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Articles 1 - 12 of 12
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Oil Rents And Institutional Quality: Empirical Evidence From Algeria, Chekouri Sidi Mohammed, Benbouziane Mohamed, Chibi Abderrahim
Oil Rents And Institutional Quality: Empirical Evidence From Algeria, Chekouri Sidi Mohammed, Benbouziane Mohamed, Chibi Abderrahim
Topics in Middle Eastern and North African Economies
This paper examines the interaction between natural resource abundance and institutional quality in Algeria, using two measures of institutional quality (corruption and democratic accountability), and a measures for resource endowment (oil rents as a percentage of GDP). Our results indicate that an increase in oil rents significantly increase corruption in Algeria, while the interaction effect between oil rents and democratic accountability is positive and statistically significant, which means that enhancing democratic institutions can reduce corruption. It is also revealed that the manufactures exports significantly decline in the aftermath of oil rents shock, a pattern consistent with the Dutch Disease phenomenon. …
Do Principal-Agent Conflicts Impact Performance And Risk-Taking Behavior Of Islamic Banks?, Mona Fayed, Asmaa Ezzat
Do Principal-Agent Conflicts Impact Performance And Risk-Taking Behavior Of Islamic Banks?, Mona Fayed, Asmaa Ezzat
Topics in Middle Eastern and North African Economies
This paper presents empirical evidence on the different impacts of principal-agent relationships on risk-taking behavior and performance of Islamic banks, compared to conventional ones, for a sample of 105 banks in 8 Arab countries during the period (2005 – 2009). It distinguishes between two aspects of shareholder structure; namely, ownership concentration and shareholders rights. Empirical evidence showed that principal-agent conflicts were proved prominent in Islamic, as well as conventional banks due to the inverse and statistically significant effect of shareholder rights on risk-taking behavior. Moreover, it was found that principal-agent conflicts are more inherent in conventional banks, with regard to …
Financial Literacy In Developing Countries, Melike Kokkizi, Kamer Karakurum-Ozdemir, Gokce Uysal
Financial Literacy In Developing Countries, Melike Kokkizi, Kamer Karakurum-Ozdemir, Gokce Uysal
Topics in Middle Eastern and North African Economies
As global funds flow at unprecedented rates, consumers in developing countries have increased access to financial markets and find themselves handling more complex financial tools. In such a setting, consumers may be overexposed to financial risks. In this respect, increasing financial literacy levels of consumers has become essential, and assessing the financial literacy of the population is a key ingredient of any policy to do so. Using an international survey, we study financial literacy in Mexico, Lebanon, Uruguay, Colombia and Turkey. After establishing financial literacy levels, we identify the least financially literate groups in each country to facilitate targeting of …
The Conditional Gender Wage Gap In Egypt: Premium Or Penalty?, Hanan Nazier
The Conditional Gender Wage Gap In Egypt: Premium Or Penalty?, Hanan Nazier
Topics in Middle Eastern and North African Economies
This paper examines the gender wage gaps along the wage distribution in Egypt using individual data from the labor market panel surveys 1998, 2006 and 2012 and a quantile regression approach. Results show that in average female’s hourly wage is significantly less than that of males. While the wage gap in average is in favor of men it is decreasing with time and with education. Across quantiles the effect of being a female on hourly wages is negative, however this gap is higher at the lower and highest quantiles as compared to the middle ones. Indicating the presence of glass …
How Muslims Understand Democracy: An Empirical Investigation, Shireen Alazzaw, Moamen Gouda
How Muslims Understand Democracy: An Empirical Investigation, Shireen Alazzaw, Moamen Gouda
Topics in Middle Eastern and North African Economies
This study examines how Muslims understand democracy and its essential components. We hypothesize that, although Muslims tend to value democracy as high as non-Muslims, Muslims have a unique understanding of procedural, as well as substantive, components of democracy, that stems from both their historical, and current, socioeconomic experiences. Employing the latest data from World Values Survey, our descriptive statistics suggest that while Muslims highly value democracy, and believe they don’t have enough of it, their notion of democracy is distinct from that of non-Muslims. Muslims tend to associate democracy with its perceived outcomes, and do not have a substantial reservation …
Housing And Output Growth In Turkey, Gizem Uzuner
Housing And Output Growth In Turkey, Gizem Uzuner
Topics in Middle Eastern and North African Economies
This paper investigates the housing-output growth nexus in Turkey by using quarterly data on real gross domestic product, real house prices and real gross fixed capital formation. The main aim of this paper is to identify indicators, for example, output and real capital formation, which potentially has strong causal relationship with housing prices in Turkey. The data set for this study spans the period; 1987:Q1 to 2016:Q2. Using full sample bootstrap Granger causality test and parameter stability test, we examine the stability of estimated Vector Autoregressive Regressions (VAR), and thus determined whether the full-sample Granger causality inference might be invalid. …
Energetic Transition In Iran, Nathalie Hilmi, Alain Safa, Shekoofeh Farahmand, Majid Sameti, Salahaldin Sasan
Energetic Transition In Iran, Nathalie Hilmi, Alain Safa, Shekoofeh Farahmand, Majid Sameti, Salahaldin Sasan
Topics in Middle Eastern and North African Economies
In this paper, we study the effects of renewable energy consumption on economic growth in Iran in the period 1983 to 2013, through Autoregressive Distributed Lag (ARDL) method. Results show that an increase in renewable energy consumption increases economic growth. In other words, there is a positive and statistically significant relationship between renewable energy consumption and economic growth. The results show that in the long-run 1% increase in consumption of renewable energy leads to 4.06% increase in economic growth; they also show that in a short-run, 1% increase in it also can lead to 7.5% increase in economic growth.
Asymmetry In Inflation Targeting, Erhan Aslanoğlu, Pinar Deniz
Asymmetry In Inflation Targeting, Erhan Aslanoğlu, Pinar Deniz
Topics in Middle Eastern and North African Economies
Following the world financial crisis beginning in the last quarter of 2008, aggregate demand and commodity prices have declined sharply leading to a fast decline in world inflation. This different and new period reflects the rise in risk appetite leading to high fluctuations in the short term capital flows. World central banks revised their monetary policy to the changing conditions taking into account financial stability. In 2002, Turkish central bank adopted inflation targeting (in the implicit form) to maintain price stability. After 2008, following the developments in global markets, Turkish economy reflects similar characteristics in the form of decline in …
Uncertainty In Financial Markets And Business Cycles, Seçil Yildirim-Karaman
Uncertainty In Financial Markets And Business Cycles, Seçil Yildirim-Karaman
Topics in Middle Eastern and North African Economies
Can financial uncertainty shocks induce real downturns? To investigate this question theoretically, this paper develops a dynamic stochastic general equilibrium model with two period lived heterogenous agents, monopolistically competitive firms and sticky prices. In the model financial uncertainty is measured by the volatility of stock prices and this volatility results from the stochastic irrational beliefs of nonsophisticated agents about the future performance of the stock. An increase in the stock price volatility decreases aggregate demand and generates a significant contraction in output. The model contributes to the literature by modeling financial market volatility in a general equilibrium framework, establishing its …
The Influence Of Fomc Minutes For Asset Prices In Brics Countries And Turkey Through Garch Volatility Modeling, Evrim Toren
The Influence Of Fomc Minutes For Asset Prices In Brics Countries And Turkey Through Garch Volatility Modeling, Evrim Toren
Topics in Middle Eastern and North African Economies
This study aims to analyze the effect of releases of FOMC minutes on the BRICS countries’ asset prices and Turkey’s asset prices. The novel data from minutes, which is set by the Federal Open Market Committee, is taken into account for the FOMC announcements. The sample data for the study also includes asset prices of these countries. In order to measure the volatility, the methodology of GARCH modeling is used in this study. The empirical findings provide important impacts of those FOMC announcements on the mean and volatility of asset prices. The GARCH volatility modeling offers remarkable results in decision-making …
Dynamics Of Oil Prices, Exchange Rates And Asset Prices In The Gcc Countries, Mehmet Candemir, Mehmet Balcilar
Dynamics Of Oil Prices, Exchange Rates And Asset Prices In The Gcc Countries, Mehmet Candemir, Mehmet Balcilar
Topics in Middle Eastern and North African Economies
We analyse the relationship between the oil prices, asset prices, and foreign exchange rates in the selected GCC economies, namely United Arab Emirates (UAE), Qatar, Kuwait and Saudi Arabia. Using a time-varying parameter VAR we study the coherence, conditional volatility and impulse responses of the exchange rates and stock markets to oil price shocks over specific periods and policy regimes. The model is identified using sign-restrictions imposed on the impulse responses over contemporaneous and long horizons. Our results suggest that the impact of oil prices on the exchange rate and asset prices are time dependent. Hence there is a loss …
Linking Remittances With Financial Development And Institutions: A Study From Selected Mena Countries, Imad El Hamma
Linking Remittances With Financial Development And Institutions: A Study From Selected Mena Countries, Imad El Hamma
Topics in Middle Eastern and North African Economies
This paper seeks to examine the effect of remittances on economic growth in Middle East and North Africa (MENA) countries. Using unbalanced panel data covering a sample of 12 MENA countries over the period 1984-2012, we studied the hypothesis that the effect of remittances on economic growth varies depending on the level of financial development and institutional environment in recipient countries. We use GMM estimation in which we address the endogeneity of remittances. Our results reveal a complementary relationship among financial development and remittances to ensure economic growth. The estimations also show that remittances promote growth in countries with a …