1,720,957 research outputs found
Role of the information content of the Moroccan treasury securities real yield curve in forecasting the future economic situation in Morocco
No full textThis study aims to investigate the role of the slope of the real interest rate curve of treasury securities in predicting the future economic situation in Morocco. Economic theory suggests that the slope of rates can be explained by three factors: the effects of monetary policy, expectations of monetary policy, and the intertemporal smoothing of consumption. Our theoretical model focuses on the latter explanation, suggesting that households aim to maintain a constant level of consumption, regardless of fluctuations in interest rates and the economic situation. To examine this relationship, we constructed a regression model that includes several lagged financial and/or monetary explanatory variables, such as real interest rates. This analysis utilizes quarterly data from 2007 to 2023. Our results underscore the importance of the information embedded in the structure of real interest rates, particularly the spread of real interest rates, for analyzing and forecasting future economic growth in Morocco.
Keywords: Moroccan yield curve, spread, economic forecast
JEL Codes : C50, E43, E52, E58.
Paper type: Empirical research.This study aims to investigate the role of the slope of the real interest rate curve of treasury securities in predicting the future economic situation in Morocco. Economic theory suggests that the slope of rates can be explained by three factors: the effects of monetary policy, expectations of monetary policy, and the intertemporal smoothing of consumption. Our theoretical model focuses on the latter explanation, suggesting that households aim to maintain a constant level of consumption, regardless of fluctuations in interest rates and the economic situation. To examine this relationship, we constructed a regression model that includes several lagged financial and/or monetary explanatory variables, such as real interest rates. This analysis utilizes quarterly data from 2007 to 2023. Our results underscore the importance of the information embedded in the structure of real interest rates, particularly the spread of real interest rates, for analyzing and forecasting future economic growth in Morocco.
Keywords: Moroccan yield curve, spread, economic forecast
JEL Codes : C50, E43, E52, E58.
Paper type: Empirical research
Role of the information content of the Moroccan treasury securities real yield curve in forecasting the future economic situation in Morocco
No full textThis study aims to investigate the role of the slope of the real interest rate curve of treasury securities in predicting the future economic situation in Morocco. Economic theory suggests that the slope of rates can be explained by three factors: the effects of monetary policy, expectations of monetary policy, and the intertemporal smoothing of consumption. Our theoretical model focuses on the latter explanation, suggesting that households aim to maintain a constant level of consumption, regardless of fluctuations in interest rates and the economic situation. To examine this relationship, we constructed a regression model that includes several lagged financial and/or monetary explanatory variables, such as real interest rates. This analysis utilizes quarterly data from 2007 to 2023. Our results underscore the importance of the information embedded in the structure of real interest rates, particularly the spread of real interest rates, for analyzing and forecasting future economic growth in Morocco.
Keywords: Moroccan yield curve, spread, economic forecast
JEL Codes : C50, E43, E52, E58.
Paper type: Empirical research.This study aims to investigate the role of the slope of the real interest rate curve of treasury securities in predicting the future economic situation in Morocco. Economic theory suggests that the slope of rates can be explained by three factors: the effects of monetary policy, expectations of monetary policy, and the intertemporal smoothing of consumption. Our theoretical model focuses on the latter explanation, suggesting that households aim to maintain a constant level of consumption, regardless of fluctuations in interest rates and the economic situation. To examine this relationship, we constructed a regression model that includes several lagged financial and/or monetary explanatory variables, such as real interest rates. This analysis utilizes quarterly data from 2007 to 2023. Our results underscore the importance of the information embedded in the structure of real interest rates, particularly the spread of real interest rates, for analyzing and forecasting future economic growth in Morocco.
Keywords: Moroccan yield curve, spread, economic forecast
JEL Codes : C50, E43, E52, E58.
Paper type: Empirical research
Role of the information content of the Moroccan treasury securities real yield curve in forecasting the future economic situation in Morocco
No full textThis study aims to investigate the role of the slope of the real interest rate curve of treasury securities in predicting the future economic situation in Morocco. Economic theory suggests that the slope of rates can be explained by three factors: the effects of monetary policy, expectations of monetary policy, and the intertemporal smoothing of consumption. Our theoretical model focuses on the latter explanation, suggesting that households aim to maintain a constant level of consumption, regardless of fluctuations in interest rates and the economic situation. To examine this relationship, we constructed a regression model that includes several lagged financial and/or monetary explanatory variables, such as real interest rates. This analysis utilizes quarterly data from 2007 to 2023. Our results underscore the importance of the information embedded in the structure of real interest rates, particularly the spread of real interest rates, for analyzing and forecasting future economic growth in Morocco.
Keywords: Moroccan yield curve, spread, economic forecast
JEL Codes : C50, E43, E52, E58.
Paper type: Empirical research.This study aims to investigate the role of the slope of the real interest rate curve of treasury securities in predicting the future economic situation in Morocco. Economic theory suggests that the slope of rates can be explained by three factors: the effects of monetary policy, expectations of monetary policy, and the intertemporal smoothing of consumption. Our theoretical model focuses on the latter explanation, suggesting that households aim to maintain a constant level of consumption, regardless of fluctuations in interest rates and the economic situation. To examine this relationship, we constructed a regression model that includes several lagged financial and/or monetary explanatory variables, such as real interest rates. This analysis utilizes quarterly data from 2007 to 2023. Our results underscore the importance of the information embedded in the structure of real interest rates, particularly the spread of real interest rates, for analyzing and forecasting future economic growth in Morocco.
Keywords: Moroccan yield curve, spread, economic forecast
JEL Codes : C50, E43, E52, E58.
Paper type: Empirical research
Vitesse de circulation monétaire et son implication sur la demande de monnaie au Maroc
No full textThe objective of this paper is to propose a theoretical model for estimating the speed of money circulation in Morocco. This concept is closely related to the implications of the estimation and stability of the demand for money. Theoretically, this relationship is identified in a monetarist framework and consists of an equation linking the amount of real cash held by the public to a scale variable and the opportunity cost of holding it. This investigation is applied to quarterly data covering the period from the first quarter of 2007 to the last quarter of 2020. The estimates were based on several equations (assumptions), including the one that measures the demand for money in the long term, its dynamics in the short term, and the one that captures an empirical estimate of the speed of money circulation. The results confirm that there is indeed a cointegrating relationship in the money demand equation and that the parity of the long-term coefficients is not rejected, which makes the estimation of the speed of money circulation possible. In this case, the results state that the spreads of short and long rates can approximate the opportunity cost of holding money, which makes the speed of money circulation high.Ce travail a pour objectif de proposer un modèle théorique permettant d’estimer la vitesse de circulation monétaire au Maroc. Ce concept est étroitement lié aux implications de l’estimation et la stabilité de la demande de monnaie. Théoriquement, cette relation est cernée dans un cadre monétariste et elle est constituée d’une équation reliant le montant des encaisses réelles détenues par le public à une variable d’échelle et au coût d’opportunité que fait supporter cette détention. Cette investigation est appliquée sur des données trimestrielles couvrant la période du premier trimestre de l’année 2007 jusqu’au dernier trimestre de l’année 2020. Les estimations ont été basées sur plusieurs équations (hypothèses), notamment celle qui mesure la demande de monnaie dans le long terme, et sa dynamique dans le court terme et celle qui capte une estimation empirique de la vitesse de circulation de monnaie. Les résultats confirment qu’il existe certes une relation de cointégration dans l’équation de la demande de monnaie et que la parité des coefficients de long terme n’est pas rejetée ce qui rend l’estimation de la vitesse de monnaie possible. Dans ce cas, les résultats affirment que les écarts des taux courts et longs peuvent approximer le coût d’opportunité de la détention de monnaie ce qui rend la vitesse de réaction élevée
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Les compétences et la valorisation du capital humain à l'aune du Nouveau modèle de développement au Maroc : de la performance professionnelle à l'engagement éthique
Get PDFLa valorisation du capital humain est une condition sine qua non pour garantir la compétitivité des pays et leur développement durable. Au Maroc, le Nouveau modèle de développement (NMD) préconise « l’adoption de nouvelles méthodes pédagogiques centrées sur le renforcement des compétences de l’étudiant, autant scientifiques et techniques que transversales et comportementales » [1] (NMD, 2021, p. 111) afin d’accumuler un capital humain comme levier de la performance du Royaume. Dans cette perspective, l’approche par compétences s’avère pour les concepteurs de ce NMD un choix pédagogique adéquat pour relever ce défi avec autant de performance et d’excellence professionnelles.
Certes, en dépit de sa capacité à apporter les réponses pertinentes aux besoins des étudiants et aux attentes des sociétés ; il n’en demeure pas moins que l’approche par compétences au regard de sa logique marchande et économique affichées risquera de déshumaniser la formation si elle versera dans l’utilitarisme et le comportementalisme. Il est donc impératif d’adopter cette approche non seulement dans une optique pragmatique exclusive, mais aussi dans une vision éthique instaurant l’esprit critique et la démarche interrogative.
Voulant, d’abord, montrer les apports de l’approche par compétences à la formation des étudiants et par conséquent au projet de valorisation du capital humain, cette réflexion se veut aussi une analyse critique de cette approche. Elle essayera de montrer les limites de l’approche par compétences et d’étaler la portée éthique de toute formation. Une portée nécessaire pour former des lauréats qui, possédant l’esprit critique et incarnant l’image de « l’honnête-homme », agissent avec droiture et loyauté conformément aux règles de la morale sociale et des principes de la probité. L’objectif, donc, de cette présente réflexion est de montrer la nécessité de dépasser la logique marchande, productrice et techniciste de l’approche par compétences dans la valorisation du capital humain et d’œuvrer en faveur d’une éducation aux valeurs éthiques et sociales avec comme dépendants la liberté, l’autonomie, le civisme, l’engagement et l’honnêteté.
Mots clés : Capital humain, valorisation, approches par compétences, engagement éthique
Classification JEL: I25
Type de l’article: Article théoriqueMaking the most of human capital is a sine qua non for guaranteeing countries' competitiveness and sustainable development. In Morocco, the New Development Model (NMD) advocates "the adoption of new teaching methods focused on strengthening students' scientific and technical skills, as well as cross-disciplinary and behavioural skills" (NMD, 2021, p. 111), in order to build up human capital as a lever for the Kingdom's performance. With this in mind, the designers of this NMD see the competency-based approach as an appropriate pedagogical choice for meeting this challenge with the same level of professional performance and excellence.
Admittedly, despite its ability to provide relevant responses to the needs of students and the expectations of society, the fact remains that the competency-based approach, given its commercial and economic logic, runs the risk of dehumanising training if it lapses into utilitarianism and behaviourism. It is therefore imperative to adopt this approach not only from an exclusive pragmatic point of view, but also with an ethical vision that establishes a critical and questioning approach.
The aim of this paper is firstly to demonstrate the contribution of the competency-based approach to student training and, consequently, to the project of developing human capital, and secondly to provide a critical analysis of this approach. It will attempt to show the limits of the competency-based approach and to set out the ethical scope of all training. This is necessary if we are to train graduates who, with a critical mind and embodying the image of the "honest man", act with uprightness and loyalty in accordance with the rules of social morality and the principles of probity. The aim, therefore, of this reflection is to show the need to go beyond the commercial, productive and technicist logic of the skills-based approach in valuing human capital and to work in favor of an education in ethical and social values, with freedom, autonomy, civic-mindedness, commitment and honesty as its dependents.
Keywords: Human capital, valorisation, competency-based approaches, ethical commitment
JEL Classification: I25
Paper type: Theoretical Researc
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
- …
