The formation of public debt in Morocco is the result of years of economic policies. How the debt of the treasure reached this level 64% of GDP. The debt tolerance threshold in Morocco is 60% of GDP, ...making difficult its sustainability. We have a challenge of economic policy at the service of economic growth. In the sense of economic policies based on supply and in order to find alternatives for financing economic and social projects in Morocco, we have tried in the scope of this article to analyze the determinants of FDI attracted in the framework of distribution delegated management.
This review covers recent results concerning the estimation of large covariance matrices using tools from Random Matrix Theory (RMT). We introduce several RMT methods and analytical techniques, such ...as the Replica formalism and Free Probability, with an emphasis on the Marčenko–Pastur equation that provides information on the resolvent of multiplicatively corrupted noisy matrices. Special care is devoted to the statistics of the eigenvectors of the empirical correlation matrix, which turn out to be crucial for many applications. We show in particular how these results can be used to build consistent “Rotationally Invariant” estimators (RIE) for large correlation matrices when there is no prior on the structure of the underlying process. The last part of this review is dedicated to some real-world applications within financial markets as a case in point. We establish empirically the efficacy of the RIE framework, which is found to be superior in this case to all previously proposed methods. The case of additively (rather than multiplicatively) corrupted noisy matrices is also dealt with in a special Appendix. Several open problems and interesting technical developments are discussed throughout the paper.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK, ZRSKP
This paper deals with the causal relationship analysis between Gross Domestic Product (GDP), Energy Intensity (EI) and CO2 emissions in Morocco from 1975 to 2017, by means of Johansen cointegration ...tests and Granger causality tests based on a multivariate Vector Error Correction Modeling. Results indicate that there is a set of bi-directional causalities among the selected time series. The results of the study have significant policy implications for countries like Morocco and indicate that more daring and efficient energy policies have a determinant role to play in order to sustain continued reduction in energy intensity, as incomes rise to achieve a decoupling of energy consumption and economic growth.
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BFBNIB, CEKLJ, NUK, PNG, PRFLJ, UL, UM, UPUK
The article analyzes under a case study methodology the first economic impact results of the Small Business Development Center program in Arica, a program financed by the Technical Cooperation ...Service (SERCOTEC). The preliminary conclusion of the article suggests that the first economic impact results show that the 833 enterprises assisted by the program generate more sales opportunities, jobs and investments, creating positive income and fiscal returns, despite the enormous difficulties presented by the current pandemic facing the country and especially the region. From a public policy standpoint, the CDN's contribution to the regional economy helps create new employment opportunities in growing MSMEs. For their part, maturing companies contribute to job retention thanks to the advisory processes that help reorient their businesses, and the work with entrepreneurs contributes to the generation of new businesses that strengthen the regional economy.
The present paper considers the exploitation of a common-property, nonrenewable resource, by individuals subject to habit formation. We formalize their behavior by means of a utility function, ...depending on the difference between the individuals’ current consumption and the consumption level which they aspire, the latter being a weighted average of past consumptions in the population. We derive and compare the benchmark cooperative solution and a noncooperative Markov-perfect Nash equilibrium of the differential game. We investigate how the intensity, persistence and initial level of habits shape the cooperative and noncooperative solutions. We prove that habit formation may either mitigate or worsen the tragedy of the commons.
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EMUNI, FIS, FZAB, GEOZS, GIS, IJS, IMTLJ, KILJ, KISLJ, MFDPS, NLZOH, NUK, OBVAL, OILJ, PNG, SAZU, SBCE, SBJE, SBMB, SBNM, UKNU, UL, UM, UPUK, VKSCE, ZAGLJ
We explore the impact of migrant inventors on patent quality in Europe and the United States between 1990 and 2010. Drawing on a large sample of patent applications filed at the European Patent ...Office with a corresponding Patent Cooperation Treaty extension, we select inventor teams whose members reside in the countries of interest, but whose nationality may vary. In keeping with the literature, we find that migrant inventors are associated with higher quality patents via increased diversity at the team level, in addition to increased diversity at both the company and local level. This positive relationship with diversity persists after conditioning for the presence of migrants in the team, which is suggestive of cultural, and not merely functional, diversity.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
Purpose
The purpose of this study is to empirically investigate the impact of intellectual capital (IC) on the financial performance of Islamic banks operating in the Gulf Cooperation Council (GCC) ...countries.
Design/methodology/approach
The study measures IC by the value added intellectual coefficient model. A regression analysis was used to assess the impact of IC on financial performance. The research sample consisted of Islamic banks operating in the GCC countries during the years 2011, 2012 and 2013. Data originated from the annual reports of Islamic banks.
Findings
The results support the thesis that IC has a positive impact on the financial performance of Islamic banks. Even though the average IC is lower than that reported in other studies, the positive effect on financial performance is obvious. The findings also show that human capital (HC) is higher than capital employed (CE) and structural capital (SC). The study reveals that SC has an insignificant impact on the financial performance of the Islamic banks compared to CE and HC.
Practical implications
The findings provide empirical evidence that IC affects the Islamic banks’ financial performance. It helps Islamic banks in the GCC countries to understand how to use their IC efficiently, especially SC as it is yet to be used efficiently. Also, the findings benefit the relevant authorities (e.g. legislators and central banks) who could use them to emphasise strategic policy reforms whenever required.
Originality/value
The current research adds to the empirical studies in the GCC countries as it views the region as a collective as opposed to individual countries. It also extends the IC and performance measurement literature of Islamic banks in the GCC countries. Moreover, the current study enriches the limited literature on IC in the context of Islamic banking.
Very few genetic variants have been associated with depression and neuroticism, likely because of limitations on sample size in previous studies. Subjective well-being, a phenotype that is ...genetically correlated with both of these traits, has not yet been studied with genome-wide data. We conducted genome-wide association studies of three phenotypes: subjective well-being (n = 298,420), depressive symptoms (n = 161,460), and neuroticism (n = 170,911). We identify 3 variants associated with subjective well-being, 2 variants associated with depressive symptoms, and 11 variants associated with neuroticism, including 2 inversion polymorphisms. The two loci associated with depressive symptoms replicate in an independent depression sample. Joint analyses that exploit the high genetic correlations between the phenotypes (|ρ^| ≈ 0.8) strengthen the overall credibility of the findings and allow us to identify additional variants. Across our phenotypes, loci regulating expression in central nervous system and adrenal or pancreas tissues are strongly enriched for association.
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IJS, NUK, SBMB, UL, UM, UPUK
Using stock returns from a sample of 94 countries over the period from 22 January to 24 March 2022, we document a negative relationship between the Ukraine–Russia war and world stock market returns. ...We thus provide the first empirical evidence.
•We provide the first empirical evidence of the effect of the Ukraine–Russia war on world stock market returns.•The war has negatively impacted the world’s stock indices and this effect was more significant after the invasion of Ukraine.•The countries bordering Ukraine and Russia were the most affected, as were the UN countries that condemned the war.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
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