Exchange Rate Undervaluation and Manufactured Exports: A Deliberate Strategy?

Recent literature suggests that a proactive exchange rate policy in accordance with price incentives (i.e. undervaluation) can foster manufactured exports and growth. This paper is built on these recent developments and investigates, using a sample of 52 developing countries, whether such a proactive exchange rate policy is adopted. The results show that during the period 1991-2005 a number of countries has used undervaluation to foster the price competitiveness of manufactured exports.Exchange rate;Misalignment;Undervaluation;Exports diversification

Exchange Rate Undervaluation to Foster Manufactured Exports: A Deliberate Strategy?

Recent literature suggests that a proactive strategy consisting of deliberate real exchange rate depreciation can promote exports diversification and growth. This paper is built on these recent developments and investigates whether four developing countries have adopted such a strategy. Data from Egypt, Jordan, Morocco and Tunisia are used to construct and compare the macroeconomic Real Effective exchange rate (REER), similar exchange rates at the sector level (SREER) and the macroeconomic Equilibrium Real Effective exchange rate (EREER). It shows that there are instances where the objective of diversifying exports through depreciation of exchange rate comes at the expense of further misalignment (REER departs from the EREER) and, then, monetary authorities are doomed to choose. The results show that Morocco and Tunisia are choosing the proactive exchange rate strategy while Egypt and Jordan are not. This fits with the observation that the former are doing much better than the latter in terms of exports diversification.Exchange rate;Misalignment;Undervaluation;Exports diversification

Testing the diffusion hypothesis as a mechanism of self-healing in Disperse orange 11 doped in PMMA

In this work, we show that reversible photodegradation of Disperse Orange 11 doped in PMMA is not due to dye diffusion - a common phenomenon observed in many dye-doped polymers. The change in linear absorbance due to photodegradation of the material shows an isobestic point, which is consistent with the formation of a quasi-stable damaged species. Spatially-resolved amplified spontaneous emission and fluorescence, both related to the population density, are measured by scanning the pump beam over a burn mark. A numerical model of the time evolution of the population density due to diffusion is inconsistent with the experimental data suggesting that diffusion is not responsible.Comment: 5 pages, 6 figure

Activité insecticide de quelques plantes médicinales du Maroc

Des essais de toxicité aiguë et chronique, utilisant la poudre et les extraits de différentes parties, de 12 plantes médicinales marocaines, ont été conduits sur deux insectes ravageurs des céréales stockés: Sitophilus oryzae et Rizopertha dominica. Ces tests préliminaires ont montré que parmi les plantes testées,M elia azedarach, Capsicum frutescens et Citrullus colocynthis ont présenté une toxicité appréciable pour les deux espèces d'insectes. Les fruits de ces plantes ont montré une activité plus élevée que les feuilles et les pépins.Insecticidal activity of some medicinal plants of MoroccoAcute and chronic toxicity tests against two insect pests of stored grains: S. oryzae and R. dominica were conducted with the powder and crud extracts of different parts of 12 indigenous medicinal plants. These preliminary studies showed that Melia azedarach, Capsicum frutescens and Citrullus colocynthis presented the highest toxicity against both insect species. FlUits ofthese plants were more active than leaves and seeds

Surface Optical Waves at Air/Metal Interfaces: Surface Plasmon Polaritons

The surface plasmon resonance (SPR) phenomenon has been known for nearly five decades now; since then this method has made great advances in terms of instrumentation development and applications, and it still attracts researchers because of certain subtle issues that could benefit from it mainly detection and analysis of chemical and biochemical substances in different areas including medicine, environmental monitoring, biotechnology and drug and food monitoring. Our interest is focused on the use of this technique for studying thin coating and some application in nanophotonics. In this paper, we discuss the configuration of surface plasmons at air/metal interface by Atenuated total reflection (ATR) technique in the Kretchman configuration, and we present preliminary experimental results on surface plasmons at a Ag/air interface that we obtained in our laboratory.The surface plasmon resonance (SPR) phenomenon has been known for nearly five decades now; since then this method has made great advances in terms of instrumentation development and applications, and it still attracts researchers because of certain subtle issues that could benefit from it mainly detection and analysis of chemical and biochemical substances in different areas including medicine, environmental monitoring, biotechnology and drug and food monitoring. Our interest is focused on the use of this technique for studying thin coating and some application in nanophotonics. In this paper, we discuss the configuration of surface plasmons at air/metal interface by Atenuated total reflection (ATR) technique in the Kretchman configuration, and we present preliminary experimental results on surface plasmons at a Ag/air interface that we obtained in our laboratory

Exchange rate volatility and capital inflows: role of financial development

There is vast literature examining the impact of exchange rate volatility on various macroeconomic aggregates such as economic growth, trade flows, domestic investment, and more recently capital flows. However, these studies have ignored the role of financial development while examining the impact of exchange rate volatility on capital flows. This study aims to analyze the impact of exchange rate volatility on capital inflows towards developing countries by incorporating the role of financial development over the time period 1980–2013. In this regard, the behavior of two types of capital flows is examined: physical capital inflows measured as foreign direct investment, and financial inflows quantified through remittance inflows. The empirical investigation comprises the direct as well as indirect effect of exchange rate volatility on capital inflows. The study employs dynamic system GMM estimation technique to empirically estimate the effect of exchange rate volatility on capital inflows. The empirical results of the study identify that exchange rate volatility dampens both physical and financial inflows towards developing countries. The indirect impact of exchange rate volatility through financial development, however, turns out positive and statistically significant. This finding reflects that financial development helps in reduc- ing the harmful impact of exchange rate volatility on capital inflows. Hence, the study concludes that a developed financial system is an important channel through which developing countries may improve capital inflows in the long run.info:eu-repo/semantics/publishedVersio