We study the processes of real convergence (per-capita GDP, period 1950-2005) and of nominal convergence (inflation rate, period 1973-2005) for a sample of MENA countries. Using the methods of dynamic analysis based on transition matrices (Markov processes) and stochastic kernels, we show that...

In this paper, we estimate the relative weights of each foreign currency in the basket of currencies comprising the dirham for the period 1973-2003 on monthly data. We show that before the advent of the euro, the exchange rate regime in Morocco was a "Crawling Basket (basket slippery). This...

This paper asks whether external shocks (U.S. interest rates, U.S. industrial production, U.S. stocks prices and world industrial material price) have asymmetric effects on European relative prices (real exchange rates). On 1979-1993 period, the paper finds that two groups of countries may be...

We study the relationships between the real effective exchange rate (REER) of the Tunisian dinar and its determinants/fundamentals, i.e. the ratio of trade balance/GDP, the ratio of public consumption/GDP, the openness rate and the terms of trade. We find that in the most of cases, the variables...

This paper analyzes the causal relationships between returns and volatilities of assets prices in U.S. and French markets. The period for the study has been taken from January 1997 to December 2000, using daily and weekly data. Initial results show that U.S. stock prices "Granger-cause" French...