ERF

Displaying 1-22 of 22 results

  • White Papers // Nov 2010

    Cherry Picking Or Driving Out Bad Management: Foreign Acquisitions In Turkish Banking

    This paper analyzes the determinants of cross-border acquisitions and the impact of foreign acquisitions on performance in the Turkish banking sector. The results suggest that foreign banks target relatively better performing banks to acquire, and that post-acquisition performance of the targets does not improve. There is some evidence that both...

    Provided By ERF

  • White Papers // Nov 2010

    Why Is Fiscal Policy Procyclical In MENA Countries?

    The optimal fiscal policy is countercyclical, aiming to keep the output close to its potential. Nevertheless, it has been pointed out that developing countries are unable to run countercyclical fiscal policies. Several researchers have attributed these sub optimal fiscal policies to two groups of arguments. The limited access to domestic...

    Provided By ERF

  • White Papers // Nov 2010

    Equity In Health Care In the Occupied Palestinian Territory: A Benefit Incidence Analysis

    This paper employs a Benefit Incidence Analysis (BIA) framework of health care financing in the occupied Palestinian territory to trace the distribution of public spending on health care, and to provide some elements of response that would complement, and integrate with, the findings from previous literature on the topic for...

    Provided By ERF

  • White Papers // Oct 2010

    The Unending Search For A New Global Monetary And Financial Architecture

    This paper analyzes some key features of the global monetary and financial crisis and the limitations faced by Central Banks. It also includes a brief description for the collectively previous efforts to anchor a Global Monetary and Financial regime. The main difficulties to "Globalize" banking and financial reforms are illustrated...

    Provided By ERF

  • White Papers // Oct 2010

    Economic Growth In Bahrain: The Contribution Of Multifactor Productivity

    With the process of expansion and the structural transformation taking place in Bahrain, it is crucial to measure and analyze the growth rates of Gross Domestic Product (GDP), gross output and Multifactor Productivity (MFP) to develop proper policies that are in line with the new economic vision of Bahrain, known...

    Provided By ERF

  • White Papers // Sep 2010

    The Politics Of Investment And Growth In Egypt: Towards A New Approach

    How can governments achieve substantial increases in productive private investment? 'Improve the investment climate' is the dominant advice. However, national-level investment climate approaches have been criticized for not giving adequate attention to context and feasibility. This paper experiments with an approach which addresses these concerns by focusing on sectors and...

    Provided By ERF

  • White Papers // Sep 2010

    Has Egypt's Monetary Policy Changed After The Float?

    After maintaining a currency peg to the US$ for more than 40 years, Egypt announced the float of its exchange rate in 2003. Yet, the somewhat stable exchange rate suggests that it continues to be managed by the Central Bank of Egypt. The objective of this paper is to assess...

    Provided By ERF

  • White Papers // Sep 2010

    Banking, Credit Market Imperfection And Economic Growth

    The authors develop a new model that links capital market imperfection to banking emergence and economic growth. It is shown that the banking system emerges endogenously after a first stage of slow economic growth. Interestingly, economic growth increases after the emergence of banking but remains under its potential level. This...

    Provided By ERF

  • White Papers // Sep 2010

    Bank Specific, Business And Institutional Environment Determinants Of Banks Nonperforming Loans: Evidence From MENA Countries

    The paper empirically analyzes the determinants of Non-Performing Loans (NPL) and the potential impact of both business and institutional environment on credit risk exposure of banks in the MENA region. Looking at a sample of 46 banks in 12 countries over the period 2002 - 2006, the authors find that,...

    Provided By ERF

  • White Papers // Aug 2010

    On The Influence Of Oil Prices On Stock Markets: Evidence From Panel Analysis In GCC Countries1

    This paper implements recent bootstrap panel co-integration techniques and Seemingly Unrelated Regression (SUR) methods to investigate the existence of a long-run relationship between oil prices and Gulf Corporation Countries (GCC) stock markets. Since GCC countries are major world energy market players, their stock markets are likely to be susceptible to...

    Provided By ERF

  • White Papers // Jul 2010

    Intra-Firm Diffusion Of Innovation: Evidence From Tunisian SME's In Matters Of Information and Communication Technologies

    The aim of this paper is twofold: first, the authors want to explore the intra-firm diffusion of Information and Communication Technologies (ICT) within the Tunisian firms and to characterize its general trends of adoption and usage. Second, they want to emphasize the rank and epidemic effects stressed by the disequilibrium...

    Provided By ERF

  • White Papers // Jun 2010

    Financial Crises' Prevention And Recovery

    After the completion of the capital account liberalization in 1989, Turkey recovered from two financial crises which occurred in 1994 and 2000/2001. Focusing on the twin crises dynamics, this paper delves into the roles of the banking system soundness and the political stability in the design of preventive and recovering...

    Provided By ERF

  • White Papers // Jun 2010

    Business Cycle Synchronization: A Mediterranean Comparison

    Nowadays, due to the world economic regionalization, business cycle synchronization is of great importance. It is in this context that this paper is defined. Indeed, following the political debates carried out especially by France in order to create a Mediterranean Union, the authors propose synchronism estimation between the Tunisian, French,...

    Provided By ERF

  • White Papers // Sep 2009

    International Corporate Governance And Finance: Legal, Cultural And Political Explanations

    Corporate governance has drawn much attention with recent managerial misbehavior and corporate scandals. Various laws and reports around the world came up with propositions and regulation to restore confidence and reinforce investor protection. La Porta, Lopez, Shleifer and Vishny (LLSV 1998-2002) built up their theory on the protection of investors...

    Provided By ERF

  • White Papers // May 2009

    Optimal Monetary Policy For Postwar Iraq

    This paper theoretically investigates the optimal monetary policy regime for post-war Iraq. The authors analyze the macroeconomic dynamics (inflation, output and exchange rate) and the credibility and reputation of the Central Bank of Iraq (CBI) under alternative monetary policy regimes. They construct a detailed and realistic model that can be...

    Provided By ERF

  • White Papers // Apr 2009

    Understanding Financial Structure Of Nonlisted Firms In Mena Panel Data Approach Applied To Moroccan Firms

    The purpose of this paper is to empirically investigate the determinants of financial structure in non-listed Moroccan manufacturing firms using a panel data approach. There is a relatively vast body of theory-derived literature relating corporate capital structure to firm and industry characteristics. However, most papers use data on listed companies,...

    Provided By ERF

  • White Papers // Apr 2009

    Innovation And R&D Investment Of Tunisian Firms: A Two-Regime Model With Selectivity Correction

    The purpose of the paper is to produce new empirical evidence regarding the determinants of R&D investment by Tunisian firms, through introducing the relationship between R&D expenditures and innovation effort of firms. The authors suppose that factors explaining in-house R&D are not the same according to whether the firm is...

    Provided By ERF

  • White Papers // Mar 2009

    Is There A Bank Lending Channel Of Monetary Policy In Selected Mena Countries? A Comparative Analysis

    This paper investigates whether there are differential effects of monetary policy across bank size, liquidity and capitalization in some selected MENA countries namely Egypt, Jordan, Morocco and Tunisia, to test for the presence of the bank lending channel. It uses a panel of bank balance sheet data to estimate the...

    Provided By ERF

  • White Papers // Jan 2009

    On The Linkage Between Monetary Policy And MENA Stock Markets

    Relatively little empirical evidence is available that estimates the relationship between asset price movements and monetary policy measures. This paper, which is the first study that focuses on the linkage between monetary policy and stock market prices, aims at analyzing the interaction between monetary policy and asset markets in eight...

    Provided By ERF

  • White Papers // Oct 2008

    The Effects Of Bank Regulations, Competition And Financial Reforms On MENA Banks' Profitability

    In this paper, the authors examine the influence of bank regulations, concentration, financial and institutional development on commercial bank margin and profitability across a broad menu of Middle East and North Africa (MENA) countries. They cover the 1989-2005 period and control for a wide array of macroeconomic,, financial and bank...

    Provided By ERF

  • White Papers // Oct 2008

    Inflation Targeting In Turkey

    In the aftermath of the 2000-2001crisis the banking sector in Turkey was in turbulence requiring immediate action. The rescue operation sky-rocketed the public debt-to-gross domestic product ratio. The fiscal dominance caused by high public debt put a severe constraint on the conduct of monetary policy. Other challenges were the high...

    Provided By ERF

  • White Papers // Sep 2008

    BIT Contracting And FDI Impact In The GCC Countries

    The rationale for GCC countries increasingly contracting of BITs is controversial. This paper empirically examines the short term and long term impact BITs contracting on FDI and distinguishes it by the income level of the contracting partner country. The paper uses panel data for the period 1984-2002 and adopts a...

    Provided By ERF

  • White Papers // Nov 2010

    Cherry Picking Or Driving Out Bad Management: Foreign Acquisitions In Turkish Banking

    This paper analyzes the determinants of cross-border acquisitions and the impact of foreign acquisitions on performance in the Turkish banking sector. The results suggest that foreign banks target relatively better performing banks to acquire, and that post-acquisition performance of the targets does not improve. There is some evidence that both...

    Provided By ERF

  • White Papers // Nov 2010

    Why Is Fiscal Policy Procyclical In MENA Countries?

    The optimal fiscal policy is countercyclical, aiming to keep the output close to its potential. Nevertheless, it has been pointed out that developing countries are unable to run countercyclical fiscal policies. Several researchers have attributed these sub optimal fiscal policies to two groups of arguments. The limited access to domestic...

    Provided By ERF

  • White Papers // Nov 2010

    Equity In Health Care In the Occupied Palestinian Territory: A Benefit Incidence Analysis

    This paper employs a Benefit Incidence Analysis (BIA) framework of health care financing in the occupied Palestinian territory to trace the distribution of public spending on health care, and to provide some elements of response that would complement, and integrate with, the findings from previous literature on the topic for...

    Provided By ERF

  • White Papers // Oct 2010

    The Unending Search For A New Global Monetary And Financial Architecture

    This paper analyzes some key features of the global monetary and financial crisis and the limitations faced by Central Banks. It also includes a brief description for the collectively previous efforts to anchor a Global Monetary and Financial regime. The main difficulties to "Globalize" banking and financial reforms are illustrated...

    Provided By ERF

  • White Papers // Sep 2010

    The Politics Of Investment And Growth In Egypt: Towards A New Approach

    How can governments achieve substantial increases in productive private investment? 'Improve the investment climate' is the dominant advice. However, national-level investment climate approaches have been criticized for not giving adequate attention to context and feasibility. This paper experiments with an approach which addresses these concerns by focusing on sectors and...

    Provided By ERF

  • White Papers // Sep 2010

    Has Egypt's Monetary Policy Changed After The Float?

    After maintaining a currency peg to the US$ for more than 40 years, Egypt announced the float of its exchange rate in 2003. Yet, the somewhat stable exchange rate suggests that it continues to be managed by the Central Bank of Egypt. The objective of this paper is to assess...

    Provided By ERF

  • White Papers // Sep 2010

    Banking, Credit Market Imperfection And Economic Growth

    The authors develop a new model that links capital market imperfection to banking emergence and economic growth. It is shown that the banking system emerges endogenously after a first stage of slow economic growth. Interestingly, economic growth increases after the emergence of banking but remains under its potential level. This...

    Provided By ERF

  • White Papers // Jul 2010

    Intra-Firm Diffusion Of Innovation: Evidence From Tunisian SME's In Matters Of Information and Communication Technologies

    The aim of this paper is twofold: first, the authors want to explore the intra-firm diffusion of Information and Communication Technologies (ICT) within the Tunisian firms and to characterize its general trends of adoption and usage. Second, they want to emphasize the rank and epidemic effects stressed by the disequilibrium...

    Provided By ERF

  • White Papers // Jun 2010

    Financial Crises' Prevention And Recovery

    After the completion of the capital account liberalization in 1989, Turkey recovered from two financial crises which occurred in 1994 and 2000/2001. Focusing on the twin crises dynamics, this paper delves into the roles of the banking system soundness and the political stability in the design of preventive and recovering...

    Provided By ERF

  • White Papers // Jun 2010

    Business Cycle Synchronization: A Mediterranean Comparison

    Nowadays, due to the world economic regionalization, business cycle synchronization is of great importance. It is in this context that this paper is defined. Indeed, following the political debates carried out especially by France in order to create a Mediterranean Union, the authors propose synchronism estimation between the Tunisian, French,...

    Provided By ERF

  • White Papers // Sep 2009

    International Corporate Governance And Finance: Legal, Cultural And Political Explanations

    Corporate governance has drawn much attention with recent managerial misbehavior and corporate scandals. Various laws and reports around the world came up with propositions and regulation to restore confidence and reinforce investor protection. La Porta, Lopez, Shleifer and Vishny (LLSV 1998-2002) built up their theory on the protection of investors...

    Provided By ERF

  • White Papers // Oct 2008

    The Effects Of Bank Regulations, Competition And Financial Reforms On MENA Banks' Profitability

    In this paper, the authors examine the influence of bank regulations, concentration, financial and institutional development on commercial bank margin and profitability across a broad menu of Middle East and North Africa (MENA) countries. They cover the 1989-2005 period and control for a wide array of macroeconomic,, financial and bank...

    Provided By ERF

  • White Papers // Oct 2008

    Inflation Targeting In Turkey

    In the aftermath of the 2000-2001crisis the banking sector in Turkey was in turbulence requiring immediate action. The rescue operation sky-rocketed the public debt-to-gross domestic product ratio. The fiscal dominance caused by high public debt put a severe constraint on the conduct of monetary policy. Other challenges were the high...

    Provided By ERF

  • White Papers // Sep 2008

    BIT Contracting And FDI Impact In The GCC Countries

    The rationale for GCC countries increasingly contracting of BITs is controversial. This paper empirically examines the short term and long term impact BITs contracting on FDI and distinguishes it by the income level of the contracting partner country. The paper uses panel data for the period 1984-2002 and adopts a...

    Provided By ERF

  • White Papers // Jan 2009

    On The Linkage Between Monetary Policy And MENA Stock Markets

    Relatively little empirical evidence is available that estimates the relationship between asset price movements and monetary policy measures. This paper, which is the first study that focuses on the linkage between monetary policy and stock market prices, aims at analyzing the interaction between monetary policy and asset markets in eight...

    Provided By ERF

  • White Papers // Mar 2009

    Is There A Bank Lending Channel Of Monetary Policy In Selected Mena Countries? A Comparative Analysis

    This paper investigates whether there are differential effects of monetary policy across bank size, liquidity and capitalization in some selected MENA countries namely Egypt, Jordan, Morocco and Tunisia, to test for the presence of the bank lending channel. It uses a panel of bank balance sheet data to estimate the...

    Provided By ERF

  • White Papers // Apr 2009

    Understanding Financial Structure Of Nonlisted Firms In Mena Panel Data Approach Applied To Moroccan Firms

    The purpose of this paper is to empirically investigate the determinants of financial structure in non-listed Moroccan manufacturing firms using a panel data approach. There is a relatively vast body of theory-derived literature relating corporate capital structure to firm and industry characteristics. However, most papers use data on listed companies,...

    Provided By ERF

  • White Papers // Apr 2009

    Innovation And R&D Investment Of Tunisian Firms: A Two-Regime Model With Selectivity Correction

    The purpose of the paper is to produce new empirical evidence regarding the determinants of R&D investment by Tunisian firms, through introducing the relationship between R&D expenditures and innovation effort of firms. The authors suppose that factors explaining in-house R&D are not the same according to whether the firm is...

    Provided By ERF

  • White Papers // May 2009

    Optimal Monetary Policy For Postwar Iraq

    This paper theoretically investigates the optimal monetary policy regime for post-war Iraq. The authors analyze the macroeconomic dynamics (inflation, output and exchange rate) and the credibility and reputation of the Central Bank of Iraq (CBI) under alternative monetary policy regimes. They construct a detailed and realistic model that can be...

    Provided By ERF

  • White Papers // Aug 2010

    On The Influence Of Oil Prices On Stock Markets: Evidence From Panel Analysis In GCC Countries1

    This paper implements recent bootstrap panel co-integration techniques and Seemingly Unrelated Regression (SUR) methods to investigate the existence of a long-run relationship between oil prices and Gulf Corporation Countries (GCC) stock markets. Since GCC countries are major world energy market players, their stock markets are likely to be susceptible to...

    Provided By ERF

  • White Papers // Sep 2010

    Bank Specific, Business And Institutional Environment Determinants Of Banks Nonperforming Loans: Evidence From MENA Countries

    The paper empirically analyzes the determinants of Non-Performing Loans (NPL) and the potential impact of both business and institutional environment on credit risk exposure of banks in the MENA region. Looking at a sample of 46 banks in 12 countries over the period 2002 - 2006, the authors find that,...

    Provided By ERF

  • White Papers // Oct 2010

    Economic Growth In Bahrain: The Contribution Of Multifactor Productivity

    With the process of expansion and the structural transformation taking place in Bahrain, it is crucial to measure and analyze the growth rates of Gross Domestic Product (GDP), gross output and Multifactor Productivity (MFP) to develop proper policies that are in line with the new economic vision of Bahrain, known...

    Provided By ERF