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

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

Asymmetric effect and dynamic relationships between oil prices shocks and exchange rate volatility: Evidence from some selected MENA countries

The aim of this paper is to investigate the exchange rate consequences of oil-price fluctuations across selected MENA countries (including both commodity importers and exporters) and to examine the dynamic relationship between such shocks. We employed the asymmetry of volatility through the GJR-GARCH model using daily time series data covering the period between 2001 and mi-2015. We refer to impulse responses functions in order to test the dynamic relationships. Empirical results reveal that foreign exchange market and crude oil exhibit asymmetric and no asymmetric in the return series. Additionally, the findings show asymmetric response of volatilities to positive and negative shocks. Furthermore, the results suggest that there is a dynamic relationship among oil price shocks and exchange rate volatility. Indeed, in the short run, oil prices shocks had a significant impact on exchange rate changes. Finally, we found that in the case of oil-exporting country, the oil prices rise may experience exchange rate appreciation, while, the decrease of oil price leads to appreciation of the currency of oil importing countries. This implies that oil prices are a key variable in determining the strength of the currency and its volatility. Therefore, policy makers of most MENA countries should consider exchange rate and oil price fluctuations on their macroeconomic policies and diversify more their economics

How does corruption undermine banking stability? A threshold nonlinear framework

This study assesses the effect of corruption on the occurrence of banking crises for a sample of 38 countries over the period 2000-2017. We consider both the direct and the indirect channels through which corruption might affect the occurrence of banking crises. We also check, using a threshold regression approach, for the existence of a corruption threshold driving a regime switching in our sample countries for both high-income and low-income countries. Estimation outcomes suggest that; overall, corruption increases the probability of banking crises. The indirect effect estimation suggests that corruption negatively affects the banks' lending through excessive risk rather than through their profitability. The panel threshold analysis provides evidence of a nonlinear corruption-banking stability relationship with the existence of two corruption-banking stability regimes. The study also provides evidence that corruption matters more for low-income than for high-income countries with regard to their banking system stability. 2020 Elsevier B.V.Scopu

Factors determining Gekkotan (Reptilia, Sauria) distribution in Tunisia (North Africa)

Tunisian geckos count nine species (1 is insular relict, 1 is endemic, 2 are ubiquitous and 5 are enfeoffed). We aim to determine factors influencing their distributions. Surveys were founded on environmental divisions. Presence/absence data for 113 grids were analyzed using multivariate tools. 18 environmental variables were revealed and clustered into five factors to model species distributions. Established models were further projected on non-explored areas within Tunisian territory. The distribution of continental geckos follows an indirect bidirectional gradient; the South-northward one is physiologically stressful and the North-southward one is biologically stressful. Five biogeographic regions were established showing concordance with climatic and vegetation regionalization. The distribution of non-anthropophilic species is positively correlated to thermal amplitudes gradient. The distribution of anthropophilic taxa is positively correlated to agricultural land-use. Oasis, sebkhas and chotts are particular landscapes that disturb both distributions. Predicted areas follow the yielded distribution patterns despite some discrepancy for S. sthenodactylus. The niche characterizing shows that land use and altitude increase the probability of occurrence of H. turcicus and T. mauritanica. Alternatively, they decrease the probability of the presence of T. deserti, T. neglecta, T. tripolitanus and S. petrii. Models could also show that the absence of S. sthenodactylus in northern regions is attributed to high altitudes and cereal land-use. As to T. fascicularis, the displacement of the northern limits of its range is mostly attributed to an improvement of field investigations. Established model of its distribution shows a restricted area of probable occurrence in central Tunisia confirming its endemism

Co-expression and impact of prostate specific membrane antigen and prostate specific antigen in prostatic pathologies

<p>Abstract</p> <p>Background</p> <p>The present study was undertaken to relate the co-expression of prostate-associated antigens, PSMA and PSA, with the degree of vascularization in normal and pathologic (hyperplasia and cancer) prostate tissues to elucidate their possible role in tumor progression.</p> <p>Methods</p> <p>The study was carried out in 6 normal, 44 benign prostatic hyperplastic and 39 cancerous human prostates. Immunohistochemical analysis were performed using the monoclonal antibody CD34 to determine the angiogenic activity, and the monoclonal antibodies 3E6 and ER-PR8 to assess PSMA and PSA expression, respectively.</p> <p>Results</p> <p>In our study we found that in normal prostate tissue, PSMA and PSA were equally expressed (3.7 ± 0.18 and 3.07 ± 0.11). A significant difference in their expression was see in hyperplastic and neoplastic prostates tissues (16.14 ± 0.17 and 30.72 ± 0.85, respectively) for PSMA and (34.39 ± 0.53 and 17.85 ± 1.21, respectively) for PSA. Study of prostate tumor profiles showed that the profile (PSA+, PSMA-) expression levels decreased between normal prostate, benign prostatic tissue and primary prostate cancer. In the other hand, the profile (PSA-, PSMA+) expression levels increased from normal to prostate tumor tissues. PSMA overexpression was associated with high intratumoral angiogenesis activity. By contrast, high PSA expression was associated with low angiogenesis activity.</p> <p>Conclusion</p> <p>These data suggest that these markers are regulated differentially and the difference in their expression showed a correlation with malignant transformation. With regard to the duality PSMA-PSA, this implies the significance of their investigation together in normal and pathologic prostate tissues.</p

A first assessment of genetic variability in the Eurasian Stone-curlew Burhinus oedicnemus

The Eurasian Stone-curlew is a species of conservation concern in Europe. We investigate for the first time the extent of population structure among populations sampled from six geographical areas, representing four subspecies inhabiting the western part of the species’ distribution. Neither mitochondrial nor nuclear markers fully supported current subspecies boundaries. However, both markers support significant differentiation of the Canary Island populations from those sampled from the Mediterranean. Further work is needed to establish the taxonomic status of this potentially distinct Macaronesian taxon. More broadly, further genetic research is required to design and implement an effective conservation plan for this species

What determines the extent of real exchange rate misalignment in developing countries?

The paper seeks to explain the extent of real exchange rate misalignment, defined as its deviation from its equilibrium level. It enlarges the traditional analysis, which focuses mainly on the role of nominal exchange rate regimes, to consider the role of the quality of institutions and financial development. The results show that the intermediate regime induces higher and more volatile misalignment than both fixed and float. The fixed regime exhibits a pattern of misalignment similar to the float regime. Inflation pressures and dependence on oil exports are associated with more misalignment. More importantly, persistence in misalignment is an important phenomenon that should be taken into account, better quality of institutions is associated with less misalignment, while financial development seems to have no impact on misalignment.SCOPUS: ar.jinfo:eu-repo/semantics/publishe