The Free Trade Agreement Between the United States and Morocco. The Importance of a Gradual and Assymetric Agreement

The agreement recently signed between Morocco and the United States foresees several modalities in dismantling tariffs. Our simulations show that the various modalities of trade liberalization may have different impacts on the welfare, the rate of growth and the sectoral trade balance of these two countries. More precisely, our findings justify the interest of a gradual and asymmetrical agreement. In addition, the free trade agreement (FTA) between the US and Morocco will have a significant impact not only on trade between the two countries, but also on their trading relationships with other countries. The most important trade diversion will affect the EU and particularly France, which is Morocco's largest trading partner. It will also adversely affect the other North African countries. The FTA will thus offer the opportunity to Morocco to diversify its markets and its capabilities, which are currently focused on the EU, particularly on France and Spain.Trade Policy; Liberalization; Free trade Agreement; Simulation, CGE Model; Morocco; United-States

The Free Trade Agreement Between the United States and Morocco. The Importance of a Gradual and Assymetric Agreement

The agreement recently signed between Morocco and the United States foresees several modalities in dismantling tariffs. Our simulations show that the various modalities of trade liberalization may have different impacts on the welfare, the rate of growth and the sectoral trade balance of these two countries. More precisely, our findings justify the interest of a gradual and asymmetrical agreement. In addition, the FTA between the US and Morocco will have a significant impact not only on trade between the two countries, but also on their trading relationships with other countries. The most important trade diversion will affect the EU and particularly France, which is Morocco's largest trading partner. It will also adversely affect the other North African countries. The FTA will thus offer the opportunity to Morocco to diversify its markets and its capabilities, which are currently focused on the EU, particularly on France and Spain.CGE Model ; free trade agreement ; Morocco ; simulation ; trade liberalisation ; trade policy ; United States

Overeducation, gender, income and life satisfaction. Panel evidence from Korea

One reason often put forward for South Korea’s rapid economic growth has been the rising level of educational attainment of its workforce. Correspondingly, the proportion of Koreans who complete tertiary education has also rapidly increased (and is also considerably higher than the OECD average). Such increases raise the possibility of overeducation if the amount of jobs which require such education do not increase at a similar pace. Among the consequences of overeducation are reduced life satisfaction and underutilised human capital. Given that Korean females are better educated than males, and they also face more discrimination in the labour market, the consequences of overeducation are likely to differ by gender. Using Korean panel data and both a subjective and objective measure of overeducation, the results are consistent with females having lower aspirations despite their high levels of education, and indicate that a more female friendly labour market could address the country’s currently underutilised human capital, for the benefit of the females themselves, as well as males, and the Korean economy

Factors Affecting Bank Performance: Empirical Evidence from Morocco

This study empirically examines the effects of bank-specific characteristics, bank governance, financial market structure, and macroeconomic conditions on Moroccan banks’ performance. Moroccan banks’ performance is measured by return on assets (ROA) and return on equity (ROE). For this aim, panel data method (fixed effects model) is applied to data which is obtained from a sample of 6 Moroccan banks’ financial statements during the period 2010-2016. The findings show that only operating management efficiency represented by the cost-to-income ratio (COST) is highly significant and negatively related to bank’s performance. Also, the results indicate that bank size (SIZE) is positively related to ROA and statistically significant. Nevertheless, the effects of the other variables are statistically insignificant. The findings suggest that future studies could be include more dependent and independent variables to explain Moroccan banks’ performance

Volatility stylized facts in the Moroccan stock market: Evidence from both aggregate and disaggregate data

Abstract. Financial markets in emerging countries are generating considerable literature, aiming to understand their organization, perspective, and performance. In this context, few studies have expressed interest in the Moroccan financial market and even fewer researches have addressed the issue of the Moroccan financial market volatility. In this paper, we investigate variety of common properties, labelled as “stylized facts. Our results show that global and sectoral indices of Moroccan Stock Market share the majority of stylized facts. In fact, absolute returns correlation coefficients are positive and tends to decay at a much slower pace. Hence, volatility of Moroccan Stock Market captures the properties of volatility clustering and long memory. We also find evidence of volatility asymmetry. Yet, the level is not statistically significant for most of the indices. More interestingly, the Omori law indicates that Moroccan Stock market is relatively stable after financial shocks.Keywords. Asymmetry, long memory, multifractality Omori Law, Stylized facts, Volatility.JEL. G11, G17, C53, C58

Existence of Renormalized Solution of Some Elliptic Problems in Orlicz Spaces

In this paper, we study the problem:—div a(x, u, ∆u) — div Φ(u) + g(x; u) = f in the framework of Orlicz spaces. The main contribution of our work is to prove the existence of a renormalized solution without any restriction on the N-function of the Orlicz space.In this paper, we study the problem:—div a(x, u, ∆u) — div Φ(u) + g(x; u) = f in the framework of Orlicz spaces. The main contribution of our work is to prove the existence of a renormalized solution without any restriction on the N-function of the Orlicz space