Fairness and Ethics in Spending

Islamic faith and the ethical dimensions of the individual and the community have a significant role in guiding economic behavior by connecting the worldly life to the hereafter. In the Islamic economics paradigm, by relating ethics to the economic behavior of spending, we exhibit the good (bad) attributes of ethical (unethical) behavior. In this paper, we contribute to developing a measure of the overspending and underspending that allows testing the presence of wastefulness and niggardliness

The impacts of International Financial Crisis on Saudi Arabia Economy: Evidence from Asymmetric SVAR modelling

This paper aims to measure the impacts of International Financial Crisis on the performance of the Saudi Arabian economy from 1968 to 2010. Linear and non-linear SVAR methodologies are used to exhibit the interdependence between the process of international liquidity, net-exports and economic growth. The empirical models show that the impacts of international financial crisis lead to an immediate drop in the net-exports and conduct to reduce gradually real economic growth during roughly three years. In the horizon, the variation in economic growth is largely attributed to domestic supply shocks, but negative shocks of international financial markets drove to reduce the economic growth in the long-run by 1.04

La condition de Marshall-Lerner-Robinson est-elle stable ? Approche par le test GLS cointégration à niveau et puissance améliorés

The aim of the paper is to test the Marshall-Lerner-Robinson condition by using the unit-root test of Ng-Perron (2001) and cointegration test of Perron-Rodriguez (2001). These tests are based on procedures for removing the trend using the GLS, leading to remove no-stochastic components. By examining the existence of LR relationship between the exchange rate and net-exports using the Moroccan quarterly data, it appears that there is no complementary relationship between the two variables. The rigidity of nominal and real behaviors of both private and public sectors explains to some extent the absence of a long-run equilibrium in the temporal evolution of the exchange rate. These discrepancies related in particular to markets mechanism and economic policies of the government

آثار عجز الميزانية على الإدخار الخاص في الإقتصاد المغربي عبر نمذجة التقهقر الذاتي البنيوي

The purpose of this paper is to estimate a structural VAR model using macroeconomic data of Moroccan Economy, which includes national saving rate and budget deficit rate, to test the Ricardian Equivalence hypothesis. In this framework we separate saving and deficit movements into two types of shocks, associated with structural parameters, as we looking for two needles in haystack. We avoid to impose short run or long run constraints, which represents a methodological contribution and permits to obtain a best estimation of structural multipliers. The empirical results show that the mechanism of automatic stabilizing are indirectly checked in our sample. Our results suggest that Ricardian Equivalence did work in our sample, since private saving compensated a big fraction 90 per cent of the shock in budget deficit. This supports the interpretation that the large budget deficits, financed especially by debt, have been a very important factor behind the significant increase in real interest rates particularly in the eighties and early nineties

نموذج النفقة والإعتدال حسب كتابات الشيباني

للعقيدة الاسلامية دور مهم في توجيه السلوك الاقتصادي، يتمثل في ربط الحياة الدنيا بالآخرة على مستوى الأفراد والمجتمعات، مما يبرز أهمية البعد الإيماني والأخلاقي في التحليل الاقتصادي الاسلامي. ويعتبر الثواب من أهم الحوافز لإلتزام الفرد والمجتمع المسلم بضوابط القيم الإيمانية والأخلاقية تبعا للنصوص الشرعية من القرآن والسنة. وينشأ عن هذا الإلتزام سلوكيات طلب الكسب الحلال والاعتدال في النفقة، لأهميته في تحقيق المنافع الحلال ذات الفلاح في الدنيا بالإشباع المادي وفي الآخرة بالثواب وعبر الابتعاد عن الاسراف والإقتار. ليس من الصواب تحليل منفعة المستهلك المسلم بالاعتماد فقط على الأدوات والفرضيات التقليدية السائدة في معظم البحوث، بل نعتمد كذلك على استقراء التراث العلمي في الاقتصاد الاسلامي للإمام الشيباني (750-805م، 131-189هـ)، الذي تناول تحليل الكسب والمنفعة الإستهلاكية والإنفاق الاجتماعي بأبعاد متعددة. ويتضح أن المستهلك السوي يرتب نفقاته طبقا للترتيب الثلاثي القائم على الكسب الواجب على الضروريات لتلبية المنفعة الواجبة، ثم على الحاجيات من الكسب المندوب للاستجابة للمنفعة المندوبة، ثم على التحسينات من الكسب المباح قصد المنفعة المباحة. تتمثل مساهمة البحث أولا في تقدير مبدئي باستعمال متغيرات مساعدة لإيجاد متغير يدل على مستوى الاستهلاك الأخلاقي والاستهلاك غير الأخلاقي، الذي يتمثل في الإسراف والإقتار. ثانيا، نبين بالإضافة إلى أثر الزكاة، أن الكسب الحدي بدافع التكافل الاجتماعي له أثر على دالة الميل الحدي للاستهلاك الكلي يرتبط أساسا بالفروق الأولى بين الميل الحدي للفئة الأقل كسبا والميل الحدي للفئة الأكثر كسبا، وبالنمو الاقتصادي. ثالثا، نعتبر الفئة الغنية لقدرتها على تناول كل طبقات المنفعة، وعلى افتراض أنها لا تسعى إلى تلبية المنفعة المباحة إلا جزئيا عبر معامل مدى الإيثار الشرعي. مما يجعل المنفعة الحدية المباحة، وتبعا لشكل دالة المصلحة الاجتماعية، ذات ارتباط بمدى التفاعل الإيماني للمستهلك الثري، والذي يتمثل في نقل قدرات شرائية فعلية نحو الفئة المستهدفة. ويحقق البعد الإيماني للفئة الغنية على أقصى حد مرونة نفعية أحادية أو تحت أحادية في الدنيا، بينما يولد لها متغيرة ذات أبعاد أخروية تتمثل في الثواب الذي يناله المسلم في الآخرة على الخصوص وفي دعم خفي كثواب دنيوي. ويؤدي هذا الثواب إلى دالة منفعة دار القرار، التي يتولد عنها مرونة نفعية فوق أحادية. To analyze the consumer utility, we use Shibani’s model that is based on three successive layers of earning/spending/utility. Based on the social solidarity, we show that the marginal earning depends on the first difference between the MPC of lower and upper social groups. According to the social welfare function, the permissible marginal utility is related to the faith interaction driving to an efficient transfer of purchasing capabilities to the targeted group. The optimal faithful behavior of wealthy group leads to an elasticity of marginal utility less than one. Besides, the belief holding produces hidden supports to the affluent consumer

نموذج النفقة والإعتدال حسب كتابات الشيباني

To analyze the consumer utility, we use Shibani’s model that is based on three successive layers of earning/spending/utility. Based on the social solidarity, we show that the marginal earning depends on the first difference between the MPC of lower and upper social groups. According to the social welfare function, the permissible marginal utility is related to the faith interaction driving to an efficient transfer of purchasing capabilities to the targeted group. The optimal faithful behavior of wealthy group leads to an elasticity of marginal utility less than one. Besides, the belief holding produces hidden supports to the affluent consumer

Test de l’effet de stabilisation automatique par la modélisation SVAR sans contrainte de long terme

The purpose of this paper is to test the mechanism of automatic stabilization between the dynamics of real GDP-growth and budget deficit by using structural VAR methodology with quarterly macroeconomic data of Moroccan economy. The SVAR model allows us to test and evaluate the extent of those mechanisms. It exhibits also the conjunctural and structural components of budget deficit. From a methodological point of view, we avoid to impose long run constraints to adopt simple and efficient approach linking the short-term parameters. The empirical results show that the mechanisms of automatic stabilizing are checked in our sample. The historical decomposition permits us to determine the orientation of budget policy. This decomposition shows that since the finance crisis in 1983 the government respects in tendency a budgetary rule in the sense that the observed balance reflects automatic stabilization measures both of transitory and permanent nature

الإنفاق العمومي والإستثمار الخاص اختبار أثر المزاحمة عبر المعاينة المعادة

The purpose of this research is to test and evaluate the crowding-out effect of the investment expenditure in public sector on the investment effort by private sector by using data from Moroccan Economy. After the theoretical background of crowding-out effects in many domains of investment, we introduce the interests variables which express the budget policy of a government and monetary policy of the central bank, and shows the global effective demand addressed to economy. This requires the improvement of a likelihood private investment model and the specification of its shape from a Box-Cox transformation by using the weight average test LM. It has become clear that in the long run term the push effect dominates the crowding-out effect and this leads to a little increase in the elasticity of private investment reaches 0.06%. We have used the bootstrapping methodology to check the signs and the values of crowding-out parameters. Among the main causes which explain this small effect are the investors’ behaviour and their reactions vis-à-vis the real economic data and growth expectation, the nature of national and foreign markets of products and their competitiveness, and the nature and situation of finance market and banks, which has put, some extent, Moroccan economy into a “trap of liquidity” especially during the last few years

Formes et méthodes d’estimation des systèmes récursifs dynamiques à double indice

The purpose of this paper is to study the model belongs to the family of structural equation models with data varying both across individuals (sectors) and in time. A complete theoretical analysis is developed in this work for the case of a dynamic recursive structure. Maximum likelihood estimation and SUR-GLS “Seemingly Unrelated Regressions-Generalized Least Square” estimators (iterated or not, with proper instruments and with Taylor’s transformation) are carefully used. These last convergent estimators are most efficient. The application of these methods to panel sector of morocco’s economy is treated in another paper