Regional Science Policy and Practice, Dec 23, 2022
This article investigates the nonlinear relationship between corruption, imported innovation (imp... more This article investigates the nonlinear relationship between corruption, imported innovation (imports of high technology), and economic growth in developing countries from 2009 to 2018. We used a sample of 38 countries divided into two subsamples. The first covers 21 African countries, and the second covers 17 non‐African countries. The empirical results from the panel smooth transition regression model indicate that there is a threshold effect in the two relationships: corruption–imported innovation and corruption–growth. Specifically, we found that corruption exerts a significant effect only for non‐African countries. However, no significant effect was found for the whole sample and African countries. Furthermore, we found that below certain thresholds, corruption significantly decreases the level of growth for both the whole sample and the two subsamples. Above these thresholds, the effect of corruption becomes positive and significant.
The purpose of this study is to define the optimal threshold of financial development that might ... more The purpose of this study is to define the optimal threshold of financial development that might affects human development in a panel of 13 MENA countries that are divided into two sub-samples: oil-exporting and oil-importing countries. Results of the panel smooth transition regression (PSTR) model show that the threshold of financial development is 0.389 in oil-exporting 0.588 for oil-importing countries. Hence, below these thresholds, financial development acts negatively and significantly on human development and above them its effect become positive.
Depuis quelques années, nous assistons à une double évolution du comportement stratégique de la b... more Depuis quelques années, nous assistons à une double évolution du comportement stratégique de la banque centrale : à l'impératif de la crédibilité s'ajoute la nécessité d'innovation. L'incertitude est inhérente à l'innovation technologique dans le domaine monétaire, s'agissant particulièrement de l'émergence de la monnaie électronique. Notre contribution cherche à analyser les effets de l'incertitude sur la politique monétaire de la banque centrale. La monnaie électronique n'est pas neutre sur la quantification de la monnaie. Elle peut déplacer la frontière entre les actifs liquides (proches substituts de la monnaie) et ceux qui le sont moins. La prise en compte de l'incertitude va-t-elle affecter la crédibilité de la banque centrale ?
This paper explores the relationship between electricity consumption, foreign direct investment, ... more This paper explores the relationship between electricity consumption, foreign direct investment, capital and economic growth in case of the Kingdom of Bahrain. The Cobb-Douglas production is used over the period of 1980Q1-2010Q4. We have the ARDL bounds testing approach and found that cointegration exists among the series. Electricity consumption, foreign direct investment and capital add in economic growth. The VECM Granger causality analysis has reported the feedback effect between electricity consumption and economic growth and same is true for foreign direct investment and electricity consumption. This suggests us to explore sources of energy to achieve sustainable economic development for long run.
HAL (Le Centre pour la Communication Scientifique Directe), Oct 1, 2020
The aim of this paper is to investigate the impact of remittances outflows on inflation for a pan... more The aim of this paper is to investigate the impact of remittances outflows on inflation for a panel of 14 OPEC countries during the period 1980-2012. Using bias-corrected least-squares dummy variable (CLSDV) estimator, empirical results reveal that remittance outflows have no effect on inflation rate while trade openness and current account deficits have a positive impact. Further, oil price appears to not have any effect on inflation in OPEC countries.
The purpose of this paper is to study the effect of trade openness on the environmental quality b... more The purpose of this paper is to study the effect of trade openness on the environmental quality by taking into consideration the role of institutions. We used a panel of 143 countries observed during the period 2006-2015 and we performed a dynamic panel data based on the system generalized method of moment. We estimated various models which include an aggregated analysis of the whole sample (143 countries), and a disaggregated analysis which is a study for a sample of developed countries (43 countries) and developing countries (100 countries) conducted separately. Findings for the aggregated analysis indicate that trade, as a crucial variable in our model, appears to have no obvious impact on the environmental quality. However, the disaggregated analysis shows how trade harmed the environmental quality and shows the role of institutions in preserving the environment.
We analyze the dynamic relationship between financial liberalization and financial stability for ... more We analyze the dynamic relationship between financial liberalization and financial stability for a panel of 25 developing countries during the period 1986-2010. The empirical study employs the Toda and Yamamoto's (1995) procedure to test for the Granger no-causality between six variables of our study including: credit-to-GDP gap, deposit to credit ratio, net interest margin , bank supervision, Liberalization measured by kaopen and capital control proxied by the Quinn index (2007). The results show a first bidirectional causal relationship between financial stability and deposit to credit ratio, a second one between financial stability and capital control and a third one between financial stability and liberalization.
Tunisia went through a turbulent 1980s and 1990s, characterized by the introduction of the IMF... more Tunisia went through a turbulent 1980s and 1990s, characterized by the introduction of the IMF's Structural Adjustment Programs (SAPs) in 1986 and the modernization of the Stock Market Exchange. These changes and reforms in the monetary policy seek to control the supply of money and contribute to the achievement of price and financial stability. Over the period 1973–2013, this paper presents an empirical investigation into the stability of money demand using the Smooth Transition Autoregressive models (STAR) which is characterized by switching regimes through continuous transition functions. The instability of the money demand is explained by the fragility of the Tunisian economy to world shocks and by the implementation of the IMF's Structural Adjustment Programs.
The purpose of this article is to investigate the relationship between credit risk, liquidity ris... more The purpose of this article is to investigate the relationship between credit risk, liquidity risks and bank profitability within the Middle East and North African (MENA) countries. We selected data related to a sample of conventional banks observed during the period 2004–2015 and we performed the Seemingly Unrelated Regression (SUR) method in the empirical section. The overall results suggest that profitability of MENA banks is negatively and significantly sensitive to an increase in credit and/or liquidity risks. This negative effect was confirmed for either the separate or the interaction effects of these two risks. Furthermore, the findings indicate that bank profitability decreases significantly the level of credit and liquidity risks. We also found that the law and order as institutional quality increases the profitability of MENA banks and decreases both credit and liquidity risks.
ABSTRACT This article analyzes whether trade openness and foreign direct investment are driving f... more ABSTRACT This article analyzes whether trade openness and foreign direct investment are driving factors for human development in the Middle East and North African region. We used data of 13 MENA countries over the period of 2002 to 2015. We employed the panel cointegration analysis and vector error correction model to test the short- and long-run relationships as well as the causality between the variables. Findings indicate that in the long run the coefficients of trade openness and foreign direct investment are statistically significant. However, in the short run, the results show that only foreign direct investment and domestic investment exert a significant impact on human development.
International Journal of Economics and Financial Issues, 2016
The aim of this paper is to analyze the effect of monetary policy on stock returns and stock retu... more The aim of this paper is to analyze the effect of monetary policy on stock returns and stock return variability in the Gulf Cooperation Council (GCC) Countries namely; Bahrain, Kuwait, Oman, Qatar and Saudi Arabia (United Arab Emirates was excluded for non-availability of the data). The empirical results reveal that the impact of policy interest rates on stock markets varies among GCC countries. These results have an important policy implication for the single market project and monetary union between GCC countries. Keywords: Stock Market, Monetary Policy, Gulf Cooperation Council Countries JEL Classifications: G17, G18, E43, E47
The aim of this article is to investigate the dynamic relationship between corruption, investment... more The aim of this article is to investigate the dynamic relationship between corruption, investment, and economic growth in Tunisia within a multivariate framework. In the empirical section, we use a data span from 1976 to 2015, and we perform a vector error correction model and cointegartion technique. The main findings of this study show that corruption hampered Tunisia's economic growth in the short run and the long run as well. Corruption could be the main reason for the slowdown of investment activities and the low inflow of capital. Hence, more efforts are needed to fight corruption in Tunisia.
Regional Science Policy and Practice, Dec 23, 2022
This article investigates the nonlinear relationship between corruption, imported innovation (imp... more This article investigates the nonlinear relationship between corruption, imported innovation (imports of high technology), and economic growth in developing countries from 2009 to 2018. We used a sample of 38 countries divided into two subsamples. The first covers 21 African countries, and the second covers 17 non‐African countries. The empirical results from the panel smooth transition regression model indicate that there is a threshold effect in the two relationships: corruption–imported innovation and corruption–growth. Specifically, we found that corruption exerts a significant effect only for non‐African countries. However, no significant effect was found for the whole sample and African countries. Furthermore, we found that below certain thresholds, corruption significantly decreases the level of growth for both the whole sample and the two subsamples. Above these thresholds, the effect of corruption becomes positive and significant.
The purpose of this study is to define the optimal threshold of financial development that might ... more The purpose of this study is to define the optimal threshold of financial development that might affects human development in a panel of 13 MENA countries that are divided into two sub-samples: oil-exporting and oil-importing countries. Results of the panel smooth transition regression (PSTR) model show that the threshold of financial development is 0.389 in oil-exporting 0.588 for oil-importing countries. Hence, below these thresholds, financial development acts negatively and significantly on human development and above them its effect become positive.
Depuis quelques années, nous assistons à une double évolution du comportement stratégique de la b... more Depuis quelques années, nous assistons à une double évolution du comportement stratégique de la banque centrale : à l'impératif de la crédibilité s'ajoute la nécessité d'innovation. L'incertitude est inhérente à l'innovation technologique dans le domaine monétaire, s'agissant particulièrement de l'émergence de la monnaie électronique. Notre contribution cherche à analyser les effets de l'incertitude sur la politique monétaire de la banque centrale. La monnaie électronique n'est pas neutre sur la quantification de la monnaie. Elle peut déplacer la frontière entre les actifs liquides (proches substituts de la monnaie) et ceux qui le sont moins. La prise en compte de l'incertitude va-t-elle affecter la crédibilité de la banque centrale ?
This paper explores the relationship between electricity consumption, foreign direct investment, ... more This paper explores the relationship between electricity consumption, foreign direct investment, capital and economic growth in case of the Kingdom of Bahrain. The Cobb-Douglas production is used over the period of 1980Q1-2010Q4. We have the ARDL bounds testing approach and found that cointegration exists among the series. Electricity consumption, foreign direct investment and capital add in economic growth. The VECM Granger causality analysis has reported the feedback effect between electricity consumption and economic growth and same is true for foreign direct investment and electricity consumption. This suggests us to explore sources of energy to achieve sustainable economic development for long run.
HAL (Le Centre pour la Communication Scientifique Directe), Oct 1, 2020
The aim of this paper is to investigate the impact of remittances outflows on inflation for a pan... more The aim of this paper is to investigate the impact of remittances outflows on inflation for a panel of 14 OPEC countries during the period 1980-2012. Using bias-corrected least-squares dummy variable (CLSDV) estimator, empirical results reveal that remittance outflows have no effect on inflation rate while trade openness and current account deficits have a positive impact. Further, oil price appears to not have any effect on inflation in OPEC countries.
The purpose of this paper is to study the effect of trade openness on the environmental quality b... more The purpose of this paper is to study the effect of trade openness on the environmental quality by taking into consideration the role of institutions. We used a panel of 143 countries observed during the period 2006-2015 and we performed a dynamic panel data based on the system generalized method of moment. We estimated various models which include an aggregated analysis of the whole sample (143 countries), and a disaggregated analysis which is a study for a sample of developed countries (43 countries) and developing countries (100 countries) conducted separately. Findings for the aggregated analysis indicate that trade, as a crucial variable in our model, appears to have no obvious impact on the environmental quality. However, the disaggregated analysis shows how trade harmed the environmental quality and shows the role of institutions in preserving the environment.
We analyze the dynamic relationship between financial liberalization and financial stability for ... more We analyze the dynamic relationship between financial liberalization and financial stability for a panel of 25 developing countries during the period 1986-2010. The empirical study employs the Toda and Yamamoto's (1995) procedure to test for the Granger no-causality between six variables of our study including: credit-to-GDP gap, deposit to credit ratio, net interest margin , bank supervision, Liberalization measured by kaopen and capital control proxied by the Quinn index (2007). The results show a first bidirectional causal relationship between financial stability and deposit to credit ratio, a second one between financial stability and capital control and a third one between financial stability and liberalization.
Tunisia went through a turbulent 1980s and 1990s, characterized by the introduction of the IMF... more Tunisia went through a turbulent 1980s and 1990s, characterized by the introduction of the IMF's Structural Adjustment Programs (SAPs) in 1986 and the modernization of the Stock Market Exchange. These changes and reforms in the monetary policy seek to control the supply of money and contribute to the achievement of price and financial stability. Over the period 1973–2013, this paper presents an empirical investigation into the stability of money demand using the Smooth Transition Autoregressive models (STAR) which is characterized by switching regimes through continuous transition functions. The instability of the money demand is explained by the fragility of the Tunisian economy to world shocks and by the implementation of the IMF's Structural Adjustment Programs.
The purpose of this article is to investigate the relationship between credit risk, liquidity ris... more The purpose of this article is to investigate the relationship between credit risk, liquidity risks and bank profitability within the Middle East and North African (MENA) countries. We selected data related to a sample of conventional banks observed during the period 2004–2015 and we performed the Seemingly Unrelated Regression (SUR) method in the empirical section. The overall results suggest that profitability of MENA banks is negatively and significantly sensitive to an increase in credit and/or liquidity risks. This negative effect was confirmed for either the separate or the interaction effects of these two risks. Furthermore, the findings indicate that bank profitability decreases significantly the level of credit and liquidity risks. We also found that the law and order as institutional quality increases the profitability of MENA banks and decreases both credit and liquidity risks.
ABSTRACT This article analyzes whether trade openness and foreign direct investment are driving f... more ABSTRACT This article analyzes whether trade openness and foreign direct investment are driving factors for human development in the Middle East and North African region. We used data of 13 MENA countries over the period of 2002 to 2015. We employed the panel cointegration analysis and vector error correction model to test the short- and long-run relationships as well as the causality between the variables. Findings indicate that in the long run the coefficients of trade openness and foreign direct investment are statistically significant. However, in the short run, the results show that only foreign direct investment and domestic investment exert a significant impact on human development.
International Journal of Economics and Financial Issues, 2016
The aim of this paper is to analyze the effect of monetary policy on stock returns and stock retu... more The aim of this paper is to analyze the effect of monetary policy on stock returns and stock return variability in the Gulf Cooperation Council (GCC) Countries namely; Bahrain, Kuwait, Oman, Qatar and Saudi Arabia (United Arab Emirates was excluded for non-availability of the data). The empirical results reveal that the impact of policy interest rates on stock markets varies among GCC countries. These results have an important policy implication for the single market project and monetary union between GCC countries. Keywords: Stock Market, Monetary Policy, Gulf Cooperation Council Countries JEL Classifications: G17, G18, E43, E47
The aim of this article is to investigate the dynamic relationship between corruption, investment... more The aim of this article is to investigate the dynamic relationship between corruption, investment, and economic growth in Tunisia within a multivariate framework. In the empirical section, we use a data span from 1976 to 2015, and we perform a vector error correction model and cointegartion technique. The main findings of this study show that corruption hampered Tunisia's economic growth in the short run and the long run as well. Corruption could be the main reason for the slowdown of investment activities and the low inflow of capital. Hence, more efforts are needed to fight corruption in Tunisia.
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