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sonia ZOUARI

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Papers by sonia ZOUARI

L'identification des facteurs socio-économiques qui expliquent le financement des associations de développement local en Tunisie

L'objectif de ce travail est d'identifier les facteurs socio-économiques qui expliquent l... more L'objectif de ce travail est d'identifier les facteurs socio-économiques qui expliquent l'accès des petits agriculteurs aux services des associations de microcrédit en Tunisie. Les résultats d'un modèle Logit binominal indiquent qu'il n'existe pas de comportement discriminatoire vis-à-vis des pauvres, alors que les femmes ne se révèlent pas comme une clientèle privilégiée des associations. L'absence de «garant» constitue la principale barrière à l'accès au microcrédit. La durée de la relation de clientèle est un facteur déterminant dans l'accès, mais ne se traduit pas par une amélioration des conditions de financement, notamment en termes de garant. Mots clés : Microfinance, financement rural, petits agriculteurs, accès, association de microcrédit. Abstract The objective of this study is to identify the socioeconomic factors which explain small farmers' access to the services of the microcredit associations in Tunisia. The results of a binomin...

Financial Stability, Target Inflation as a Monetary Rule and Concepts of Money Policy: Implications for the Optimal Analysis

Acta Universitatis Danubius: Oeconomica, 2015

In this article, basing on offensive lecturing research articles of famous authors on financial i... more In this article, basing on offensive lecturing research articles of famous authors on financial instability and monetary policy, we propose as aim of this paper to discuss the controversial rule vs. discretion in monetary policy and the new institutional framework of inflation targeting as a remedy for inflationary pressures after the cause of the intermediate target of monetary anchors and exchange rate policy, since the year 70's of the last Century. To do this, we treated a literature review in the field, assigning the work of various economists thus handling of monetary policy favors the discretion/rule to the new inflation target strategy in 90's and 2000. We put particular emphasis on the second step of this paper on the possibility of inflation targeting as an anti-inflationary objective defended for its main defendants.

The Employment Policy in the Mining Industry: A Critical Study on Gender Discrimination

Journal of Asian Business Strategy, 2014

The object of this paper is devoted to test for the presence of gender discrimination of hiring, ... more The object of this paper is devoted to test for the presence of gender discrimination of hiring, in one of the main important economy sector of Tunisia, which is the Tunisian mining industry in the Southwest inmate fully by the largest public mining Firm TPGC (1897), which is, in fact, the only industrial pole of employability of young scholars graduates in this region of the Tunisian mining Basin. The result of this study proves that is no equity between the two genders. The reason of this segregation in favor the masculine gender returns to the specificity of this mining sector that depends more in the physical efforts than mental practices.

Transformations De L’économie Mondiale, Dernière Crise Financière Et Récessions Economiques Mondiales: Mesures Et Précautions

مجلة الاستراتيجية والتنمية, 2014

Agriculture and Food Security in North Africa: a Theoretical and Empirical Approach

Journal of the Knowledge Economy, 2018

The 2007-2008 hunger riots recalled that the issue of food insecurity was a major and urgent chal... more The 2007-2008 hunger riots recalled that the issue of food insecurity was a major and urgent challenge for agriculture. Moreover, the world ambition for development, which resulted in the eighth millennium development goals, is more urgent than ever. Agriculture is particularly an effective channel that helps achieve these objectives. In this context, this paper aims at examining the impact of agriculture on food security in North Africa (Tunisia, Algeria, Morocco, and Egypt) over the 2000/2010 period. The results that were achieved by using a fixed effect model show that there is a positive and significant impact of the agricultural added value on food security. Since agriculture is a crucial instrument for food security, it is worth being considered now as a fullyfledged sector.

L'industrie minière et ses effets écologiques. État socio-économique et environnemental dans le bassin minier tunisien

Collection EDYTEM. Cahiers de géographie, 2014

La Tunisie est le cinquieme producteur mondial de phosphates, ou elles sont exploitees depuis plu... more La Tunisie est le cinquieme producteur mondial de phosphates, ou elles sont exploitees depuis plus d'un siecle. Ces phosphates sont valorises sous forme d'engrais mineraux, utilises pour la fertilisation et l'enrichissement de l'agriculture sur le marche mondial. Cependant, cette activite, comme toute activite extractive, genere des dommages environnementaux lies aux poussieres, aux eaux usees et aux rejets atmospheriques des usines, qui ne sont pas sans consequences sur la ressource en eau, la faune, la flore et la sante humaine : pollution atmospherique, pollution des eaux et des sols par les rejets, apparition de maladies chroniques, degradation de la couverture vegetale et des zones d'habitats fauniques, etc. La Compagnie des Phosphates de Gafsa (CPG), et sa filiale le Groupe Chimique Tunisien (GCT) a entrepris ces dernieres annees la mise en place de mesures destinees a reduire ces impacts environnementaux : mesures de diminution de la production de poussieres et stabilisation au sol par humidification, delocalisation des usines de traitement hors des zones habitees, revegetalisation, modernisation des usines et des procedes de traitement du minerai, confinement des rejets boueux, etc. La gestion des impacts socio-environnementaux de l'industrie des phosphates, par ailleurs generatrice d'activite economique et d'emplois, reste une question complexe et delicate, qui commence seulement a etre prise en compte par le secteur de l'exploitation miniere et les pouvoirs publics.

ICT, innovation and impact on the competitive analysis: Tunisian Leader Basin Mining Firm

International Journal of Innovation and Scientific Research, Oct 2, 2014

The objective of this paper is to reveal the reality of the use of the New Technologies ICT on th... more The objective of this paper is to reveal the reality of the use of the New Technologies ICT on the competitive analysis, in the context of the Tunisian Firms, through the study of one of the most important on a national scale which is the Tunisian public CPGT Firm. This research study, besides, allowed revealing the role and the real impact of the ICT on the competitive structure of this Firm within this more relentless world environment. We took as approach of empirical investigation the technique of the survey (investigation) by questionnaire with the staff and the conversations (interviews) with the responsible leaders on the strategic orientation of the firm in the medium and long term, on the technological and informative infrastructure as well as at the level of the competitive strategy of the firm.

The determinants of access to financial services for micro-credit associations: Application on Tunisian case

E3 Journal of Business Management and Economics, Feb 1, 2013

The objective of this study is to identify the socioeconomic factors which explain small farmers’... more The objective of this study is to identify the socioeconomic factors which explain small farmers’ access to the services of the microcredit associations in Tunisia. The results of a binominal Logit model indicate that there is no discrimination against the poor while women do not proof to be the favorite customers for these associations. The absence of a guarantor is the main obstacle for access to the microcredit. The duration of the client relation to these associations is a determining factor in the access. But, this relation does not mean any improvement in the financing conditions particularly in terms of the guarantor.

Synthesis on the productivity and competitiveness of the Tunisian mining Firm in natural monopoly: capital Joint-venture strategy and performance factors

International Journal of Innovation and Applied Studies, Sep 2, 2014

This article provides a framework for synthesis of the productivity and the competitiveness of Tu... more This article provides a framework for synthesis of the productivity and the competitiveness of Tunisian mining industry which highlights the significant contribution of the Tunisian mining Firm to national economy, being a natural monopoly, which differed remarkably according to key indicators such as using a study for a period between (1999-2012): its Corporate Social responsibility CSR and mine environment protection, their accumulation of human capital, the international Joint-venture (J-V) alliance and their investment. The analyzes on this study period shows two major economic shocks, such as hydrocarbon in June 2007, affecting the production chain of this mining citizen Firm who's most serious in 2011, dates from the revolution. In addition, the Firm was able to overcome the challenges of this date and found an agreement with the social demands of the citizens in the mining Basin and will come to recovery at the average rate of production from 2012 to our days.

The Role of Subsidy Policy in Oil Price Shocks: The Moroccan Case

Energy Studies Review, 2010

This paper studies the impact of oil prices fluctuations on key macroeconomics variables of Moroc... more This paper studies the impact of oil prices fluctuations on key macroeconomics variables of Morocco. We will focus on the role of subsidy policy in the oil price-macro-economy relationship. The vector auto regression (VAR) model was used to analyze the data over the period 1993 to 2007. The results of the linear and non-linear models show that the oil prices shock can indirectly affect the economic activity. The oil price shock can hit economic activity through subsidy policy measured by cash payment for operating activities.

Investissements directs étrangers et processus de désendettement dans le contexte de mondialisation : le cas de la Tunisie

[fre] Le financement de la croissance par endettement ext�rieur. . Nous illustrons, � l'aide ... more [fre] Le financement de la croissance par endettement ext�rieur. . Nous illustrons, � l'aide d'un mod�le th�orique simple avec g�n�rations imbriqu�es, les risques que peut pr�senter le financement de l'accumulation de capital par recours � l'investissement �tranger ou � l'endettement ext�rieur. Nous examinons les effets du risque, des possibilit�s de retrait des investisseurs �trangers, de variations des taux d'int�r�t, sur le niveau d'investissement et le bien-�tre. Nous analysons le danger d'effets pervers passant par le taux de change. Nous regardons finalement si l'�volution �conomique du Mexique durant les derni�res ann�es confirme ou non les enseignements du mod�le th�orique. [eng] Financing growth by foreign debt. . We illustrate, using a simple theoretical model with overlapping generations, the potential risks associated with the use of foreign investment or of foreign debt to finance growth. We examine the effects of risk, of the possibl...

Contraintes financières et innovation dans les PME

Revue internationale P.M.E., 2014

L’objectif de ce travail consiste à étudier l’impact des contraintes financières sur le comportem... more L’objectif de ce travail consiste à étudier l’impact des contraintes financières sur le comportement innovant des petites et moyennes entreprises. Nous partons de la méthodologie de Fazzari, Hubbard et Petersen (1988) qui suppose que dans un contexte d’asymétrie d’information, la sensibilité de l’investissement à un indicateur de la richesse interne de l’entreprise implique l’existence de contraintes financières. Les résultats dégagés à partir d’un modèle Logit, mené sur un échantillon de 117 PME, montrent l’impact positif et significatif ducash-flowsur l’investissement innovant, ce qui implique une sensibilité de l’innovation aux ressources internes et confirme que les PME innovantes sont contraintes financièrement. D’autres investigations mettent en évidence une sensibilité plus importante pour les entreprises engagées dans des activités de recherche et développement, censées être plus exposées aux contraintes quant à l’accès au financement externe.

Capital Structure and Financing of SMEs: The Tunisian Case

International Journal of Economics and Finance, 2014

This article contributes to analyze the determinants of the capital structure of 611 tunisian sma... more This article contributes to analyze the determinants of the capital structure of 611 tunisian small and medium-sized enterprises (SME's), observed on a duration of six years. We will wonder about the impact of the financial specificities of the SME on their financial structures. For that purpose, we will confront hypotheses of the financial theory with the reality of the SME's. The estimations conducted, via the within model, show that the financial structure is not neutral and that the cost of financing, the profitability and the commercial debt are the main determinants on the banking debts. The estimations also reveal a hierarchy followed by SME's, in their financial choice, favoring the financing by internal funds and by commercial debts. A business sector analysis shows greater financing difficulties for the SME's providing services compared to the industrial SME's.

Oil Price and Dutch Disease: The Case of Algeria

Energy Sources, Part B: Economics, Planning, and Policy, 2011

This study examines the effect of recent increases of oil price on the key macroeconomic variable... more This study examines the effect of recent increases of oil price on the key macroeconomic variables of Algeria. We have used the vectoriels auto-régressifs model with linear and non-linear specifications to analyze the data over the period 1995Q1–2007Q3. The findings indicate that the increase in the inflation rate due to oil price shock is the main cause of the real exchange rate's appreciation in the short term. This real appreciation involves a spending effect which could be at the origin of the Dutch Disease.

La Sécurité alimentaire dans la sphère juridique

L'identification des facteurs socio-économiques qui expliquent le financement des associations de développement local en Tunisie

L'objectif de ce travail est d'identifier les facteurs socio-économiques qui expliquent l... more L'objectif de ce travail est d'identifier les facteurs socio-économiques qui expliquent l'accès des petits agriculteurs aux services des associations de microcrédit en Tunisie. Les résultats d'un modèle Logit binominal indiquent qu'il n'existe pas de comportement discriminatoire vis-à-vis des pauvres, alors que les femmes ne se révèlent pas comme une clientèle privilégiée des associations. L'absence de «garant» constitue la principale barrière à l'accès au microcrédit. La durée de la relation de clientèle est un facteur déterminant dans l'accès, mais ne se traduit pas par une amélioration des conditions de financement, notamment en termes de garant. Mots clés : Microfinance, financement rural, petits agriculteurs, accès, association de microcrédit. Abstract The objective of this study is to identify the socioeconomic factors which explain small farmers' access to the services of the microcredit associations in Tunisia. The results of a binomin...

Financial Stability, Target Inflation as a Monetary Rule and Concepts of Money Policy: Implications for the Optimal Analysis

Acta Universitatis Danubius: Oeconomica, 2015

In this article, basing on offensive lecturing research articles of famous authors on financial i... more In this article, basing on offensive lecturing research articles of famous authors on financial instability and monetary policy, we propose as aim of this paper to discuss the controversial rule vs. discretion in monetary policy and the new institutional framework of inflation targeting as a remedy for inflationary pressures after the cause of the intermediate target of monetary anchors and exchange rate policy, since the year 70's of the last Century. To do this, we treated a literature review in the field, assigning the work of various economists thus handling of monetary policy favors the discretion/rule to the new inflation target strategy in 90's and 2000. We put particular emphasis on the second step of this paper on the possibility of inflation targeting as an anti-inflationary objective defended for its main defendants.

The Employment Policy in the Mining Industry: A Critical Study on Gender Discrimination

Journal of Asian Business Strategy, 2014

The object of this paper is devoted to test for the presence of gender discrimination of hiring, ... more The object of this paper is devoted to test for the presence of gender discrimination of hiring, in one of the main important economy sector of Tunisia, which is the Tunisian mining industry in the Southwest inmate fully by the largest public mining Firm TPGC (1897), which is, in fact, the only industrial pole of employability of young scholars graduates in this region of the Tunisian mining Basin. The result of this study proves that is no equity between the two genders. The reason of this segregation in favor the masculine gender returns to the specificity of this mining sector that depends more in the physical efforts than mental practices.

Transformations De L’économie Mondiale, Dernière Crise Financière Et Récessions Economiques Mondiales: Mesures Et Précautions

مجلة الاستراتيجية والتنمية, 2014

Agriculture and Food Security in North Africa: a Theoretical and Empirical Approach

Journal of the Knowledge Economy, 2018

The 2007-2008 hunger riots recalled that the issue of food insecurity was a major and urgent chal... more The 2007-2008 hunger riots recalled that the issue of food insecurity was a major and urgent challenge for agriculture. Moreover, the world ambition for development, which resulted in the eighth millennium development goals, is more urgent than ever. Agriculture is particularly an effective channel that helps achieve these objectives. In this context, this paper aims at examining the impact of agriculture on food security in North Africa (Tunisia, Algeria, Morocco, and Egypt) over the 2000/2010 period. The results that were achieved by using a fixed effect model show that there is a positive and significant impact of the agricultural added value on food security. Since agriculture is a crucial instrument for food security, it is worth being considered now as a fullyfledged sector.

L'industrie minière et ses effets écologiques. État socio-économique et environnemental dans le bassin minier tunisien

Collection EDYTEM. Cahiers de géographie, 2014

La Tunisie est le cinquieme producteur mondial de phosphates, ou elles sont exploitees depuis plu... more La Tunisie est le cinquieme producteur mondial de phosphates, ou elles sont exploitees depuis plus d'un siecle. Ces phosphates sont valorises sous forme d'engrais mineraux, utilises pour la fertilisation et l'enrichissement de l'agriculture sur le marche mondial. Cependant, cette activite, comme toute activite extractive, genere des dommages environnementaux lies aux poussieres, aux eaux usees et aux rejets atmospheriques des usines, qui ne sont pas sans consequences sur la ressource en eau, la faune, la flore et la sante humaine : pollution atmospherique, pollution des eaux et des sols par les rejets, apparition de maladies chroniques, degradation de la couverture vegetale et des zones d'habitats fauniques, etc. La Compagnie des Phosphates de Gafsa (CPG), et sa filiale le Groupe Chimique Tunisien (GCT) a entrepris ces dernieres annees la mise en place de mesures destinees a reduire ces impacts environnementaux : mesures de diminution de la production de poussieres et stabilisation au sol par humidification, delocalisation des usines de traitement hors des zones habitees, revegetalisation, modernisation des usines et des procedes de traitement du minerai, confinement des rejets boueux, etc. La gestion des impacts socio-environnementaux de l'industrie des phosphates, par ailleurs generatrice d'activite economique et d'emplois, reste une question complexe et delicate, qui commence seulement a etre prise en compte par le secteur de l'exploitation miniere et les pouvoirs publics.

ICT, innovation and impact on the competitive analysis: Tunisian Leader Basin Mining Firm

International Journal of Innovation and Scientific Research, Oct 2, 2014

The objective of this paper is to reveal the reality of the use of the New Technologies ICT on th... more The objective of this paper is to reveal the reality of the use of the New Technologies ICT on the competitive analysis, in the context of the Tunisian Firms, through the study of one of the most important on a national scale which is the Tunisian public CPGT Firm. This research study, besides, allowed revealing the role and the real impact of the ICT on the competitive structure of this Firm within this more relentless world environment. We took as approach of empirical investigation the technique of the survey (investigation) by questionnaire with the staff and the conversations (interviews) with the responsible leaders on the strategic orientation of the firm in the medium and long term, on the technological and informative infrastructure as well as at the level of the competitive strategy of the firm.

The determinants of access to financial services for micro-credit associations: Application on Tunisian case

E3 Journal of Business Management and Economics, Feb 1, 2013

The objective of this study is to identify the socioeconomic factors which explain small farmers’... more The objective of this study is to identify the socioeconomic factors which explain small farmers’ access to the services of the microcredit associations in Tunisia. The results of a binominal Logit model indicate that there is no discrimination against the poor while women do not proof to be the favorite customers for these associations. The absence of a guarantor is the main obstacle for access to the microcredit. The duration of the client relation to these associations is a determining factor in the access. But, this relation does not mean any improvement in the financing conditions particularly in terms of the guarantor.

Synthesis on the productivity and competitiveness of the Tunisian mining Firm in natural monopoly: capital Joint-venture strategy and performance factors

International Journal of Innovation and Applied Studies, Sep 2, 2014

This article provides a framework for synthesis of the productivity and the competitiveness of Tu... more This article provides a framework for synthesis of the productivity and the competitiveness of Tunisian mining industry which highlights the significant contribution of the Tunisian mining Firm to national economy, being a natural monopoly, which differed remarkably according to key indicators such as using a study for a period between (1999-2012): its Corporate Social responsibility CSR and mine environment protection, their accumulation of human capital, the international Joint-venture (J-V) alliance and their investment. The analyzes on this study period shows two major economic shocks, such as hydrocarbon in June 2007, affecting the production chain of this mining citizen Firm who's most serious in 2011, dates from the revolution. In addition, the Firm was able to overcome the challenges of this date and found an agreement with the social demands of the citizens in the mining Basin and will come to recovery at the average rate of production from 2012 to our days.

The Role of Subsidy Policy in Oil Price Shocks: The Moroccan Case

Energy Studies Review, 2010

This paper studies the impact of oil prices fluctuations on key macroeconomics variables of Moroc... more This paper studies the impact of oil prices fluctuations on key macroeconomics variables of Morocco. We will focus on the role of subsidy policy in the oil price-macro-economy relationship. The vector auto regression (VAR) model was used to analyze the data over the period 1993 to 2007. The results of the linear and non-linear models show that the oil prices shock can indirectly affect the economic activity. The oil price shock can hit economic activity through subsidy policy measured by cash payment for operating activities.

Investissements directs étrangers et processus de désendettement dans le contexte de mondialisation : le cas de la Tunisie

[fre] Le financement de la croissance par endettement ext�rieur. . Nous illustrons, � l'aide ... more [fre] Le financement de la croissance par endettement ext�rieur. . Nous illustrons, � l'aide d'un mod�le th�orique simple avec g�n�rations imbriqu�es, les risques que peut pr�senter le financement de l'accumulation de capital par recours � l'investissement �tranger ou � l'endettement ext�rieur. Nous examinons les effets du risque, des possibilit�s de retrait des investisseurs �trangers, de variations des taux d'int�r�t, sur le niveau d'investissement et le bien-�tre. Nous analysons le danger d'effets pervers passant par le taux de change. Nous regardons finalement si l'�volution �conomique du Mexique durant les derni�res ann�es confirme ou non les enseignements du mod�le th�orique. [eng] Financing growth by foreign debt. . We illustrate, using a simple theoretical model with overlapping generations, the potential risks associated with the use of foreign investment or of foreign debt to finance growth. We examine the effects of risk, of the possibl...

Contraintes financières et innovation dans les PME

Revue internationale P.M.E., 2014

L’objectif de ce travail consiste à étudier l’impact des contraintes financières sur le comportem... more L’objectif de ce travail consiste à étudier l’impact des contraintes financières sur le comportement innovant des petites et moyennes entreprises. Nous partons de la méthodologie de Fazzari, Hubbard et Petersen (1988) qui suppose que dans un contexte d’asymétrie d’information, la sensibilité de l’investissement à un indicateur de la richesse interne de l’entreprise implique l’existence de contraintes financières. Les résultats dégagés à partir d’un modèle Logit, mené sur un échantillon de 117 PME, montrent l’impact positif et significatif ducash-flowsur l’investissement innovant, ce qui implique une sensibilité de l’innovation aux ressources internes et confirme que les PME innovantes sont contraintes financièrement. D’autres investigations mettent en évidence une sensibilité plus importante pour les entreprises engagées dans des activités de recherche et développement, censées être plus exposées aux contraintes quant à l’accès au financement externe.

Capital Structure and Financing of SMEs: The Tunisian Case

International Journal of Economics and Finance, 2014

This article contributes to analyze the determinants of the capital structure of 611 tunisian sma... more This article contributes to analyze the determinants of the capital structure of 611 tunisian small and medium-sized enterprises (SME's), observed on a duration of six years. We will wonder about the impact of the financial specificities of the SME on their financial structures. For that purpose, we will confront hypotheses of the financial theory with the reality of the SME's. The estimations conducted, via the within model, show that the financial structure is not neutral and that the cost of financing, the profitability and the commercial debt are the main determinants on the banking debts. The estimations also reveal a hierarchy followed by SME's, in their financial choice, favoring the financing by internal funds and by commercial debts. A business sector analysis shows greater financing difficulties for the SME's providing services compared to the industrial SME's.

Oil Price and Dutch Disease: The Case of Algeria

Energy Sources, Part B: Economics, Planning, and Policy, 2011

This study examines the effect of recent increases of oil price on the key macroeconomic variable... more This study examines the effect of recent increases of oil price on the key macroeconomic variables of Algeria. We have used the vectoriels auto-régressifs model with linear and non-linear specifications to analyze the data over the period 1995Q1–2007Q3. The findings indicate that the increase in the inflation rate due to oil price shock is the main cause of the real exchange rate's appreciation in the short term. This real appreciation involves a spending effect which could be at the origin of the Dutch Disease.

La Sécurité alimentaire dans la sphère juridique