93,825 research outputs found
Recent exports matter: export discoveries, FDI and Growth, an empirical assessment for MENA countries
No full textExport diversification has become a priority goal for the development strategies of the MENA countries. In this paper, we aim at measuring the effects of exports’ diversification on growth in MENA countries. But we also try to assess the way new exports and FDI interact each others in the process of growth. Within the framework of an endogenous growth model, we claim that FDI can act as a complementary factor in the discovery process. The model is estimated by the system-GMM and we provide robust evidence that FDI do not necessarily have the same effect on growth according to the diversification level. We also show that while FDI have a positive and significant effect on the MENA countries’ growth, it is most probably rather linked to the direct effect on value added and employment than to the spillover effects of technological transfer.Export diversification, FDI, Growth, MENA, GMM system
A Wavelet Analysis of MENA Stock Markets
No full textIn this paper we revisit the issue of integration of emerging stock markets with each other and with the developed markets over different time horizons using weekly stock indices data from June 1997 until March 2005 of the five major MENA equity markets (Egypt, Israel, Jordan, Morocco and Turkey) and applying the discrete wavelet decomposition analysis. We decompose the weekly stock market returns of the main indices of the MENA countries into different time scale components using the non-decimated discrete wavelet transform and then analyze the time- scale relationship between the stock market indices of some developed areas (SP and Eurostoxx) and those of the MENA countries. The results from wavelet correlation analysis both among MENA stock markets and between these markets and some major stock markets suggests that MENA stock markets are nor regionally nor internationally integrated.stock market returns, comovements, wavelet correlation analysis
Mena/VASP and αII-Spectrin complexes regulate cytoplasmic actin networks in cardiomyocytes and protect from conduction abnormalities and dilated cardiomyopathy
No full textBACKGROUND: In the heart, cytoplasmic actin networks are thought to have important roles in mechanical support, myofibrillogenesis, and ion channel function. However, subcellular localization of cytoplasmic actin isoforms and proteins involved in the modulation of the cytoplasmic actin networks are elusive. Mena and VASP are important regulators of actin dynamics. Due to the lethal phenotype of mice with combined deficiency in Mena and VASP, however, distinct cardiac roles of the proteins remain speculative. In the present study, we analyzed the physiological functions of Mena and VASP in the heart and also investigated the role of the proteins in the organization of cytoplasmic actin networks.
RESULTS: We generated a mouse model, which simultaneously lacks Mena and VASP in the heart. Mena/VASP double-deficiency induced dilated cardiomyopathy and conduction abnormalities. In wild-type mice, Mena and VASP specifically interacted with a distinct αII-Spectrin splice variant (SH3i), which is in cardiomyocytes exclusively localized at Z- and intercalated discs. At Z- and intercalated discs, Mena and β-actin localized to the edges of the sarcomeres, where the thin filaments are anchored. In Mena/VASP double-deficient mice, β-actin networks were disrupted and the integrity of Z- and intercalated discs was markedly impaired.
CONCLUSIONS: Together, our data suggest that Mena, VASP, and αII-Spectrin assemble cardiac multi-protein complexes, which regulate cytoplasmic actin networks. Conversely, Mena/VASP deficiency results in disrupted β-actin assembly, Z- and intercalated disc malformation, and induces dilated cardiomyopathy and conduction abnormalities
Institutional Reforms Debate and FDI Flows to MENA Region: Does One .Best. Fit All?
No full textThe paper revisits the policy debate on institutional reform approaches to property rights protection and empirically examines it in the context of FDI flows to the Middle East and Northern Africa region (MENA).Using panel data on 11 MENA countries for the period 1991.2007 and adopting feasible generalized least squares estimation methodology, the paper finds a positive influence of improvement in the risk of investment expropriationin non-Gulf Cooperation Council (GCC) MENA countries and of bilateral investment treaties (BITs) in GCC countries. The joint influence of domestic institutional functions and BITs is positive in specifications containing investment expropriation risk and government stability in non-GCC MENA countries, and corruption in GCC countries. Results have important policy implications for the institutional reform approach to be adopted.property rights protection, bilateral investment treaties, foreign direct investment, institutional reforms, MENA, heterogeneity
Recent exports matter: export discoveries, FDI and Growth, an empirical assessment for MENA countries
No full textExport diversification has become a priority goal for the development strategies of the MENA countries. In this paper, we aim at measuring the effects of exports’ diversification on growth in MENA countries. But we also try to assess the way new exports and FDI interact each others in the process of growth. Within the framework of an endogenous growth model, we claim that FDI can act as a complementary factor in the discovery process. The model is estimated by the system-GMM and we provide robust evidence that FDI do not necessarily have the same effect on growth according to the diversification level. We also show that while FDI have a positive and significant effect on the MENA countries’ growth, it is most probably rather linked to the direct effect on value added and employment than to the spillover effects of technological transfer.Export diversification, FDI, Growth, MENA, GMM system
FDI in the European Union and Mena Countries: Institutional and Economic Determinants
No full textFDI flows to the Middle East and North Africa countries (MENA) have been relatively low when compared to the neighbouring European Union (EU) and to other developing and emerging countries. Furthermore, empirical research on FDI in these countries is relatively scarce. In this paper we use panel data regressions and consider a period of 9 years (since mid nineties) to investigate possible differences in the determinants of FDI performance in these regions. In particular, we use a panel of 42 countries which include 17 MENA countries and 25 European countries. Unlike previous studies, we consider the inward FDI performance index, as provided by UNCTAD, as dependent variable and include both institutional and macroeconomic variables as possible determinants of FDI. The aim is to investigate whether there are region-specific factors that are significant for FDI performance. We conclude that there are some significant differences on the institutional determinants of FDI performance, namely in what concerns Investment Freedom, Government Size and Trade Freedom.Foreign Direct Investment; Determinants; Institutions; Middle East North Africa countries (MENA); European Union (EU); Panel Data.
The law of growth and attraction: an endogenous model of absorptive capacities, FDI and income for MENA countries
No full textIn this paper, we build a structural model of growth and we estimate it on panel data. We go further than the previous studies of Bende et al. (2000, 2003) or Li & Liu (2005), because we not only control for the endogenity of FDI towards growth, but we also control for the endogenity of FDI towards the other variables (trade openness, domestic investment, human development) that are likely to increase the effects of foreign investments on growth through the absorption capacities building. We show that this model brings in new and interesting results about the interactions between attraction, FDI and growth in MENA countries (Middle East and North Africa countries).FDI, Human capital, Growth, simultaneous equations, MENA
Assessing the Responsiveness of Private Investment to Economic Reforms: The Case of MENA Countries
No full textDuring the 1980s and the 1990s, private investment in the Middle East and North Africa (MENA) has on average shown a decreasing or stagnant trend. This contrasts with the situation of the Asian economies, where private investment has always been more dynamic. In this paper, it is empirically shown for a panel of 39 developing economies--among which four MENA countries-- that in addition to the traditional determinants of investment--such as the growth anticipations and the real interest rate--government policies explain MENA's low investment rate. Insufficient structural reforms--which have most of the time led to poor financial development and deficient trade openness¬¬--have been a crucial factor for the deficit in private capital formation. The economic uncertainties of the region have represented another factor of the firm's decisions not to invest. These uncertainties have consisted of the external debt burden and various measures of volatility.cerdi
The law of growth and attraction: an endogenous model of absorptive capacities, FDI and income for MENA countries
No full textIn this paper, we build a structural model of growth and we estimate it on panel data. We go further than the previous studies of Bende et al. (2000, 2003) or Li & Liu (2005), because we not only control for the endogenity of FDI towards growth, but we also control for the endogenity of FDI towards the other variables (trade openness, domestic investment, human development) that are likely to increase the effects of foreign investments on growth through the absorption capacities building. We show that this model brings in new and interesting results about the interactions between attraction, FDI and growth in MENA countries (Middle East and North Africa countries).FDI, Human capital, Growth, simultaneous equations, MENA
Stock Market Integration in the MENA Region: An Application of the ARDL Bounds Testing Approach
No full textThis study examines financial integration among four emerging stock markets in the Middle East and North African (MENA) region. The study also examines the integration between these markets and developed markets represented by the US, UK and Germany. The study utilizes the newly proposed autoregressive distributed lag (ARDL) approach to cointegration. The results show evidence of the existence of integration among stock markets in the MENA region, but not between the MENA markets and developed markets. This provides opportunities for international investors to obtain long-run gains through portfolio diversification in the MENA region, while for regional investors, these opportunities are limited in the long run.stock market integration; MENA region; ARDL bounds testing approach
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