What Drives the Regional Integration of Emerging Stock Markets?

This study explores the fundamental driving forces of regional equity market integration. The determinant factors are categorized into three dimensions: local, regional and world instrumental variables. My sample consists of equity markets in 4 notable regional trading blocs: Latin America, Southeastern Asia, Southeastern Europe and Middle East over the period March 31, 1996 to March 31, 2008. We measure market integration based on pricing error as proposed by Bhattacharya and Daouk (2002) and Adler and Qi (2003). Using multivariate BEKK- GARCH (1, 1) process and non linear regression, our results show that the time-varying degree of integration of Latin America, Southeastern Asia, and Southeastern Europe region, are satisfactorily explained by the regional level of trade openness and market development. For the Middle East, individual-market volatility and inflation play a significant role in the integration process.Emerging Stock Market, Financial Integration, Determinant Factors, Multivariate GARCH

How strong is the global integration of emerging market regions? An empirical assessment

In recent years, various emerging market regions have actively taken part in the movements of globalization and world market integration. However, the process of financial integration appears to vary over time and differs significantly across emerging market regions. This paper attempts to evaluate the time-varying integration of emerging markets from a regional perspective (Asia, Latin America, Middle East, and Southeast Europe) based on a conditional version of the International Capital Asset Pricing Model (ICAPM) with DCC-GARCH parameters that allows for dynamic changes in the degree of market integration, global market risk premium, regional exchange-rate risk premium, and local market risk premium. Overall, our findings reveal several interesting facts. First, the time-varying degree of integration of four emerging regions, satisfactorily explained by the regional level of trade openness and the term premium of US interest rates, has recently tended to increase, but these markets still remain substantially segmented from the world market. Second, the local market risk premium is found to explain more than 50% of the total risk premium for emerging market returns. Finally, we show that conditional correlations usually underestimate and overstate the measure of time-varying market integration. The empirical results of this study have some important implications for both global investors and policy makers with respect to dedicated portfolio investments in emerging markets and policy adjustments.time-varying integration, emerging markets, ICAPM, risk premium, DCC-GARCH

Ethics in Islamic Economics

The purpose of this contribution is to shed some light on the inter-relationships between ethics and economics in Islamic religion, and mainly to assert that ethics constitute endogenous phenomena in Islamic economics. In Islam, economic behaviours and transactions cannot be separated from ethics and values. The Islamic principles are intended to govern, direct and control human beings’ behaviours in their daily economic lives. They are aimed at helping people to distinguish between good and bad things while they do any economic activity. It is worth noting that the moral values in Islamic economics are derived from the main sources of Islam namely: the Quran (the holy book of Islamic religion) and Sunnah (the teachings and behaviours of the prophet of Islam: Muhammad PBUH 570-632 AD). Both of them represent the principal pillars of Shariah (Islamic laws and guidelines), which is seen by Muslims as the proper way to happiness, not only in economic life but in all aspects of life

Book review: Anticolonial afterlives in Egypt: the politics of hegemony by Sara Salem

In Anticolonial Afterlives in Egypt: The Politics of Hegemony, Sara Salem connects the 2011 revolution in Egypt to the Nasserist project initiated by President Gamal Abdel Nasser and the Free Officers in 1952, putting the theories of Antonio Gramsci and Frantz Fanon in dialogue to argue that Nasserism is the only hegemonic project in modern Egyptian history. This is an excellent, meticulous and highly accessible study of hegemony in Egypt and the postcolonial context in general as well as an illuminating discussion of the emergence and afterlives of anticolonial experiences of social change, writes Haythem Guesmi. Anticolonial Afterlives in Egypt: The Politics of Hegemony. Sara Salem. Cambridge University Press. 2020

Assessment of sustainability in organic and conventional farms in Tunisia: The case of olive-growing farms in the region of Sfax

This research has been carried out to study the sustainability of the Tunisian olive-growing farms and to compare the sustainability level of organic with conventional farms. A survey was conducted with 62 olive growers in the region of Sfax in Tunisia. First, a diagnosis of the situation of the farms was undertaken comparing between organic and conventional farms. Second, an empirical analysis was achieved to asses the sustainability of organic farms versus conventional farms following the French “IDEA” method developed by Vilain [1] 1. The “IDEA” indicators showed a greater ranking for the organic farms. The analysis indicated the sustainability of organic farming on the three scales adopted; ecological scale, through the soil fertility and reduction of pollution, socio-territorial scale through employment creation, reinforcement of the spirit of collective work and the products quality, and finally on the economic scale by enhancing profitability, responding to demand and prices allowing organic farming adopters to reach better incomes.sustainability, organic farming, Tunisia, Environmental Economics and Policy,

Sludge dewatering from a WTP and WWTP using a natural coagulant

Mestrado de dupla diplomação com a Université Libre de TunisIn the wastewater treatment process we protect our environment from eutrophication, bacterial resistance and water contamination with heavy metal... But along this treatment significant amount of sludge are generated contains organic material and nutrients that have agriculture value. For the sludge recovery it should be treated to reduce the water volume before being disposed in the land. In this process generally we use chemicals such as polymers for the sludge dewatering but these products are expensive and can damage our environment. That’s why several researches enhance the use of natural coagulants. In this context Moringa oleifera showed a good result for sludge dehydration. The Moringa oleifera powder replaces the chemical coagulant like polyaluminum and many other chemical products. The use of Moringa Oleifera can be a cheap and environmentally solution to the utilization of toxic products. But the main question is about its efficiency for the coagulation process, that’s why we try in these theses to compare the yield of chemical polymers and our natural one. The experiment, are done to evaluate the efficiency of the coagulation process by Moringa (solution and powder) also some chemical solutions, the drainage rate for different amount of coagulant in the sorption line were analysed, to compare the velocity of the sludge filtration . Also were measured the filtrate turbidity and total solids in the final cake. Drainage rate, TS and turbidity, for different coagulant dosage, were used to analyse the dewatering of a different volumes of sludge (H sludge – 10, 20 and 40 cm). The efficacy of the water dehydration was notable with Moringa extract: the TS increase average is around 9 times. Moringa showed a better action against Al2SO4 which had a good efficiency us the average of TS increase is around 7 times.No processo de tratamento de águas residuais, protegemos nosso meio ambiente da eutrofização, resistência bacteriana e contaminação da água com metais pesados ... Mas, ao longo deste tratamento, uma quantidade significativa de lodo é gerada contém material orgânico e nutrientes que possuem valor agrícola. Para a recuperação do lodo, este deve ser tratado para reduzir o volume de água antes de ser descartado na terra. Nesse processo, geralmente usamos produtos químicos, como polímeros, para a desidratação do lodo, mas esses produtos são caros e podem danificar o meio ambiente. É por isso que várias pesquisas aprimoram o uso de coagulantes naturais. Nesse contexto, Moringa oleifera mostrou um bom resultado para a desidratação do lodo. O pó da Moringa oleifera substitui o coagulante químico como o polialumínio e muitos outros produtos químicos. O uso de Moringa Olifera pode ser uma solução barata e ambientalmente correta para a utilização de produtos tóxicos. Mas a questão principal é sobre sua eficiência no processo de coagulação, por isso, tentamos nessas teses comparar o rendimento de polímeros químicos e o natural. No experimento, são realizados para avaliar a eficiência do processo de coagulação por Moringa (solução e pó) e também algumas soluções químicas, foram analisadas as taxas de drenagem para diferentes quantidades de coagulante na linha de sorção, para comparar a velocidade de filtração do lodo. Também foram medidos a turbidez do filtrado e sólidos totais na torta final. Taxa de drenagem, TS e turbidez, para diferentes dosagens de coagulante, foram usados para analisar a desidratação de diferentes volumes de lodo (lodo H - 10, 20 e 40 cm). A eficácia da desidratação da água foi notável com o extrato de Moringa: a média de aumento de TS é em torno de 9 vezes. Moringa apresentou uma melhor ação contra Al2SO4 que teve uma boa eficiência e a média de aumento de TS é em torno de 7 vezes

Book review: solvent form: art and destruction by Jared Pappas-Kelley

In Solvent Form: Art and Destruction, Jared Pappas-Kelley explores the complex relationship between art and destruction, arguing that destruction is an impulse within the interior form of the art object. Drawing on an array of theoretical interventions, examples and anecdotes, this ambitious book would benefit from expanding beyond existing arguments in the literature on art destruction, yet it remains a timely, relevant and thought-provoking read, writes Haythem Guesmi

Valorisation of Cistus ladanifer L. biomass as a source of compounds for bio-based industries

Mestrado de dupla diplomação com a Université Libre de TunisCistus ladanifer L., a perennial shrub from the Cistaceae family that can be found in abundance in the Mediterranean's marginal fields, is known to produce a valuable compound-rich resin called labdanum. C. ladanifer has also been extensively used for different purposes such as cosmetics, traditional medicine, feed, phytoremediation, and biofuel production. The present work aimed at studiyng the chemical composition of different products obtained from the plant, namely the essential oil of and different concretes prepared from the leaves and buds using two different solvents, hexane and ethanol. Three different extraction methods were used for obtaining the concretes, namely soxhlet, microwave assisted extraction and ultrasound assisted extraction. The chemical composition was analysed using gas chromatography coupled to mass spectrometry (GC–MS). Moreover, the obtained ethanol and hexane concretes were assayed for their antioxidant, antimicrobial and antifungal activities. Most of the compounds identified in the essential oils from the buds and leaves belong to different groups of terpene and terpenoid compounds. In the concretes, besides terpene compounds different hydrocarbons were detected in high amounts. Nevertheless, both in the hexane and ethanol concretes the majority of the peaks were not identified. In general, the highest extraction yield was obtained by soxhlet (26.1± 0.8 % and 29±1 % for leaves and buds respectively). However microwave extraction method was privileged for the optimization studies since it requires less time and energy compared to Soxhlet and allowed obtaining extracts with higher content of viridiflorol. The antioxidant potential was determined by applying two different methods namely the 2,2-diphenyl-1-picrylhydrazyl (DPPH) and the reduction power assays. The ethanolic concrete obtained from the leaves using microwave gave the best results in DPPH assay (EC50=0.152 ± 0.005 mg/mL) while for reducing power better results were obtained for the ethanolic extract from the buds using ultrasound assisted extraction (EC50=0.15 ± 0.01 mg/mL). All the tested extracts revealed inhibitory activity against the tested Gram-positive and Gram-negative bacteria, with the exception of Pseudomonas aeruginosa.Cistus ladanifer L., um arbusto perene da família Cistaceae que pode ser encontrado em abundância nos campos marginais do Mediterrâneo, é conhecido por produzir uma valiosa resina rica em compostos denominada lábdano. C. ladanifer também tem sido amplamente utilizada para diferentes fins, como na indústria cosmética, medicina tradicional, em rações, fitorremediação e produção de biocombustíveis. O presente trabalho teve como objetivo estudar a composição química de diferentes produtos obtidos da planta, nomeadamente o óleo essencial e diferentes concretos preparados a partir das folhas e botões florais utilizando dois solventes distintos, hexano e etanol. Três diferentes métodos de extração foram usados para a obtenção dos concretos, nomeadamente soxhlet, extração assistida por micro-ondas e extração assistida por ultrassom. A composição química foi analisada por cromatografia gasosa acoplada a espectrometria de massa (GC-MS). Além disso, os concretos de etanol e hexano foram avaliados quanto às suas atividades antioxidante, antimicrobiana e antifúngica. A maioria dos compostos identificados nos óleos essenciais dos botões florais e folhas pertencem a diferentes grupos de terpenos e compostos terpenóides. Nos concretos, além dos compostos terpénicos, diferentes hidrocarbonetos foram detectados em grandes quantidades. No entanto, em ambos os concretos a maioria dos picos cromatográficos não foi identificada. Em geral, o maior rendimento de extração foi obtido por soxhlet (26,1 ± 0,8% e 29 ± 1% para folhas e botões, respectivamente). Porém, o método de extração por microondas foi privilegiado para os estudos de otimização, pois requer menos tempo e energia em relação ao Soxhlet e permitiu a obtenção de extratos com maior teor de viridiflorol. O potencial antioxidante foi determinado pela aplicação de dois métodos diferentes, nomeadamente a captação do radical 2,2-difenil-1-picrilhidrazil (DPPH) e o poder redutor. O concreto etanólico obtido das folhas em micro-ondas apresentou os melhores resultados no ensaio DPPH (EC50=0,152 ± 0,005 mg/mL), enquanto para o poder redutor o melhor resultado foi obtido para o extrato etanólico dos botões florais utilizando extração assistida por ultrassom (EC50=0,15 ± 0,01 mg/mL). Todos os extratos testados revelaram atividade inibitória contra as bactérias Gram-positivas e Gram-negativas testadas, com exceção de Pseudomonas aeruginosa

Analyzing supply response of fruit tree products in Tunisia: The case of peaches

In Tunisia, peaches have a significant place in the fruit tree sector. Planted areas have been expanding ever since the eighties as a result of irrigation water extension and the use of better yielding varieties. These factors resulted in high production levels and fruit exports thereof. However, important seasonal and annual variation of fruit supplies continues to characterize prices at both wholesale and consumption levels. To study the response of peach production an econometric model was developed. Modelling was carried out in two stages. First area variation was explained through new plantings and removals and second yield variation was analyzed. The methodological approach followed takes into account the characteristics and specificities related to perennial crops. Weak response of supply to variations in expected prices was obtained. Supply price elasticity was estimated about 0.13 suggesting a high degree of inelasticity.Supply response, modeling, price expectations, peaches, Demand and Price Analysis,