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on MENA - Middle East and North Africa |
| By: | Sahbi Farhani; Anissa Chaibi; Christophe Rault |
| Abstract: | This article contributes to the literature by investigating the dynamic relationship between Carbone dioxide (CO2) emissions, output (GDP), energy consumption, and trade using the bounds testing approach to cointegration and the ARDL methodology for Tunisia over the period 1971-2008. The empirical results reveal the existence of two causal long-run relationships between the variables. In the short-run, there are three unidirectional Granger causality relationships, which run from GDP, squared GDP and energy consumption to CO2 emissions. To check the stability in the parameter of the selected model, CUSUM and CUSUMSQ were used. The results also provide important policy implications. |
| Keywords: | CO2 emissions, Energy consumption, ARDL bounds testing approach |
| JEL: | Q56 Q43 C51 |
| Date: | 2014–01–06 |
| URL: | http://d.repec.org/n?u=RePEc:ipg:wpaper:201415&r=ara |
| By: | Mohamed Arouri; Sahbi Farhani; Muhammad Shahbaz; Frédéric Teulon |
| Abstract: | This paper examines the impact of natural gas consumption, real gross fixed capital formation and trade on the real GDP in the case of Tunisia over the period 1980-2010. We use an Autoregressive Distributed Lag (ARDL) bounds testing approach to test the existence of a longterm relationship between the variables. The Vector Error Correction Method (VECM) Granger approach is applied to test the direction of the causal relation between the series. Our findings indicate the existence of a long-term relationship among the variables. Natural gas consumption, real gross fixed capital formation and trade add in economic growth. Natural gas consumption, real gross fixed capital formation and real trade Granger-cause real GDP. These findings open up new insights for policymakers to formulate a comprehensive energy policy to sustain economic growth in the long term. |
| Keywords: | Natural gas consumption, Economic growth, ARDL approach |
| JEL: | C7 D8 |
| Date: | 2014–01–06 |
| URL: | http://d.repec.org/n?u=RePEc:ipg:wpaper:201411&r=ara |
| By: | Dalia El-Shiaty (Faculty of Management Technology, The German University in Cairo); Ahmed Abdelmotelib Badawi (American University of the Middle East) |
| Abstract: | This paper examines herding behavior in the Egyptian stock market using the CH model developed by Christie and Huang (1995) and the CCK model developed by Chang et al. (2000). We use daily returns data of the 20 most traded stocks in the Egyptian Exchange in addition to the daily returns of the market index EGX 100 during a period of five years from January 2006 till December 2010. The paper is an attempt towards thorough examination of herding behavior in the Middle East and Africa region which has been investigated only as an entire region and not disaggregated into the specific countries. The results show that there is no herding present in the Egyptian stock market. |
| Keywords: | Herd behavior, Egyptian stock market, behavioral finance |
| JEL: | G02 G10 |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:guc:wpaper:37&r=ara |
| By: | Sheng, Andrew; Singh, Ajit |
| Abstract: | This study is a sequel to the 2012 Sheng and Singh article that identified and explained the significance of the two central tenets of Islamic finance: namely, its underpinning by a strong ethical system, and the absolute prohibition of the use of interest rates. That study also argued that the cooperation between the conventional Western system and the Islamic system is eminently sensible and will lead to a Pareto optimal increase in world welfare |
| Keywords: | Islamic Finance, interest rates, western system |
| JEL: | G2 P4 P49 |
| Date: | 2013–01–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:53035&r=ara |
| By: | Hamrita, Mohamed Essaied |
| Abstract: | In this paper, we use a wavelet filtering based approach to study the econometric relationship between exports, imports, and economic growth for Tunisia, using quarterly data for the period 1961:1-2007:4. GDP is used as a proxy for economic growth. We explore the interactions between these primary macroeconomic inputs in a co-integrating framework. We also study the direction of causality between the three variables, based on the more robust Toda-Yamamoto modified Wald (MWALD) test. The much studied relationship between these three primary indicators of the economy is explored with the help of the wavelet multi-resolution filtering technique. Instead of an analysis at the original series level, as is usually done, we first decompose the variables using wavelet decomposition technique at various scales of resolution and obtain relationship among components of the decomposed series matched to its scale. The analysis reveals interesting aspects of the inter-relationship among the three fundamental macroeconomic variables. |
| Keywords: | Export, economic growth, cointegration, wavelet filtering, causality |
| JEL: | C32 F10 |
| Date: | 2014–01–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:52722&r=ara |
| By: | Hela Miniaoui; Anissa Chaibi |
| Abstract: | The present study empirically investigates the technical efficiency of takaful industry operations in Malaysia and the Gulf Cooperation Council (GCC) countries. Data Envelopment Analysis (DEA) was employed to estimate the technical efficiency of using Constant Returns to Scale (CRS) and Variable Return to Scale (VRS) during the period 2006- 2009. The study reveals that takaful companies operating in GCC countries are more efficient than Malaysian operators that are encouraged to have aggressive marketing and wider distribution channels to capture more demand. |
| Keywords: | Takaful Industry, DEA, Efficiency, Malaysia, GCC |
| JEL: | C7 D8 |
| Date: | 2014–01–06 |
| URL: | http://d.repec.org/n?u=RePEc:ipg:wpaper:201414&r=ara |
| By: | Cebeci, Tolga |
| Abstract: | This paper evaluates the role of export destinations on productivity, employment, and wages of Turkish firms by comparing the performance of firms that export to low-income destinations and high-income destinations with firms that do not export. A combination of propensity score matching and difference-in-differences methods are employed on a rich set of firm observables, including sector, region, employment, total factor productivity (TFP), capital intensity, wages, support from government, ownership, and the research and development intensity of firms. Four sets of findings emerge from the analysis: i) Export entry has a positive causal effect on firm TFP and employment and this effect is strengthened as a firm continues to export. ii) In contrast, export entry has a moderate wage effect that emerges only with a lag. iii) Unlike exporting to high-income destinations, exporting to low-income destinations does not result in significantly higher firm TFP and wages. iv) The employment effect of exporting to low-income destinations is comparable to that of exporting to high-income destinations. |
| Keywords: | Economic Theory&Research,Microfinance,Labor Policies,E-Business,Tax Law |
| Date: | 2014–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:6743&r=ara |
| By: | Elasrag, Hussein |
| Abstract: | This study aims to study the role of Intellectual capital in achieving the competitive advantage of the Islamic banking. Islamic banking is banking or banking activity that is consistent with the principles of sharia and its practical application through the development of Islamic economics. Although these principles have been applied in varying degrees by historical Islamic economies due to lack of Islamic practice, only in the late 20th century were a number of Islamic banks formed to apply these principles to private or semi-private commercial institutions within the Muslim community. Intellectual capital is being viewed as the real representative concerning the ability of any company to compete or to make success especially after the gradual economic change to the economy based on knowledge. So Intellectual capital becomes the new basis and the most modern production’s factor which regard it as the essential resource to the erection of fortune even more important than the traditional factor of production such as : work, capital and raw materials. Intellectual capital plays important role to support sustained competitive advantage and achieve Islamic banking efficiency , effectiveness , and organizational success. |
| Keywords: | Intellectual capital , Islamic banking , principles of sharia |
| JEL: | G0 G21 |
| Date: | 2013–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:52987&r=ara |