Exploring the finance-real economy link in U.S.: Empirical evidence from Panel Unit Root and Cointegration Analysis

The aim of this paper is to analyze the relationships between common shocks affecting the real economy and those underlying co-fluctuations in U.S. financial markets. In order to do this, we test for links between these common factors and also use the econometric theory of nonstationary panel data to estimate the relationships. The estimates prove the existence of significant relationships between financial and macroeconomic factors. It is also shown that there are forces pulling U.S. financial markets to move with the real economy, as seen through nearly instantaneous adjustment to a new equilibrium.PANIC analysis; Panel Data; Common factors; Financial Crises; U.S

Market power of the tobacco industry in Senegal

French version available in IDRC Digital LibraryWhen the State increases tobacco taxes, manufacturers may decide to consider additional tax revenues as an increase in their costs and lower their profit rather than increase their selling price so as not to discourage the consumer. La Manufacture des tabacs de l'Ouest Africain (MTOA) and Philip Morris market strategies are compared in the study by the Consortium pour la recherche économique et sociale (CRES) / Consortium for Economic and Social Research. Results are presented in this policy brief, which recommends a significant increase in tobacco products taxation in Senegal

Exploring the finance-real economy link in U.S.: Empirical evidence from Panel Unit Root and Co-integration Analysis

The aim of this paper is to analyze the relationships between common shocks affecting the real economy and those underlying co-fluctuations in U.S. financial markets. In order to do this, we test for links between these common factors and also use the econometric theory of non-stationary panel data to estimate the relationships. The estimates prove the existence of significant relationships between financial and macroeconomic factors. It is also shown that there are forces pulling U.S. financial markets to move.Panic analysis;Panel Data;Common factors;Financial Crises;U.S

La rentabilité de l'investissement dans l'éducation au Sénégal

Depuis les années 60, la rentabilité du système éducatif suscite un intérêt croissant auprès des décideurs lorsqu'il s'agit de faire un choix d'investissement. Toutefois, la plupart des travaux consacrés à cette problématique portent sur les rendements internes de l'éducation. Cette étude se propose de mesurer la rentabilité externe de l'investissement relativement important, consenti dans l'éducation par les ménages (rendement privé) et la collectivité (rendement social). Il est reconnu que l'État et les ménages sénégalais consacrent d'importantes ressources à l'éducation sans avoir cependant une idée précise du rendement de leur investissement. Cette étude devrait combler cette lacune. La méthode utilisée est celle du taux de rendement interne appliquée aux données de l'Enquête Sénégalaise Auprès des Ménages (ESAM) de 1995. Les revenus nets bruts proviennent de ceux de l'année 1995. L'étude montre qu'au Sénégal l'éducation est en général un secteur d'investissement rentable où le rendement privé est plus élevé que le rendement social. De plus, une analyse par sous-secteur fait ressortir que l'investissement social dans le secondaire et le supérieur n'est pas rentable contrairement à l'enseignement primaire et moyen. Enfin, le chômage et le redoublement ont un impact négatif sur les rentabilités sociale et privée.Rentabilité interne de l'éducation, méthode avantages-coût, rendements privés et sociaux

Effectiveness of tobacco product taxation systems in ECOWAS member countries : tax incidence approach

The Consortium pour la recherche économique et sociale (CRES) / Consortium for Economic and Social Research conducted research to analyze the impact of tobacco taxation in the Economic Community of West African States (ECOWAS) countries. This policy brief shows that the effectiveness of tax increases can be improved if commercial margins are taxed. Recommendations are to continually increase excise taxes on tobacco products to have a consequent rise in prices that discourages consumption; and to change the excise tax base by including commercial margins so that the consumer is fully impacted by tax increases

Modeling and Solving a Linear Integer Problem (PLNE) for the Optimal Localization of a Hub Air Transport in the WAEMU Zone

In this article, we propose a linear integer model for the optimal location of a hub for air traffic in the WAEMU zone. A hub represents for an airline a base where an essential part of its activities is concentrated. Its location must therefore be judiciously determined. The hub location problem is one of the new and promising areas of research in the field of location theory. In order to satisfy a demand, the location of the hub involves the movement of people, goods between origin destination pairs required. Hubs are applied to reduce the number of transport links between the origin and destination airports The proposed model minimizes the distances and takes into account the flow of passengers registered in the different airports and minimizes the total cost of the transfer via the hub airport. The simulations were made with the programming language Python

Modeling and Solving a Linear Integer Problem (PLNE) for the Optimal Localization of a Hub Air Transport in the WAEMU Zone

In this article, we propose a linear integer model for the optimal location of a hub for air traffic in the WAEMU zone. A hub represents for an airline a base where an essential part of its activities is concentrated. Its location must therefore be judiciously determined. The hub location problem is one of the new and promising areas of research in the field of location theory. In order to satisfy a demand, the location of the hub involves the movement of people, goods between origin destination pairs required. Hubs are applied to reduce the number of transport links between the origin and destination airports. The proposed model minimizes the distances and takes into account the flow of passengers registered in the different airports and minimizes the total cost of the transfer via the hub airport. The simulations were made with the programming language Python

Illicit trade in tobacco products in ECOWAS countries

A study by the Consortium pour la recherche économique et sociale (CRES) / Consortium for Economic and Social Research estimates the illicit trade in tobacco on average as 18% of the total market in the fifteen Economic Community of West African States (ECOWAS). Through simulation models, the effects on the average price, the quantities consumed, and tax revenues are estimated. Non-price factors, such as the presence of corruption, organized crime networks and widespread street-selling are powerful drivers of the development of the illicit trade in tobacco products

Effectiveness of tobacco product taxation systems in ECOWAS member countries : tax frontier approach

The effectiveness of the tax system on tobacco products in the Economic Community of West African States (ECOWAS) countries is measured by the difference between a country’s effective tax rate and its tax capacity. The actual excise tax shares in the selling price of cigarettes are very small compared to the 70% WHO recommendation. Countries that potentially meet the 75% WHO target are Cape Verde, Benin and Ghana. The first priority of tobacco control in ECOWAS countries is a steady increase in taxes. The maximum tax capacity will rely for improvement on the level of productivity of government administration