RATING AND OTHER FACTORS EXPLAINING THE CORPORATE CREDIT SPREAD: EMPIRICAL EVIDENCE FROM TUNISIAN BOND MARKET

This is an examination of the determinants of corporate bond credit spreads using both primary and secondary market spreads for Tunisian corporate bonds. The factors which I use as explanatory variables in our estimations can be divided into three categories: market variables, issue and issuer characteristics. To some extent, these three categories correspond to the different types of risk, namely interest rate risk, liquidity risk and credit risk. Using OLS regressions, our empirical results indicate that primary market spreads are sensible to issue characteristics such as rating. Also, spreads observed in secondary market are sensible to market variables namely Exchange Index and Slope, characteristics issuers and issues (Rating and Time to maturity). This is the first study to indicate that the explanatory power of factors depends of spreads modelled. Hence, corporate credit spreads are driven by both default and interest rate risk for the secondary market and only by default risk for the primary market.credit spread, interest rate risk, liquidity risk, rating

CO2 emissions, energy consumption and economic growth in Tunisia

The aim of this country specific study is to understand long and short-run linkages between economic growth, energy consumption and CO2 emission using Tunisian data over the period 1971-2004. Statistical findings indicate that economic growth, energy consumption and CO2 emission are related in the long-run and provide some evidence of inefficient use of energy in Tunisia, since environmental pressure tends to rise faster than economic growth. In the short run, results support the argument that economic growth exerts a positive “causal” influence on energy consumption growth. In addition, results from impulse response do not confirm the hypothesis that an increase in pollution level induces economic expansion. Although Tunisia has no commitment to reduce Greenhouse Gas emissions, energy efficiency investments and emission reduction policies will not hurt economic activities and can be a feasible policy tool for Tunisia.CO2 emissions, Energy Consumption, Economic Growth, Tunisia, Resource /Energy Economics and Policy,

Agricultural sector and economic growth in Tunisia: Evidence from co-integration and error correction mechanism

For the past two decades, Tunisia has been undertaken important structural reforms, which call in most cases for market and trade liberalization (agricultural structural adjustment program, GATT reforms, free trade area with the European Union). The private-led type of growth strategy with less government intervention has culminated these last years into a more rapid economic growth and openness. Within this context, this paper examines the agricultural sector role into the economic growth and its interactions with the other sectors using time-series co-integration techniques. We use annual data from 1961 to 2005 to estimate a VAR model that includes GDP indices of five sectors in Tunisian economy. Empirical results from this study indicate that in the long-run all economic sectors tend to move together (co-integrate). But, in the short-run, the agricultural sector seems to have a limited role as a driving force for the growth of the other sectors of the economy. In addition, growth of the agricultural output may not be conducive directly to non-agricultural economic sector in the short-run.cointegration, economic growth, agricultural sector, Tunisia

Agricultural Sector and Economic Growth in Tunisia: Evidence from Co-integration and Error Correction Mechanism

For the past two decades, Tunisia has been undertaken important structural reforms, which call in most cases for market and trade liberalization (agricultural structural adjustment program, GATT reforms, free trade area with the European Union). The private-led type of growth strategy with less government intervention has culminated these last years into a more rapid economic growth and openness. Within this context, this paper examines the agricultural sector role into the economic growth and its interactions with the other sectors using time-series co-integration techniques. We use annual data from 1961 to 2005 to estimate a VAR model that includes GDP indices of five sectors in Tunisian economy. Empirical results from this study indicate that in the long-run all economic sectors tend to move together (co-integrate). But, in the short-run, the agricultural sector seems to have a limited role as a driving force for the growth of the other sectors of the economy. In addition, growth of the agricultural output may not be conducive directly to non-agricultural economic sector in the short-run.co-integration, economic growth, agricultural sector, Tunisia, International Development, C22, O13, Q18,

Agricultural and non-agricultural outputs and energy consumption in Tunisia: empirical evidences from cointegration and causality

This short paper investigates the cointegration and causality link between energy consumption and agricultural, non-agricultural outputs (manufacturing sector and services sector) and overall gross domestic product in Tunisia for 1971-2003 period. Empirical results suggest that there is only unidirectional causality running from agricultural and non-agricultural sectors to energy consumption as well as from overall GDP growth to energy consumption. This unidirectional causality signifies a less energy dependent economy and suggests that it is sectoral growth that drives the energy consumption in Tunisia and not vice versa. Empirical results suggest also that Tunisian agricultural sector growth does not depend on energy, and high consumption of energy do not implies more productivity in the short run for this sector.energy consumption, output growth, causality, cointegration, Tunisia, Resource /Energy Economics and Policy,

Edgar Morin and the importance of Interdisciplinary Studies

This research aims to identify the importance of interdisciplinarity from the perspective of Edgar Morin, by revealing the risks resulting from the separation of disciplines. The researcher has used the descriptive analytical approach to identify the good results of any scientific discipline, whether in terms of the accuracy of the laws reached or in terms of the ability to control the studied phenomena or the increasing possibility of predicting these phenomena. But the separation of disciplines also has risks, such as oversimplifying, fragmenting, separating complex realities and excluding what is complex. Interdisciplinarity therefore becomes of great importance. Its importance lies in its ability to understand the subjects of study in a holistic manner that takes into account the multidimensionality and the complexity in those topics. This importance is also demonstrated by the opportunities provided by interdisciplinarity for the dialogue of sciences, openness to each other, and the removal of barriers between them, both in the field of scientific research and in the field of educatio