The Effect of Economic Growth on Employment in GCC Countries

The objective of this research is to analyze the employment intensity of growth in six Gulf Cooperation Council countries between 1970 and 2017. To this end, a two-step econometric methodology is proposed. First, we estimate the time-varying employment intensity of growth using the time-varying parameters model based on the Kalman filter. Second, we identify the short and long-run determinants of the obtained employment intensity of growth using the Pooled Mean Group estimator. The analysis uncovers that elasticities range between 0.4 and 0.6 and has an increasing pattern over time. Findings reveal that in the long-run, the employment intensity is positively affected by trade liberalization, the share of services in GDP, the working-age population growth, and urbanization, while macroeconomic volatility has a negative impact. In the short-run, trade liberalization and natural resource rents exert adverse but weak effects on employment intensity. Based on these findings, some policy recommendations are drawn.JEL Codes - J23; O47; C32; C2

Empirical evidence on Non-Performing Loans and credit frictions: banking sector in Tunisia

Purpose: This paper explores the most important determinants of friction in the Tunisian credit market.  The previous literature argued that friction is largely explained by the increase in Non-Performing Loans Nkusu, 2011; Abadi et al. 2014; Rulyasri et al.2017, Roland et all, 2013. Research methodology: We constructed a multivariate Vector Error Correction Model, with five macroeconomic variables (industrial production index, the money supply, money market interest rate) to examine the impact of Non-Performing Loans increase in amplifying the Tunisian credit frictions. Results: The Vector Error Correction Model (VECM) regression results show a negative and important relationship between economic growth and Non-Performing Loans (NPL) ratio, which is very robust during the political crisis of 2011. The money market interest rate and the money supply are positively related to the Non-Performing loan ratio. Limitation: This study was only focused on Tunisian banking sector as one of the pillars of the Tunisian economy. Contributions: This highlights that the nature of the monetary policy adopted by the monetary authority of Tunisia plays a significant role in the fluctuation of the Non-Performing Loans ratio. Bank capitalization is positively and statistically significant with Non-Performing Loan ratio, implying that banks with a low level of capital are more likely to have a riskier credit portfolio that causes the increase of Non-Performing Loans in their balance sheet

Déterpénation de l'huile essentielle d'Origanum majorana L. et évaluation desd activités biologiques

113 p.The purpose of this work is the study of the deterpenation of the Origanum Majorana essential oil, and the evaluation of the effect of this treatment on the biological efficiency of this volatile component. The aerial part of this plant was extracted in 135 min by hydrodistillation giving a yield of 1.7%. Deterpenation was achieved by distillation under reduced pressure (10 mmHg). Qualitative and quantitative analyses were performed by gas chromatography coupled to mass spectrometry (GC-MS) and by Fourier transform infrared (FT-IR). 99.93% of the total quantity of raw essential oil (REO) are identified, representing 38 compounds. Terpin-4-ol (27.32%), γ-terpinene (15.67%) and α-terpinene (11.08%) are the majority constituents. REO contains a complex mixture of oxygenated monoterpenes (47.36%), hydrocarbon monoterpenes (50.70%) and a small amount of hydrocarbon sesquiterpenes (4.94%). A qualitative and quantitative change in the chemical profile after fractionation by reduced pressure distillation was observed. The first fraction (F1) consists of 16 compounds, of which γ-terpinene (27.53%), α-terpinene (21.15%) and sabinene (11.17%) are the main constituents. The second fraction (F2) is characterized by 17 compounds consisting mainly of terpinene-4-ol (54.39%), cis-sabine hydrate (10.00%) and beta-fenchylic alcohol (9.63%). Finally, 22 compounds were identified in the third fraction (F3) such as: terpinen-4-ol (48.60%), cis-sabine hydrate (5.79%) and α-terpinolene (3.43%) are the main components. The increase in the quantity of oxygenated terpenes and the interesting decrease in the concentration of hydrocarbon terpenes in F2 and F3 make it possible to classify them as deterpened fractions of essential oils. The antioxidant activity was performed using the DPPH test. REO, F1, F2 and F3 have weak antioxidant effects. The total polyphenol assay results show that samples from REO, F1, F2 and F3 are low in polyphenols with values ranging from 4.72 to 8.22 µg EAG/mL EO. The antibacterial test reveals that marjoram essential oils are similarly active in the growth of Gram + bacteria (Staph 2), Gram - bacteria (AH2, E.coli, S.typhi, P.aeru, V.algi, V.angui) and yeast (C.albi). REO and F3 are classified as sensitive antibacterial agent with inhibition diameters of (11.7 to 15.0 mm) and (11.3 to 13.7 mm) respectively. F1 (8.0 to 10.0 mm) shows the lowest inhibitory power against the development of bacteria. F2 is the most active fraction with respect to all strains tested with diameters of the inhibition zones between 15.7 and 21 mm, it can be classified as a highly sensitive or extremely sensitive antibacterial substance. The study of antifungal activity against A. niger shows that REO (36.56%) and F1 (8.76%) have very low levels of inhibition of fungal growth compared to F2 (100%) and F3 (85.09%). The results of the antifungal activity obtained against R.oryzae, R.stolonifier and A. penicillioides corroborate those previously observed against A. niger except for REO which follows the following inhibition order: R.oryzae (85.84%) > R.stolonifier (53.40%) > A. penicillioides (29.95%)

Modeling the impact of Coronavirus uncertainty on bank system vulnerability and monetary policy conduct

The uncertainty of COVID-19 seriously disrupts the world through various macroeconomic and financial channels. For Tunisia, the Pandemic came when the economy was confronting persevering macroeconomic imbalances, regardless of new progress with policy and reform implementation. This context hits the Tunisian economy, especially as it has not yet exited from the negative effect of the 2011 revolution. This paper aims to analyze how the coronavirus uncertainty shock affects the monetary policy's conduct and the banking system's vulnerability in Tunisia. Using the structural VAR model, we find that the adaptation of an easing credit' policy by the bank can attenuate the uncertainty of COVID-19 uncertainty in a short period but it causes negative consequences on the Tunisian economy in a subsequent period. The empirical results show also that uncertainty decreases the ability of the central bank to improve economic activity and control inflation

Synchronous ileal carcinoid and primary colonic neoplasms: a case report

Primary colonic tumours with synchronous ileal carcinoid tumours are rare in occurrence and are mainly found incidentally on autopsies or pathological examination of resected surgical specimens. This article describes a case of adenomatous colonic polyps, adenocarcinoma of sigmoid colon and concurrent malignant carcinoid tumour of ileocaecal junction, detected on colonoscopic examination. The radiological staging investigations revealed no distant spread of disease. The patient was effectively treated with subtotal colectomy, resection of terminal ileum, excision of locoregional lymph nodes and the bowel continuity was restored with stapled ileo-rectal anastomosis. This article is as an example of concomitant presence of two types of malignant tumours, effectively managed surgically

On the causal dynamics between economic growth, renewable energy consumption, CO2 emissions and trade openness: Fresh evidence from BRICS countries

The current study investigates the causal relationship between economic growth and renewable energy consumption in the BRICS countries over the period 1971-2010 within a multivariate framework. The ARDL bounds testing approach to cointegration and vector error correction model (VECM) are used to examine the long-run and causal relationships between economic growth, renewable energy consumption, trade openness and carbon dioxide emissions. Empirical evidence shows that, based on the ARDL estimates, there exist long-run equilibrium relationships among the competing variables. Regarding the VECM results, bi-directional Granger causality exists between economic growth and renewable energy consumption, suggesting the feedback hypothesis, which can explain the role of renewable energy in stimulating economic growth in BRICS countries

On the causal dynamics between economic growth, renewable energy consumption, CO2 emissions and trade openness: Fresh evidence from BRICS countries

The current study investigates the causal relationship between economic growth and renewable energy consumption in the BRICS countries over the period 1971-2010 within a multivariate framework. The ARDL bounds testing approach to cointegration and vector error correction model (VECM) are used to examine the long-run and causal relationships between economic growth, renewable energy consumption, trade openness and carbon dioxide emissions. Empirical evidence shows that, based on the ARDL estimates, there exist long-run equilibrium relationships among the competing variables. Regarding the VECM results, bi-directional Granger causality exists between economic growth and renewable energy consumption, suggesting the feedback hypothesis, which can explain the role of renewable energy in stimulating economic growth in BRICS countries

Some new evidence on the determinants of money demand in developing countries – A case study of Tunisia

The present paper aims at examining the money demand function in Tunisia during the period 1981-2011. Unlike previous conventional money demand studies, the major components of real income are considered in this paper. Using the ARDL bounds testing approach, results reveal evidence of cointegration between broad money demand and its determinants, namely final consumption expenditure, expenditure on investment goods, export expenditure and interest rate. In the long-run, final consumption expenditure represents the major money demand determinant. This finding is robust to a variety of alternative money demand specifications and estimation methods. The empirical investigation suggests also the stability of the broad money demand function during the sample period. We conclude that monetary policy in Tunisia should be based on a broad definition of money. Furthermore, the estimation of the money demand function must take into account the different expenditure components of real income

Valorization of pomace from craft cider: Nutritional value, chemical composition, and phenolic and mineral profiles

Waste recovery, in a circular economy context, is associated with clear economic and environmental benefits. Although apple pomace has been extensively studied for many applications, the valorization of pomace from emerging craft cider production is a novelty. This work is intended to determine the nutritional value, chemical composition, and phenolic and mineral profiles of pomace from craft cider waste. Levels of moisture (79.3%) and sugar contents (54.0%) stand out in their composition. Ethanol (1.56%) has been identified. Also, malic acid (2.94%), as well as α‐tocopherols (0.4 mg/100 g) were detected. The phenolic profile showed six flavonoid compounds identified mainly quercetin derivatives. The mineral analysis revealed potassium as the major constituent (58.5 mg/g). In conclusion, it is envisaged that cider pomace could be an ideal substrate for biotechnological purposes, particularly as a sustainable and alternative, cheap source to produce glycerol for application in various industries such as food, cosmetics, and pharmaceuticals.The authors are grateful to the Foundation for Science and Technology (FCT, Portugal) for financial support through national funds FCT/MCTES (PIDDAC) to CIMO (UIDB/00690/2020 and UIDP/00690/2020) and SusTEC (LA/P/0007/2020). Ana Sofia Brandão and José M. R. C. A. Santos would like to thank the FEDER under Programme PT2020 for financial support to INTERREG POCTEP project “INBEC—Circular bioeconomy. Promotion and development of a sustainable economy through innovation and business cooperation” (ref. 0627_INBEC_6_E). Maria Inês Dias and Lillian Barros would like to thank the national funding by FCT, Paula Rodrigues, through the institutional scientific employment program‐contract for their contracts; to the project Healthy—PETFOOD for the contract of Cristina Caleja (POCI‐01‐0247‐FEDER‐047073). This work is funded by the European Regional Development Fund (ERDF) through the Regional Operational Pro- gram North 2020, within the scope of Project GreenHealth—Digital strategies in biological assets to improve well‐being and promote green health, Norte‐01‐0145‐FEDER‐000042.info:eu-repo/semantics/publishedVersio