Mena/VASP and αII-Spectrin complexes regulate cytoplasmic actin networks in cardiomyocytes and protect from conduction abnormalities and dilated cardiomyopathy

BACKGROUND: 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

Stock Market Integration in the MENA Region: An Application of the ARDL Bounds Testing Approach

This 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

Firm Productivity and Investment Climate in Developing Countries: How Does Middle East and North Africa Manufacturing Perform?

Firm productive performances in five Middle East and North African (MENA) economies and eight manufacturing industries are compared to those in 17 other developing countries. Although the broad picture hides some heterogeneity, enterprises in MENA often performed inadequately compared to MENA status of middle-income economies, with the exception of Morocco and, to some extent, Saudi Arabia. Firm competitiveness is a more constant constraint, with a unit labor cost higher than in most competitor countries, as well as investment climate (IC) deficiencies. The empirical analysis also points out how IC matters for firm productivity through the quality of infrastructure, the experience and education of the labor force, the cost and access to financing, and different dimensions of the government-business relationship. These findings bear important policy implications by showing which dimensions of the IC, in which industry, could help manufacturing in MENA to be more competitive in the globalization context.Manufacturing firms, productivity, investment climate, developing countries, Middle East and North Africa (MENA)

ANOTHER LOOK AT THE DETERMINANTS OF FOREIGN DIRECT INVESTMENT IN MENA COUNTRIES: AN EMPIRICAL INVESTIGATION

The paper is concerned with the analysis of the main determinants of foreign direct investment in MENA countries. The estimation is run on the determinants of FDI in our sample which consist of 36 countries. 12 of these countries were in MENA countries and another 24 were the major recipients of FDI in their respective regions in developing countries. By employing a panel data methodology the study investigates whether the determinants of FDI are similar to the other FDI receiving developing countries. The study reveals that the key determinants of FDI inflows in MENA countries are the size of the host economy, the government size, natural resources and the institutional variables. The paper concludes that, countries that are receiving fewer foreign investments could make themselves more attractive to potential foreign investors. So, the policy makers in the MENA region should remove all barriers to trade, develop their financial system and build appropriate institutions.Foreign Direct Investment, Panel Data, Fixed Effects, MENA

A Wavelet Analysis of MENA Stock Markets

In 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

The Efficiency of Islamic Banks: Empirical Evidence from the MENA and Asian Countries Islamic Banking Sectors

The paper investigates the efficiency of the Islamic banking sectors in 16 MENA and Asian countries during the period of 2001-2006. The efficiency estimates of individual banks are evaluated using the non-parametric Data Envelopment Analysis (DEA) method. The results suggest that the MENA Islamic banks have exhibited higher mean technical efficiency relative to their Asian Islamic bank counterparts.with pure technical inefficiency outweighs scale inefficiency in both the MENA and Asian countries banking sectors. The empirical findings also indicate that banks from the MENA region were the most efficient banks by dominating the top part of efficiency frontier over the period.Islamic Banks, Data Envelopment Analysis (DEA)

Do institutions matter for FDI? A comparative analysis for the MENA countries

The paper analyses the underpinning factors of foreign direct investments towards the MENA countries. Our main interpretative hypothesis is based on the significant role of the quality of institutions to attract FDI. In MENA experience the growth of FDI flows proved to be notably inferior to that recorded in the EU or in Asian economies, such as China and India. Our research, firstly, stresses three major factors for such a poor performance: i) the small size of local markets and the lack of real economic integration; ii) the changes in the scenario of international competition; iii) economic and trading reforms in the MENA have been slow and mostly insufficient. Using the Kaufmann, Kraay and Mastruzzi (2005) governance indicators, we examine the role of “institutional quality” on FDI trough a regression analysis. Our analysis show as institutions play an important role in the relative performances of countries in attracting FDI. At last, data on institutional quality and business climate show the relative disvantages of MENA. Our paper suggests as MENA countries require deep institutional reforms in order to improve the attractiveness in terms of FDI.FDI; Institutions; MENA Countries

A review of credit guarantee schemes in the Middle East and North Africa Region

Many countries in the MENA region have established partial credit guarantee schemes to facilitate SME access to finance. These schemes can play an important role, especially in a period where MENA governments are making efforts to improve the effectiveness of credit registries and bureaus and strengthen creditor rights. This paper reviews the design of partial credit guarantee schemes in MENA, and assesses their preliminary outcomes. The paper is based on a survey conducted in 10 MENA countries in early 2010. The authors find that the average size of guarantee schemes in MENA (measured by the total value of outstanding guarantees) is in line with the international average, although there are wide differences across countries, and some schemes seem too small to make any significant impact. Most importantly, the number of guarantees looks generally small while their average value looks large. This suggests that guarantee schemes are not yet reaching the smaller firms. Guarantee schemes in MENA look financially sound and most schemes have room to grow. However, this growth should be accompanied by an improvement of some key design and management features, as well as the introduction of systematic impact evaluation reviews.Access to Finance,Debt Markets,Bankruptcy and Resolution of Financial Distress,Microfinance,Banks&Banking Reform

Trade and Foreign Exchange Liberalization,Investment Climate, and FDI in the MENA Countries

Despite some progress in economic policy – in macroeconomic stability in the 1980s, and in structural reforms in the 1990s – the MENA countries have failed to attract foreign direct investments (FDI). This may be due to several factors. In this paper we empirically verify from a panel of 72 countries – among which are 8 MENA economies – that, during the 1990s, the low level of trade and foreign exchange liberalization compared to East Asia and Latin America played a determinant role in the low level of total FDI in the MENA economies, particularly in manufacturing. The paper also highlights the role of other factors, such as physical infrastructure, political environment and macroeconomic conditions, in explaining total FDI flows to the different regions. These results stress the importance of accelerating the pace of reform in the MENA economies.

Determinants of Exchange Rate Practices in the MENA Countries: Some Further Empirical Results

This paper analyses the determinants of exchange rate practices in 15 MENA countries for the 1977- 2007 period placing special emphasis on structural and macroeconomic explanations. We use three different exchange rate regime classifications in order to avoid potentially misleading specification. Even though the empirical results using the de facto classifications are very different from those obtained from the de jure specification, we find that international reserves play a major role in determining exchange rate practices in the MENA countries.Exchange rate regimes, MENA countries, ordered Probit model.