13 research outputs found

    Balance of payments constrained growth model: an Application for Morocco (1980-2018)

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    The aim of this study is to test the validity of Thirlwall’s Law in Morocco from 1980 to 2018 period using an Autoregressive Distributed Lag (ARDL) Bounds testing approach. The empirical results suggest that import is co-integrated with relative price and income, and the actual growth rate was found to be equal to the predicted growth rate by the balance of payments. Thus, The thirlwall’s law holds for Morocco.  This study proposes, also, some policy recommendations to reduce the trade deficits.The aim of this study is to test the validity of Thirlwall’s Law in Morocco from 1980 to 2018 period using an Autoregressive Distributed Lag (ARDL) Bounds testing approach. The empirical results suggest that import is co-integrated with relative price and income, and the actual growth rate was found to be equal to the predicted growth rate by the balance of payments. Thus, The thirlwall’s law holds for Morocco.  This study proposes, also, some policy recommendations to reduce the trade deficits

    L’impact de l’intégration régionale sur le commerce : Une revue théorique et empirique

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    Regional integration (RI) is a global phenomenon that has existed for a long time, its ultimate goal is the development of member countries. Several authors have tried to precisely develop this concept but have not been able to produce a universal definition of it. Indeed, its multidimensional character can take several forms, going from a simple creation of economic links between nations and even between individual units within a national economy, to a complex social phenomenon whose economic content is closely related to the political aspect. The same observation can be made with regard to the phases that this regional integration can take, which, according to economic theory, go from a free-trade zone characterized by the abolition of customs tariffs towards mutual trade to total economic integration determined by a common economic policy. The objective of this work is to analyze the theoretical framework of the regional integration through the enumeration of this phenomenon’s different types and various conceptions. Also, this article aims to pay particular attention to this integration’s impact on bilateral trade, thanks to the theories dealing with integration such as the neoclassical theory of customs unions which aims to study the abolition of customs borders effects on trade, the theory of the new geographical economy which attempts to provide information on the place where certain industries produce goods and on their distribution in space, as well as the theory of the new institutional economy which emphasizes the way in which institutions, new or already existing, can influence the interactions between economic agents, on one hand, and thanks to the empirical studies that have dealt with the question of the integration’s impact on trade, on the other hand.     JEL Classification: F1, F2, F4 Paper type: Theoretical ResearchL’intégration régionale (IR) est un phénomène mondial qui ne date pas d’aujourd’hui, son objectif final est le développement des pays membres. Plusieurs auteurs ont tenté de développer ce concept d’une manière précise, mais n’ont pu produire une définition universelle de ce dernier. En effet, son caractère multidimensionnel peut prendre plusieurs formes allant d’une simple création de liens économiques entre nations et même entre unités individuelles au sein d’une économie nationale à un phénomène social complexe dont le contenu économique est en étroite relation avec l’aspect politique. Le même constat est observé pour ce qui est des phases que peut prendre cette intégration régionale et qui vont, selon la théorie économique, d’une zone de libre-échange caractérisée par la suppression des tarifs douaniers vis-à-vis du commerce mutuel à une intégration économique totale déterminée par une politique économique commune. L’objectif de ce travail est d’analyser le cadre théorique de l’intégration régionale à travers l’énumération des différents types et des diverses conceptions de ce phénomène. Aussi, cet article ambitionne de porter une attention particulière à l’impact de cette intégration sur le commerce bilatéral grâce, d’une part, aux théories traitant l’intégration et notamment la théorie néoclassique des unions douanières qui vise à étudier les effets de la suppression des frontières douanières sur le commerce, la théorie de la nouvelle économie géographique qui tente de renseigner sur le lieu où certaines industries produisent leurs biens et sur la distribution de ceux-ci dans l’espace ainsi que la théorie de la nouvelle économie institutionnelle qui met l’accent sur la manière avec laquelle les institutions, nouvelles ou déjà existantes, peuvent influencer les interactions entre les agents économiques, et d’autre part, aux études empiriques qui ont traité la question de l’impact de l’intégration sur le commerce.     Classification JEL : F1, F2, F4 Type de l’article : article théoriqu

    Fiscalité territoriale et développement régional : quelle interaction ?

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    Local government taxation is not only a financial resource intended to cover the costs of local public services, but also an economic policy instrument that contributes to the consolidation of the decentralization process, a cornerstone in the building of a democratic and modern state. The aim of this paper is to highlight the role of territorial taxation and its impact on the improvement of living conditions as measured by the Human Development Index (HDI). Our research question is as follows: What effect does local taxation have on regional development? In order to understand our study, we collected data from various sources and analyzed them using multiple linear regression modeling. The results show a positive impact of the evolution of tax revenues on the regional HDI. It follows that despite the efforts and progress made by some local authorities, others are lagging behind in development due to the weakness of local fiscal potential and territorial inequalities in human capital development.   Jel classification : H2, O18 Paper type: Theoretical researchLa fiscalité des collectivités territoriales se présente, non seulement comme une ressource  financière destinée à couvrir les charges des services publics locaux, mais également comme un instrument de politique économique qui participe à la consolidation du processus de décentralisation, pierre angulaire dans l’édification d’un État démocratique et moderne. Le but de cette contribution est de mettre en lumière le rôle la fiscalité territoriale et son impact dans    l’amélioration des conditions de vie mesurées par l’indice de développement humain (IDH). Notre question de recherche se présente ainsi : Quel effet exerce-t-il la fiscalité locale sur le développement régional ? Afin d’appréhender notre étude, nous avons reveuilles des données émanant de diverses sources puis nous les avons analysées via une modélisation de régression linéaire multiple. Les résultats dégagés font état de l’impact positif de l’évolution des recettes fiscales sur l’IDH régional. Il en découle qu’en dépit des efforts et progrès accomplis par certaines collectivités locales, d’autres accusent un retard dans le développement en raison de la faiblesse du potentiel fiscal local et des inégalités territoriales dans le développement dans le capital humain.     Classification JEL : H2, O18 Type de l’article : Article théoriqu

    Managing ERP Projects Implementation: Multidimensional Analysis of Failure Causes

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    Due to the persistence of failure to conduct information systems implementation projects, and because of the lack of researchers' consultation on the key factors of project management success, it is advisable to broaden the reflection on the main factors of failure and success, taking into account the contexts specific to each project. This paper lies within an exploratory approach, trying to identify the success factors of managing ERP implementation projects within companies, and proving the existence of strong interactions between the three project phases. It also tries to explain that project management should not be executed independently of the initial business plan. The methodological approach applied in this research is not part of a linear approach that investigates a phenomenon known in advance; it aims at building knowledge based on qualitative and empirical data. It is a combination of Maxwell's qualitative and empirical research' foundations, as well as the principles of grounded theory used in qualitative analyses in which the studied sample's size is not known in advance. The article showed that the success of ERP implementation is not as obvious, it should not be perceived separately from the study and exploitation's stages. In fact, it is the outcome of an appropriate preparation during the pre-project stage, optimized implementation during the project's conducting stage, as well as satisfaction of final users. This complexity requires the involvement of all stakeholders as well as agility at all levels. Thus, the stakeholders are required to take into account all events and possibilities that may affect the course of the software implementation project. At this level, defining a management approach and setting up a structure dedicated to that project becomes a must. &nbsp

    The Impact of Business Intelligence Systems on Management Accounting in Companies: Literature Review

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    The aim of this paper is to summarise the current knowledge regarding the impacts of business intelligence systems (BI Systems) on management accounting (MA) in companies. To this end, analyse of relevant literature was deemed appropriate given the scarcity of this type of research and the lack of holistic evidence addressing the relationship between BI systems and MA. The literature explored suggests that BI systems, as analysis-oriented solutions, appear to support existing MA tasks, such as reporting, analysis and budgeting. Additionally, BI systems appear to stimulate companies to adopt advanced MA techniques, such as key performance indicators, balanced scorecard, activity-based costing, benchmarking, customer satisfaction survey, target costing, lifecycle costing, etc. The role of management accountants also continues to evolve in parallel, moving from that of a technical expert to that of a business partner supporting decision making. On the basis of the analysis carried out, it can be argued that the support of MA continues to improve with the advent of BI systems. This trend may increase in the coming years. It is also important to note that, compared to ERP systems, BI systems offer better access to information and better information analysis capabilities. As such, a BI solution could be introduced to complement and leverage the performance of ERP systems, within integrated information systems

    Analyse des déterminants de la note financière souveraine du Maroc

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    This study examines the determinants of the sovereign financial rating granted by the credit rating agency S&P to Morocco, the dependent variable. Using an ARDL model and monthly data covering the period 1998-2019, our study suggested that the Moroccan’s sovereign rates, is determined by nine variables, namely: economic growth, depth of the financial system, inflation, accountability, control of corruption, budget balance, total central government debt, central government external debt and net foreign assets. The relationship between the variables is generally a short-term relationship, with the exception of the variables representing public finances. Crossing the threshold separating the two grades, i.e. moving from "speculative" to "investment" requires greater effort than what is normally required to move just along the path of "speculative grade". Our results can guide economic policy decisions in terms of the choice of sectors and factors that should primarily benefit from government efforts. Thus, given its long-term relationship and its predominance in the S&P’s process of awarding sovereign rating, public finance factors must occupy the central place in economic policy, if Morocco wishes to consolidate its positioning at the Investment Grade, while moving away from the threshold separating it from speculative grade. To our best knowledge, there are no academic studies that have attempted to examine the determinants of Morocco's sovereign rating. Also, from a methodological point of view, previous empirical studies have not had the opportunity to use an ARDL model to examine this type of relationship, i.e.: financial rating vs its determinants in the case of a specific country. Thus, our study can help demystify sovereign financial rating and its impact on the decision-making process relating to economic policies. This study can be repeated by having recourse to logistic regression methods in order to overcome the shortcomings linked to the non-linear and discontinuous nature of the financial rating.Cette étude examine les déterminants de la note financière souveraine accordée par l’agence de notation de crédit S&P au Maroc. En utilisant un modèle ARDL et des données mensuelles couvrant la période 1998-2019, notre étude a conclu que la note financière souveraine accordée par S&P, variable dépendante, est déterminée par neufs variables : croissance économique, profondeur du système financier, inflation, reddition des comptes et voix des citoyens, contrôle de la corruption, solde budgétaire, dette totale de l’administration centrale, dette extérieure de l’administration centrale et avoirs nets extérieurs. La relation entre les variables est globalement une relation de court terme à l’exception des variables représentant les finances publiques. Le franchissement du seuil séparant les deux Grades, passer du « Speculative Â» à l’« Investment Â» nécessite des efforts plus importants par rapport à ce qui est normalement exigé pour évoluer juste au niveau de la trajectoire du « Speculative Grade Â». Nos résultats peuvent orienter les décisions de politique économique en termes de choix des secteurs et facteurs qui doivent bénéficier en priorité des efforts des pouvoirs publics. Ainsi, le domaine des finances publiques, vu sa relation de long terme et sa prédominance dans le processus d’attribution de la note souveraine par l’agence S&P, doit occuper la place centrale dans la politique économique, si le Maroc souhaite consolider son positionnement au niveau de l’« Investment Grade Â» tout en s’éloignant du seuil le séparant du « Speculative Grade Â».  A notre meilleure connaissance, il n’y pas d’études académiques qui se sont attelées à examiner les déterminants de la note financière souveraine du Maroc. Aussi, de point de vue méthodologique, les études empiriques précédentes n’ont pas eu l’occasion d’utiliser un modèle ARDL pour examiner ce type de relation, i.e. : notation financière et ses déterminants dans le cas d’un pays précis. Notre étude peut ainsi contribuer à démystifier la notation financière souveraine et son impact sur le processus de décision relatif aux politiques économiques. Cette étude peut être reprise en ayant recours aux méthodes de régression logistique afin de pallier aux insuffisances liées au caractère non linéaire et discontinu de la notation financière.  &nbsp

    Les moteurs de l’endettement extérieur public du Maroc : investigation empirique 1998-2019

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    The objective of this study is to empirically analyze the determinants of external public debt in Morocco. The issue of external debt is linked to its place in the economic activity of any society. Thus, from an economic point of view, external debt makes it possible to break the link that should exist between savings and consumption within a country. However, despite this clear advantage, the problem is that debt can become dangerous when it exceeds certain limits. If it does not lead to a dislocation of a country's economic and social structures as a result of conditions imposed by lenders, it can at least thwart economic policy objectives and reduce policy space. Morocco has a long history, which was not always happy, with external indebtedness dating back to the pre-protectorate period. After the rescheduling of its external debt under the Structural Adjustment Plan, Morocco will reconsider its external debt policy. Indeed since its return to international financial markets in 1996, it will try to control the level of its external debt to avoid any drift that would lead it to relive the scenario of the 80s. In this context, this study analyzed, in the case of Morocco, the impact of a certain number of factors which are identified by the literature as being determinants of external indebtedness in emerging economies. Using data covering the period 1998-2019, analyzed with an ARDL model, our results show that external sector factors are preeminent in explaining the outstanding external debt of the central government in Morocco, leaving assume that the major concern of the public authorities is to maintain a certain balance in the external accounts.L’objectif de cette étude est d’analyser empiriquement les déterminants de l’endettement extérieur public au Maroc. L’enjeu de l’endettement extérieur est lié à sa place dans l’activité économique de toute société. Ainsi, du point de vue économique, l’endettement extérieur permet de casser le lien qui devrait exister entre l’épargne et la consommation au sein des frontières d’un pays. Cependant, en dépit de cet avantage indéniable, le problème c’est que la dette peut devenir dangereuse quand elle dépasse certaines limites. Si elle n’entraine pas une dislocation des structures économiques et sociales d’un pays par suite des conditions imposées par les prêteurs, elle peut au moins contrarier les objectifs de la politique économique et réduire la marge de manœuvre des pouvoirs publics. Le Maroc a une longue histoire, qui n’était pas toujours heureuse, avec l’endettement extérieur qui remonte à la période d’avant le protectorat. Après le rééchelonnement de sa dette extérieure sous le Plan d’Ajustement Structurel, le Maroc va reconsidérer sa politique d’endettement extérieur. En effet depuis son retour sur les marchés financiers internationaux en 1996, il va essayer de maitriser le niveau de sa dette extérieure pour éviter toute dérive qui le mènerait à revivre le scénario des années 80. Dans ce cadre, cette étude a analysé, dans le cas du Maroc, l’impact d’un certain nombre de facteurs qui sont identifiés par la littérature comme étant des déterminants de l’endettement extérieur dans les pays émergents. En utilisant des données couvrant la période 1998-2019 analysées à l’aide du modèle ARDL, nos résultats révèlent la prééminence des facteurs du secteur extérieur dans l’explication de l’encours de la dette extérieure de l’administration centrale au Maroc, laissant présumer que le souci majeur des pouvoirs publics est de maintenir un certain équilibre dans les comptes extérieurs

    Impact of Tax Exemptions on the Attractiveness of FDI – The case study of Morocco

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    Morocco is resolutely committed to a policy that seeks to make investment both national and foreign, strategic support foreconomic and social growth, through the implementation of institutional, economic, legislative and regulation. Improving the business climate, focusing in particular on the adoption of tax exemptions has fostered the inflow of Foreign Direct Investment (FDI). Empirical studies have explained the close connection between attractive taxation and inflows massif des (FDI), an important vector of globalization, which is currently experiencing considerable development. The results of this policy are no longer expected, and in the light of the reports published these in recent years by UNCTAD and the exchange office, Morocco has received 23% of FDI intended in the African country and is among the top five destinations in Africa and first African country francophon

    The Impact of the Balanced Scorecard on the Organizational Performance of Public Academic Institutions in Morocco

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    This paper assessed the relationships between the different variables in the search model using simple and multiple regression analyses. Hypothesis testing of the 41-observation sample of managers produced quite different results.  Indeed, from a first reading of the field (exploratory and qualitative phase), we found that the relationship between the axes of the Balanced Scorecard and organizational performance is important
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