space which could have otherwise been invested in essential public services, and in financing the Sustainable Development Goals in the Arab countries. Several Arab countries rely heavily on banks to meet their borrowing needs and banks across the Arab region invest considerably in the government securities and dedicate large sums of their resources to finance government budget. The end-2022 data show that approximately 10 percent of the consolidated assets of the Arab banking sector is invested in government debt. The fiscal policies in the Arab countries are indeed responsible for the level of debt held by banks. In particular, budget balance, government debt levels, and interest paid on government debt, are all factors that determine the investment of banks in the domestic sovereign debt. The interconnectedness between fiscal position and bank lending to the government results in the sovereign-bank nexus phenomenon in the Arab region, which poses risks for fiscal sustainability and financial stability. Moreover, the high levels of bank holdings of government debt in several Arab countries may result in two repercussions: firstly, a high exposure of banks to sovereign risk and ratings downgrade following sovereign downgrade; and secondly, a crowding out effects for private sector and depriving businesses from the needed funding. To avoid such scenarios, proper macroprudential and microprudential framework aiming to mitigate the sovereign-bank nexus must be put in place. |
| Keywords: | Sovereign Debt; Financial Sector Stability. |
| JEL: | E58 G21 H6 H63 H68 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119425&r=ara |
| By: | Zakariae Majid (FSJESO - Faculté des sciences juridiques, économiques et sociales, Université Mohammed Premier, Oujda, Maroc, mohammed.eddaou@ump.ac.ma); Driss Driouchi (FSJESO - Faculté des sciences juridiques, économiques et sociales, Université Mohammed Premier, Oujda, Maroc, mohammed.eddaou@ump.ac.ma) |
| Abstract: | In recent years, Morocco has pursued a consistent strategy of public debt to finance its expenditures. However, this continual reliance on borrowing has not yielded the necessary revenues to fulfill commitments to creditors while requiring the state to meet credit deadlines without compromising economic growth. In this context, this article aims to empirically explore the relationship between public debt and economic growth in Morocco from 2000 to 2020. The adopted methodology is based on a hypothetico-deductive approach, commencing with a comprehensive review of theoretical and empirical literature addressing this specific issue. Following this foundation, an econometric modeling is undertaken, specifically applying multiple regression model. This thorough analytical approach allows us to grasp the implications of public debt on Morocco's economic performance. The obtained results reveal a positive relationship between public debt and Gross Domestic Product (GDP). This conclusion suggests that, in the Moroccan context, the increase in public debt is associated with an augmentation of GDP. However, interpreting this correlation requires nuanced analysis, taking into account the specificities of the Moroccan economic context. This study thus contributes to understanding the complex dynamics between public debt and economic growth, providing significant insights for policymakers and economic stakeholders. |
| Abstract: | Au cours des dernières années, le Maroc a opté pour une stratégie soutenue d'endettement public pour financer ses dépenses. Cependant, ce recours constant à l'emprunt n'a pas généré les revenus nécessaires pour honorer les engagements envers les créanciers, tout en exigeant de l'État le respect des échéances de crédit sans compromettre la croissance économique. Dans ce contexte, cet article vise à explorer empiriquement la relation entre la dette publique et la croissance économique au Maroc sur la période allant de 2000 à 2020. La méthodologie adoptée repose sur une approche hypothético-déductive, débutant par une revue exhaustive de la littérature théorique et empirique traitant de cette problématique spécifique. En suivant cette base, une modélisation économétrique est entreprise, notamment à travers l'application du modèle de régression multiple. Cette démarche analytique approfondie nous permet d'appréhender les implications de la dette publique sur la performance économique du Maroc. Les résultats obtenus révèlent un lien d'effet positif entre la dette publique et le Produit Intérieur Brut (PIB). Cette conclusion suggère que, dans le contexte marocain, l'accroissement de la dette publique est associé à une augmentation du PIB. Toutefois, l'interprétation de cette corrélation nécessite une analyse nuancée, prenant en compte les spécificités du contexte économique marocain. Cette étude contribue ainsi à la compréhension des dynamiques complexes entre endettement public et croissance économique, offrant des perspectives importantes pour les décideurs politiques et les acteurs économiques |
| Keywords: | Public debt; Economic growth; multiple regression; Morocoo, Dette publique; Croissance économique; Régression multiple; Maroc |
| Date: | 2023–12–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04358305&r=ara |
| By: | Chaimae Hmimnat (FEG, UIT - Faculté d’Economie et de Gestion, Université Ibn Tofail, Kénitra); Mounir El Bakouchi (FEG, UIT - Faculté d’Economie et de Gestion, Université Ibn Tofail, Kénitra) |
| Abstract: | The study explains how blockchain and cryptocurrency are transforming the Moroccan financial landscape. It tries to comprehend how these developing technologies, with their promises of decentralization and increased efficiency, may shape Morocco's future financial stability. The article begins by introducing the reader to the fundamental ideas of blockchain and cryptocurrency. A thorough literature analysis recounts past and contemporary studies on the subject, providing a context against which Moroccan progress is judged. Morocco's approach to blockchain and cryptocurrencies has been cautious yet forward-thinking. While these technologies offer prospects for increased transparency, diversification of financial assets, and transactional efficiency, they also create problems. Notably, the volatile nature of bitcoin prices, along with a nascent regulatory structure, poses serious challenges to financial stability. The paper reveals significant gaps in current research, specifically the scarcity of studies contextualized within Morocco's distinct socioeconomic setting. These deficiencies provide a direction for future academic and policy-oriented research. To fully realize the potential of blockchain and cryptocurrencies in Morocco, a balanced strategy is required-one that actively supports innovation while remaining within a regulated legal framework. The realities of such a strategy are investigated, providing policymakers and industry stakeholders with actionable insights. This study is one of the first to look into the complexities of blockchain and cryptocurrencies in Morocco, filling a critical knowledge gap. While many studies investigate these technologies on a worldwide basis, this study takes a different approach, concentrating on their consequences within Morocco's distinct socioeconomic fabric.The findings are valuable to both academics and practitioners, providing a road map for navigating Morocco's young but developing crypto-financial sector. |
| Keywords: | Blockchain, Cryptocurrency, Financial Stability, Moroccan financial ecosystem |
| Date: | 2023–11–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04347223&r=ara |
| By: | AlAzzawi, Shireen; Dang, Hai-Anh; Hlasny, Vladimir; Abanokova, Kseniya; Behrman, Jere |
| Abstract: | Various challenges are thought to render female-headed households (FHHs) vulnerable to poverty in the Arab region. Yet, previous studies have mixed results and the absence of household panel survey data hinders analysis of poverty dynamics. We address these challenges by proposing a novel typology of FHHs and analyze synthetic panels that we constructed from 20 rounds of repeated cross-sectional surveys spanning the past two decades from Egypt, Iraq, Jordan, Mauritania, Palestine, and Tunisia. We find that the definition of FHHs matters for measuring poverty levels and dynamics. Most types of FHHs are less poor than non-FHHs on average, but FHHs with a major share of female adults are generally poorer. FHHs are more likely to escape poverty than households on average, but FHHs without children are most likely to do so. While more children are generally associated with more poverty for FHHs, there is heterogeneity across countries in addition to heterogeneity across FHH measures. Our findings provide useful inputs for social protection and employment programs aiming at reducing gender inequalities and poverty in the Arab region. |
| Keywords: | poverty, feminization, female-headedness typology, synthetic panels, Arab region, household surveys |
| JEL: | I3 J16 N35 O1 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:1363&r=ara |
| By: | Youssef Sossey Alaoui (LEMO - Laboratoire Economie et management des organisations , Université Ibn Tofail -Kénitra - FEG - Faculté de science économique et gestion Université Ibn Tofail -Kénitra); Mohamed Torra (LEMO - Laboratoire Economie et management des organisations, Université Ibn Tofail -Kénitra - FEG - Faculté de science économique et gestion Université Ibn Tofail -Kénitra) |
| Abstract: | In a knowledge-oriented society, knowledge sharing within an organization is widely recognized as a crucial strategic element, as emphasized by Peter Drucker. Performance theory explores this concept through various dimensions, encompassing strategic performance according to T. Peters and R. Waterman (1983), competitive performance according to M. Porter (1974), economic and financial performance according to J.M. Stern and G.B. Stewart, and socio-economic performance according to (Isaac & Kalika, n.d.). While contemporary approaches integrate a systemic view of performance by including the organizational dimension, traditional approaches primarily focus on the economic aspect. This study focuses on the challenges related to knowledge sharing in the field of athletics in Morocco and its impact on organizational performance, with a particular emphasis on sharing among stakeholders. Using a quantitative approach based on hypothetico-deductive reasoning, we employed a computerized questionnaire via Google Forms to survey 120 sports organizations affiliated with the Royal Moroccan Athletics Federation. By utilizing SPSS software, the results indicate a limited inclination towards knowledge sharing within these organizations, while revealing a significant positive impact of this sharing on their performance. Thus, this research explores the intricate links between knowledge sharing and organizational performance in the field of athletics in Morocco, providing valuable insights for knowledge management and performance enhancement within these sports entities. |
| Abstract: | Dans une société orientée vers la connaissance, le partage des connaissances au sein d'une organisation est largement reconnu comme un élément stratégique essentiel, comme le souligne Peter Drucker. La théorie de la performance explore cette notion à travers diverses dimensions, englobant la performance stratégique selon T. Peters et R. Waterman (1983), concurrentielle selon M. Porter (1974), économique et financière selon J.M. Stern et G.B. Stewart, ainsi que socio-économique selon (Isaac & Kalika, s. d.). Tandis que les approches contemporaines intègrent une vision systémique de la performance en incluant la dimension organisationnelle, les approches traditionnelles se concentrent principalement sur l'aspect économique. Cette étude se concentre sur les défis liés au partage des connaissances métiers et son impact sur la performance organisationnelle dans le contexte de l'athlétisme au Maroc, mettant particulièrement l'accent sur le partage entre les acteurs. À l'aide d'une approche quantitative basée sur un raisonnement hypothético-déductif, nous avons utilisé un questionnaire informatisé via Google Forms pour interroger 120 organisations sportives affiliées à la Fédération Royale Marocaine d'Athlétisme. En exploitant le logiciel SPSS, les résultats indiquent une propension limitée au partage des connaissances métiers au sein de ces organisations, tout en révélant un impact positif significatif de ce partage sur leur performance. Cette recherche explore ainsi les liens complexes entre le partage des connaissances et la performance organisationnelle dans le domaine de l'athlétisme au Maroc, offrant des perspectives précieuses pour la gestion des connaissances et l'amélioration des performances au sein de ces entités sportives. |
| Keywords: | Knowledge sharing business knowledge organizational performance tacit and explicit knowledge sports organization. Classification JEL : Paper type: Empirical Research, Knowledge sharing, business knowledge, organizational performance, tacit and explicit knowledge, sports organization. Classification JEL : Paper type: Empirical Research |
| Date: | 2023–12–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04360442&r=ara |
| By: | Allen IV, James; Gilligan, Daniel O.; Kurdi, Sikandra; Shokry, Nada; Yassa, Basma |
| Abstract: | 1. Forsa, which means “Opportunity†in Arabic, is a new economic inclusion program of the government of the Arab Republic of Egypt. Implemented by the Ministry of Social Solidarity (MoSS), one major goal of the program is to graduate beneficiaries of Takaful to economic self reliance by enabling them to engage in wage employment or small-scale productive enterprises. 2. The Forsa program began in 2023, after significant delays. Obstacles to implementation in cluded the Covid-19 pandemic, nationwide inflation subsequent to the Ukraine-Russia war result ing in funding challenges for asset purchases, and administrative challenges with procurement approvals by the Ministry of Finance. Forsa implementation was conducted under MoSS super vision by local non-governmental organizations (NGOs). While a few NGOs received their first payments in the first quarter of 2022, most NGOs received their first payments in October 2022, delaying program implementation to February 2023. According to the MoSS, in the second half of 2023, households receiving assets through the program increased from around 3, 000 (9%) to 10, 302 (29%) out of a target of 35, 000 households through 49 contracted NGOs and two private hiring firms, and the number of participants receiving a job has increased from 3, 324 (23%) in August to 5, 392 (38%) by end of November of 2023 out of a target of 14, 314 households through 22 NGOs and two private firms. |
| Keywords: | economic aspects; employment; wages; enterprises; inflation; households; EGYPT; ARAB COUNTRIES; MIDDLE EAST; NORTH AFRICA; AFRICA |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:menawp:43&r=ara |
| By: | Brahim Fathallah (UH2C - Université Hassan II de Casablanca (UH2C)); Horr Latifa |
| Abstract: | In recent years, entrepreneurship has attracted a lot of interest in many regions of the world, this can be explained by the existing correlation between the creation of new businesses and economic development. However, the latest crisis, linked to Covid19, revealed a sharp increase in the risk of developing entrepreneurship and a reduction in the probability of success at all its stages, in particular for small and medium-sized businesses. Indeed, difficult market conditions alone determine the impossibility not only of economic development, but even of the simple survival of companies without innovations creating new opportunities. Furthermore, despite the increasing scale of financial support to the entrepreneur, it is no longer sufficient and the need to attract investments and borrowed funds determines the importance of the evaluation of innovative entrepreneurial projects. This article highlights the growing importance of the evaluation of entrepreneurial projects by young people in Morocco, as part of the third phase of the National Human Development Initiative (INDH). Active participation in this process invigorates the entrepreneurial spirit by fostering innovation, encouraging calculated risk-taking and contributing to the creation of an economically prosperous and socially responsible future. While recognizing potential challenges, it also addresses the need to invest in developing the skills and knowledge of young evaluators, so that they can play an effective and beneficial role in the evaluation of entrepreneurial projects. |
| Abstract: | Ces dernières années, l'entrepreneuriat a suscité beaucoup d'intérêt dans de nombreuses régions du monde, ceci s'explique par la corrélation existante entre la création de nouvelles entreprises et le développement économique. Or, la dernière crise, liée au Covid19, a révélé une forte augmentation du risque de développement de l'entrepreneuriat et une réduction de la probabilité de succès à toutes ses étapes, en particulier pour les petites et moyennes entreprises. En effet, les conditions de marché difficiles déterminent à elles seules l'impossibilité non seulement du développement économique, mais même de la simple survie des entreprises sans innovations créant de nouvelles opportunités. En outre, malgré l'ampleur croissante du soutien financier à l'entrepreneur, il n'est plus suffisant et la nécessité d'attirer les investissements et les fonds empruntés détermine l'importance de l'évaluation des projets entrepreneuriaux innovants. Cet article met en lumière l'importance croissante de l'évaluation des projets entrepreneuriaux par les jeunes au Maroc, dans le cadre de la troisième phase de l'Initiative Nationale de Développement Humain (INDH). La participation active à ce processus revigore l'esprit d'entreprise en favorisant l'innovation, en encourageant la prise de risques calculés et en contribuant à la création d'un avenir économiquement prospère et socialement responsable. Tout en reconnaissant les défis potentiels, il aborde également la nécessité d'investir dans le développement des compétences et des connaissances des jeunes évaluateurs afin qu'ils puissent jouer un rôle efficace et bénéfique dans l'évaluation des projets entrepreneuriaux. |
| Keywords: | Project assessment, Entrepreneurship, National Human Development Initiative, Economic Inclusion., Évaluation de projets, Entreprenariat, Initiative Nationale de Développement Humain, Inclusion économique |
| Date: | 2023–11–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04332026&r=ara |
| By: | dagher, leila; Nassar, fadi nicolas |
| Abstract: | On August 4, 2020, a massive explosion at the Port of Beirut (PoB) triggered a devastating humanitarian disaster in Lebanon at a time when the country was already coping with one of the largest economic and financial meltdowns in modern history. Information collected from 50 Key Informant Interviews and 900 surveys of beneficiaries reflects the existing wide consensus that there was a total lack of coordination between the key stakeholders involved. Interviewees emphasized several challenges including, among others, competition among aid providers, and duplication of aid. To avoid this chaotic environment in the future, there is an urgent need to establish both an effective national crisis management unit and an online aid tracker. An aid tracker which allows all stakeholders and the general public to monitor aid flows, will foster trust in a more transparent aid process, while providing a flexible and easily-accessible platform for aid providers to collaborate. |
| Keywords: | Lebanon; Beirut; donor coordination; foreign aid; crisis management |
| JEL: | F35 H12 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119404&r=ara |
| By: | Muhammed Bahca; Tunc Bayram; Huzeyfe Torun |
| Abstract: | [TR] Bu calismada, Turkiye’de gida perakende sektorunde faaliyet gosteren zincir marketlerin fiyatlama davranislari betimsel olarak incelenmektedir. Bu arastirmada gunluk olarak duzenli veri temin edilebilen ve Turkiye genelinde yaygin olan zincir marketlerden derlenen saha verileri kullanilmis; tuketici fiyat endeksi sepetinde gorece yuksek agirliga sahip ve birbirine benzer urunlerin fiyat dinamikleri incelenmistir. Bulgular ilk olarak marketlerin kendi markali urunlerinde fiyat degisikliklerini eszamanli/yakin zamanlarda yaptiklarina isaret etmektedir. Ýkinci olarak, fiyat degisikliklerinin zamanlamasindaki benzesmenin yani sira zaman icinde marketler arasi fiyat farkliliklarinin azaldigi ve fiyat seviyelerinin birbirlerine belirgin bir sekilde yakinsadigi gozlenmektedir. Son olarak, fiyatlardaki benzesmeye yonelik oruntuyu sayisallastirmak amaciyla hesaplanan varyasyon (degisim) katsayisinin son aylarda azaldigi, fiyatlarin ayni veya cok yakin seviyelerde belirlenme egiliminin son donemde genel olarak arttigi tespit edilmistir. [EN] In this study, the pricing behaviors of retailers operating in the Turkish food retail sector areanalyzed descriptively. In this research, field data collected from chain retailers, where regular datacan be obtained on a daily basis throughout the country, are utilized; the price dynamics of homogeneous products that have relatively high weights in the consumer price index basket are examined. Findings suggest that retailers tend to make price changes for their private label products almost simultaneously. Secondly, in addition to the timing of price changes, it is observed that the price differences between the retailers have decreased over time and the price levels have converged significantly. Finally, it has been detected that the coefficient of variation, which istendency to set prices at the same or very close levels has increased in general in the recent period. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:econot:2310&r=ara |