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on MENA - Middle East and North Africa |
| By: | Lamia SABOUR ALAOUI (National School of Business and Management (ENCG)) |
| Abstract: | SMEs have a high rate of disappearance, an SME in the course of its life may face the risk of failure. This failure is due to several micro or macro-economic factors. The objective of this article is to address the positioning of Moroccan small and medium enterprises in relation to Turkish SMEs. As such, we have chosen Turkey, as it is among the best economic powers in the world.The comparative analysis will focus on Turkey's strengths and advantages, notably in terms of the means to solve problems and difficulties related to R&D, competition from informal enterprises, access to finance, lack of managerial and entrepreneurial skills and the capacity of SMEs to participate in the exportable offer. |
| Keywords: | SMEs, Benchmarking, Managerial skills, Informal enterprises, R&D, Morocco, Turkey. |
| JEL: | A10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iefpro:14115841&r= |
| By: | Nouhaila Mchachti Abekhti (ENCGS - Ecole Nationale de Commerce et de Gestion de SETTAT); Bamousse Zineb (ENCGS - Ecole Nationale de Commerce et de Gestion de SETTAT) |
| Abstract: | This study empirically analyzes the relationship between real economic evolution, stock market capitalization, and bank credit in Morocco. It is structured into two distinct parts: the first examines the impact of the real economy on the stock market, while the second explores the influence of the stock market on the real economy. Using the Ordinary Least Squares (OLS) approach, we estimated three models. Each model was estimated using OLS regression to analyze the relationships between these variables in the context of the Moroccan financial market and economy. The results highlight that private investment plays a predominant role as the primary determinant of market size—market capitalization—and economic growth. However, bank credit—i.e., credit to the private sector—and stock market capitalization show negative effects or statistically insignificant effects. These findings suggest that the stock market and the financial sector are not fully developed or integrated into the real economy in Morocco. This study thus makes a significant contribution to the literature on the interaction between the real economy and stock markets in emerging countries and offers important implications for guiding economic and financial policies in Morocco. |
| Abstract: | Cette étude analyse empiriquement la relation entre l'évolution économique réelle, la capitalisation boursière et le crédit bancaire au Maroc. Elle est structurée en deux parties distinctes : la première examine l'impact de l'économie réelle sur le marché boursier, tandis que la seconde explore l'influence du marché boursier sur l'économie réelle. En utilisant l'approche des moindres carrés ordinaires (OLS), nous avons estimé trois modèles. Chacun a été conçu pour analyser les relations entre un ensemble de variables dans le contexte complexe du marché financier et de l'économie marocaine. Les résultats mettent en évidence que l'investissement privé joue un rôle prédominant en tant que déterminant principal de la taille du marché— capitalisation boursière—et de la croissance économique. Cependant, le crédit bancaire—c'est-à-dire le crédit au secteur privé—et la capitalisation boursière montrent des effets négatifs ou des effets statistiquement non significatifs. Ces conclusions suggèrent que le marché boursier et le secteur financier ne sont pas pleinement développés ou intégrés dans l'économie réelle au Maroc. Cette étude apporte ainsi une contribution significative à la littérature sur l'interaction entre l'économie réelle et les marchés boursiers dans les pays émergents et offre d'importantes implications pour orienter les politiques économiques et financières au Maroc. |
| Keywords: | Marché boursier, Economie réelle, Développement financier, Estimation économétrique, Maroc |
| Date: | 2024–04–22 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04556003&r= |
| By: | Asma Azzamouk (UCA - Université Cadi Ayyad [Marrakech]); Mustapha Zahir (UCA - Université Cadi Ayyad [Marrakech]) |
| Abstract: | Small and medium-sized businesses are characterized by their vulnerability due to their limited resources. Their lack of financing and expertise pushes them to implement new solutions to survive in a turbulent environment, marked by the difficult economic conjuncture and relentless competition. This article aims to explore how innovation takes place within SMEs, highlighting the peculiarities of this category of companies, in particular those that restrain their ambitions to venture into innovative projects. The present research is qualitative in nature, and the multiple case study approach was chosen for its exploratory appeal. We focused on two Moroccan SMEs for comparative data collection. The results show that SMEs are characterized by their fragility due to financial, technical and managerial factors, making them vulnerable to internal and external hazards. They recognize the importance of innovation for society, but face obstacles such as financial constraints, lack of skills and management shortcomings, which hold back the adoption of innovative practices. |
| Abstract: | Les petites et moyennes entreprises se caractérisent par leur vulnérabilité due à leurs ressources limitées. Leur manque de financement et de compétence les pousse à mettre en place de nouvelles solutions pour survivre dans un environnement turbulent, marqué par une conjoncture économique difficile et une concurrence acharnée. Cet article cherche à comprendre comment l'innovation s'opère au sein des PME et vise à cerner les particularités de cette catégorie d'entreprises, notamment celles qui freinent leurs ambitions de s'aventurer dans des projets innovants. La présente recherche est d'ordre qualitatif, l'étude de cas multiples a été choisie pour sa valeur exploratoire. Nous nous sommes concentrées sur deux PME marocaines, pour une collecte comparative de données. Il en résulte que les PME se distinguent par leur fragilité due à des facteurs financiers, techniques et managériaux, les rendant vulnérables aux aléas internes et externes. Elles reconnaissent l'importance de l'innovation pour la société, mais font face à des obstacles tels que des contraintes financières, un manque de compétences et des lacunes en gestion, qui entravent la mise en œuvre de processus innovants. |
| Keywords: | SME, vulnerability, innovation, PME, vulnérabilité, Innovation |
| Date: | 2024–04–21 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04554702&r= |
| By: | Eduardo Amaral Haddad; Karim El Aynaoui; Abdelaaziz Ait Ali; Mahmoud Arbouch; Hamza Saoudi; Inacio F. Araujo |
| Abstract: | This paper aims to quantify the economic loss from the earthquake that hit Morocco on September 8, 2023, and to evaluate the impact of the five-year reconstruction plan, that will account for roughly 8.5% of GDP. Given the geographically concentrated location of the earthquake, which hit some provinces in the central part of Morocco, the methodology used relies on an inter- province inter-industry Input-Output (IIO) table for Morocco. Assuming that the resources to be spent on infrastructure reconstruction efforts equal the actual loss of capital stock suffered in the provinces, a partial hypothetical extraction is operated on the Moroccan IIO system to simulate the damages suffered by each sector. The reconstruction plan’s impact on the economy is simulated for the period 2023-2028, using official information on households’ transfers and residential reconstruction aid, in addition to the investment efforts to rehabilitate the affected areas. Our findings suggest that the earthquake will lead to a growth loss of 0.24% of Morocco’s GDP in 2023. The reconstruction plan’s impact on Morocco’s overall economic growth is expected to be mild. However, it is likely to significantly affect the gross regional product (GRP) of the affected provinces, with the magnitude of the effect depending heavily on whether the allocated funds represent new injections into the economy, or merely reallocations of investments across regions. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:rpaper:rp-0724&r= |
| By: | Hsieh, Chih Sheng; Deer, Lachlan (Tilburg University, School of Economics and Management); Koenig, Michael; Vega-Redondo, Fernando |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:d03852a7-c5e7-4be0-8583-1cee0d69bea7&r= |
| By: | Hmid Amine (FSJES AIN SEBAA, Hassan II University –Casablanca); Abbadi Driss (FSJES AIN SEBAA, Hassan II University –Casablanca) |
| Abstract: | Territorial action in Morocco has been characterized since the colonial period by conflicts between spatial, institutional, and territorial logics. During the colonial period, there was a predominant intention to control the national territory and modernize the country. Shortly after gaining independence, Morocco gradually engaged in a top-down territorial planning policy, with the main objective of improving the living conditions of its citizens. Today, things have changed; the centralizing development approach has become obsolete in the face of two key dimensions: territorial diversity and the presence of various territorial actors, including humans. This is where strategic territorial management comes into play. Therefore, the aim of this article is to study the transition from territorial planning to strategic territorial management in the municipality of Settat through participative governance. A qualitative method was adopted for this purpose. Documentary analysis and questionnaires were essential tools for data collection. The results indicate that strategic territorial management at the municipal level faces several challenges, primarily related to the inefficiency of development policies. This inefficiency is mainly attributed to a lack of citizen participation in the territorial decision-making process. |
| Abstract: | L'action territoriale au Maroc a été caractérisée depuis la période coloniale par des conflits entre logiques spatiales, institutionnelles et territoriales. Durant la période coloniale, l'intention prédominante était de contrôler le territoire national et de moderniser le pays. Peu après son indépendance, le Maroc s'est progressivement engagé dans une politique d'aménagement du territoire imposée par le haut, avec pour objectif principal l'amélioration des conditions de vie de ses citoyens. Aujourd'hui, les choses ont changé ; l'approche centralisatrice du développement est devenue obsolète face à deux dimensions clés : la diversité territoriale et la présence d'acteurs territoriaux variés, dont les humains. C'est là qu'intervient le management stratégique territorial. L'objectif de cet article est donc d'étudier le passage de l'amanégement du territoire au management stratégique territorial dans la ville de Settat à travers la gouvernance participative. Une méthode qualitative a été adoptée à cet effet. L'analyse documentaire et les questionnaires étaient des outils essentiels pour la collecte de données. Les résultats indiquent que management stratégique territorial au niveau communal est confrontée à plusieurs défis, principalement liés à l'inefficacité des politiques de développement. Cette inefficacité est principalement attribuée au manque de participation des citoyens au processus décisionnel territorial. |
| Keywords: | Territory strategic territorial management gouvernance territorial planning participation, Territory, strategic territorial management, gouvernance, territorial planning, participation |
| Date: | 2024–04–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04549783&r= |
| By: | International Monetary Fund |
| Abstract: | The Moroccan economy once again showed resilience to negative shocks in 2023, as economic activity accelerated, inflation slowed, and the current account deficit narrowed despite headwinds from water scarcity (which caused a severe loss of jobs in the agricultural sector), the September 2023 earthquake, and lower growth in the Euro Area. The ambitious infrastructure plan announced by the authorities (including in water and energy sectors) is expected to boost investment and growth in the next few years, with the current account gradually converging towards the medium-term norm. The fiscal deficit in 2023 was below the level projected in the Budget and the authorities reiterated their commitment to a gradual fiscal consolidation over the next three years. Implementation of the structural reform agenda has continued, particularly regarding the overhaul of social protection, health care, and education systems. |
| Date: | 2024–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2024/099&r= |
| By: | International Monetary Fund |
| Abstract: | The IMF Executive Board approved a 46-month USD 3 billion Extended Fund Facility (EFF) arrangement for Egypt in December 2022. The EFF-supported program aims to safeguard economic stability, restore buffers, and pave the way for inclusive and private sector-led growth. Following policy slippages, the first and second reviews were delayed. The return to a fixed exchange rate in February 2023 undermined the initial credibility boost from the announcement of a shift to a flexible regime and hampered the execution of other program pillars such as divestment of state-owned assets. It also led to foreign exchange (FX) shortages, a large spread in the parallel market, and constrained imports, all of which fueled inflation and weighed on growth. At the same time, delays in raising the policy rate in response to higher-thanexpected inflation resulted in more negative real rates and financial repression. Continued investment in national projects at a pace inconsistent with macroeconomic stability contributed significantly to foreign exchange and inflation pressures. Spillovers from the conflict in Gaza and Israel and the Red Sea disruptions have exacerbated external pressures and widened further the financing gap. A significant investment deal with Abu Dhabi Developmental Holding Company (ADQ), signed in February, has improved the near-term financial outlook, providing for a more benign external financing environment as the authorities push forward with needed reforms. |
| Date: | 2024–04–26 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2024/098&r= |
| By: | Hanane Jenane (UIT - Université Ibn Tofaïl); Fatima Zahra Achour (UIT - Université Ibn Tofaïl) |
| Abstract: | The literature on entrepreneurial motivation posits that entrepreneurship can be chosen or forced. Following this line of thought, it is most often studied according to the push/pull or necessity/opportunity dichotomy. However, this approach to entrepreneurial motivation has been subject to several criticisms from researchers. They concern two fundamental points: on one hand, the exclusivity of choice, and on the other hand, the weakness of the push/pull (or necessity/opportunity) opposition of the motivitional determinants. In addition, the rise of entrepreneurship and changes in the work environment have led to the emergence of atypical profiles of entrepreneurs that cannot be adequately analyzed by the classical economic push/pull framework, notably converted employees turned entrepreneurs. It is from this perspective that this article aims to thoroughly examine the motivational factors that drive some Moroccan employees to leave their jobs to become entrepreneurs. Thus, we turn to another mobilized by entrepreneurship researchers, that of the possibility of a push-pull continuum, to interpret entrepreneurial motivation among Moroccan employees. To achieve this, 12 case studies were conducted. The findings indicate that the decision to transition to entrepreneurship takes into consideration both the employment situation and professional as well a personal aspiration. According to the results, the entrepreneurial motivation of the employees in our sample is formed from a combination of factors (Push and Pull) with a predominance of factors relating to job dissatisfaction and the desire for independence. Following these are determinants related to the discovery of an opportunity. |
| Abstract: | La littérature portant sur la motivation entrepreneuriale postule que la création d'entreprise peut être choisie ou subie. Suivant cette ligne de pensée, elle est le plus souvent étudiée selon la dichotomie push/pull ou nécessité/opportunité. Cette approche de la motivation entrepreneuriale a cependant fait l'objet de plusieurs critiques de la part des chercheurs. Elles concernent deux points fondamentaux : d'un côté, l'exclusivité du choix, et d'un autre côté, la faiblesse de l'opposition du caractère push/pull (ou nécessité/ opportunité) des déterminants de la motivation. En outre, l'essor de l'entrepreneuriat et les mutations de l'environnement de travail ont fait émerger des profils atypiques d'entrepreneurs qui ne pourront pas se prêter à l'analyse par le découpage classique économique push/pull, notamment les salariés convertis en entrepreneurs. C'est dans cette perspective, que le présent article a pour objectif d'étudier en profondeur les facteurs motivationnels qui poussent certains salariés marocains à quitter leurs emplois pour devenir entrepreneurs. Ainsi, nous recourons à une autre piste de recherche mobilisée par les chercheurs en entrepreneuriat, celle de la possibilité d'un continuum push-pull, pour interpréter la motivation entrepreneuriale chez les salariés marocains. Pour ce faire, 12 études de cas ont été menées. Il en ressort que la décision de passage à l'entrepreneuriat prend en considération la situation dans l'emploi et les aspirations à la fois professionnelles et personnelles. Selon les résultats, la motivation entrepreneuriale des salariés de notre échantillon se forme à partir d'une combinaison de facteurs (Push et Pull) avec une prédominance des facteurs relatifs à l'insatisfaction au travail et au désir d'indépendance. Viennent en deuxième ordre les déterminants relatifs à la découverte d'une opportunité. |
| Keywords: | Entrepreneurship - employee - entrepreneurial motivation - push-pull continuum., Entrepreneuriat -Salarié -motivation entrepreneuriale -continuum push-pull. |
| Date: | 2024–04–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04562208&r= |
| By: | Baghdadi, Leila; Labidi, Moez |
| Abstract: | This paper assesses debt sustainability in Tunisia using the Debt Sustainability Analysis (DSA). We construct three hypothetical scenarios (A, B and C) over the period 2023-2027. The first two scenarios are called Business as usual approaches. In Scenario A, we assume that Tunisia will continue the same path as in the past three years, without an IMF agreement. In scenario B, Tunisia reaches an agreement with the IMF. However, the lack of considerable progress on the reform agenda causes the ending of the IMF agreement. The last one (Scenario C) is a proactive reform scenario. We conclude that “business as usual†approach (scenario A and B) cannot guarantee neither economic resilience nor debt sustainability. There is an urgent need for a broader approach to debt sustainability with reforms, similar to Scenario C, that would lead to resilience toward both economic and non-economic shocks. |
| Keywords: | Debt sustainability, potential growth, climate change, structural reforms |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:cpm:notfdl:2310&r= |
| By: | Diwan, Ishac; Chaoul, Henri |
| Abstract: | This paper provides an account of the 2019 financial crisis in Lebanon. It then analyzes a series of related questions. First, it considers the historical background and asks how the crisis could have been averted. Second, it reviews post-crises economic developments and attempts to explore the reasons behind their severity. Third, it reviews the policy recommendations suggested to exit the crisis and examines whether they need to be updated in view of recent developments. Fourth, it offers a vision of a new growth path for Lebanon and examines the implications of a recovery strategy. Finally, it discusses a revised donors’ strategy better adapted to the current circumstances. |
| Keywords: | Lebanon, financial and banking crisis, balance of payment crisis, debt crisis, growth potential, stabilization and recovery, donor strategy |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:cpm:notfdl:2307&r= |
| By: | Rabi Mohtar |
| Abstract: | National and regional visions for the future of water and food security have been at the forefront of sustainability talks. Nevertheless, the role of soil in water and food security and carbon management needs to be highlighted and integrated into these discussions and visions. The dynamic characterization of soil as a medium that accounts for the long-term impact of the agro-environmental conditions is of utmost importance to sustainability of these resources and to sustainable development in general. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb14-24&r= |
| By: | Mohamad Fadl Haraké (GIP CEI - ESLI); Thierry Sauvage (LIRSA - Laboratoire interdisciplinaire de recherche en sciences de l'action - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université); Mohamed Haouari (GIP CEI - ESLI) |
| Abstract: | The purpose of this paper is to present an outline of the key concepts, practices, and challenges of international humanitarian non-governmental organizations (INGOs) supply chains in post-conflict environments. Literature from the humanitarian sector with regards to the post-conflict context is discussed. A Lebanese study spanning a network of 12 INGOs is explored via semi-structured interviews. The research provides insight into the overall dynamics of humanitarian supply chains in post-war countries while considering contextual factors – including public policies, crisis logistics, project sustainability, and more. The document also presents valuable information when it comes to the logistical support needed to ensure the deployment and sustainability of INGO projects to meet political and operational needs. The research is based on qualitative empirical data specific to Lebanon in terms of logistical security and transport infrastructure. Key findings include a set of ‘'Urgent Logistics'' principles to be abided by INGOs and logistics procedures in post-conflict countries. Ultimately, the document leads to an analysis of the criteria of key performance/steering factors for INGOs wishing to secure and sustain their supply chains in very turbulent and unstable post-conflict environments. |
| Keywords: | Lebanon Supply chain Humanitarian relief International NGOs Post-Conflict Countries sustainability Liban Chaîne d'approvisionnement Aide humanitaire ONG internationales Pays post-conflit durabilité, Lebanon Supply chain, Humanitarian relief, International NGOs, Post-Conflict Countries, sustainability Liban Chaîne d'approvisionnement, Aide humanitaire, ONG internationales, Pays post-conflit, durabilité |
| Date: | 2023–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04535752&r= |
| By: | Tzannatos, Zafiris; Saif, Ibrahim |
| Abstract: | This paper examines debt sustainability in Jordan. For now, debt sustainability seems feasible for the next three to four years, but in the future, it will depend on how quickly, consistently, and effectively the reforms will be pursued and whether there will be any adverse external shocks. We conclude that the right policy mix to reduce the debt-to-GDP ratio should focus on policies that promote economic growth, rationalize – not necessarily reduce – public expenditures, raise revenues in a non-regressive way, and take into account several implicit liabilities such as those arising from the pension system and climate change adaptation measures. |
| Keywords: | Public debt, sustainability, Private sector, Social outcomes, Jordan |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:cpm:notfdl:2308&r= |
| By: | Aziz Ajbilou; Karim El Aynaoui |
| Abstract: | En utilisant des données, disponibles, provenant des recensements et enquêtes réalisés par le Haut- commissariat au plan (HCP), le ministère de la Santé, et l’Observatoire national du développent humain (ONDH), cet article se propose d’étudier les changements dans le temps connus par la fécondité au Maroc. La tendance qui se dégage de l’évolution récente de ce phénomène est qu’il enregistre, depuis 2010, une sorte de stagnation, voire une légère reprise. Une tendance qui semble être un peu plus prononcée dans les villes, puisque la fécondité des citadines, qui avait atteint 1, 8 enfant par femme en 2010, a enregistré 2, 2 enfants par femme en 2019. En revanche, en milieu rural, la fécondité a continué à baisser jusqu’à 2014 pour atteindre 2, 5 enfants par femme. Elle marque, ensuite, une légère reprise pour atteindre 2, 7 enfants par femme en 2019. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb13-24&r= |
| By: | KINA, MEHMET FUAT |
| Abstract: | This study analyzes Turkey's political landscape by harnessing Computational Social Science techniques to parse extensive data about public ideologies from the Politus database. Unlike existing theoretical framework that considers ideologies of political elites and cadres, this study examines public ideologies in a contentious political manner. It distills eight most prevalent ideologies down to the city level and employs unsupervised machine learning models. The Principal Component Analysis delineates two fundamental axes, the traditional left-right political spectrum and a separate spectrum of secular-religious inclination, namely political and cultural dimensions. Then, the Cluster Analysis reveals three distinct groups: left-leaning and religiously inclined, right-leaning and religiously inclined, and those with centrist views with a pronounced secular focus. The outcomes provide valuable insights into the political and cultural axes within political society, offering a clearer understanding of the most recent ideological and political climate in Turkey. |
| Date: | 2024–05–03 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:kp7s2&r= |
| By: | Abdelkhalek Touhami; Dorothee Boccanfuso |
| Abstract: | L'idée d'un effritement de la classe moyenne marocaine est répandue, suggérant un glissement vers une classe aisée toujours plus riche et des classes plus pauvres ce qui sous-entend une augmentation de la polarisation dans la société. Cependant, aucune étude basée sur des données n'a été menée pour confirmer cette perception. Notre étude comble ce vide en analysant l'évolution de la classe moyenne entre 2012 et 2019. En utilisant la définition opérationnelle de Abdelkhalek (2014) de la classe moyenne et les données de l'Enquête Panel de l'ONDH (vagues 2012 et 2019), nous examinons les mesures de la pauvreté, des inégalités et de la polarisation pour tester la véracité de cette perception. Contrairement aux idées reçues, nos résultats indiquent que la classe moyenne n'a pas régressé au niveau national ni selon le milieu de résidence. En réalité, la croissance a été pro-pauvre sur la période. Ceci signifie que les plus pauvres ont bénéficié d'une amélioration relative de leur situation tout comme une grande partie de la classe moyenne. Ces conclusions remettent donc en question la perception d'une classe moyenne en déclin et soulignent l'importance de poursuivre les analyses basées sur des données récentes et probantes pour éclairer les débats sur la structure sociale du Maroc et son évolution. |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb21-24&r= |
| By: | Aomar Ibourk; Tayeb Ghazi |
| Abstract: | L'émergence fulgurante de l'intelligence artificielle (IA) représente un phénomène mondial, marqué par une croissance exponentielle des publications et des investissements massifs atteignant 189, 6 milliards USD en 2021, contre environ 14, 7 milliards en 2013. Cette accélération suscite une prise de conscience accrue de la nécessité pressante de mettre en place une gouvernance efficace de l'IA, comme en témoigne l'augmentation significative du nombre de projets de loi dédiés, passant de 1 en 2016 à 37 en 2022. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:rpaper:pp-0424&r= |