The Democratic Republic of Congo (DRC) has faced persistent current account deficits despite a period of economic growth fueled by Foreign Direct Investment (FDI). This paper uses an Autoregressive Distributed Lag (ARDL) model and the Balance of Payments (BOP) framework to explore the dynamics...

Dans cet article, nous étudions l’efficacité de politiques économiques dans un cadre d’une petite économie ouverte où la relation entre le taux de change, le prix des actions et le niveau d’activité est soumise à des interactions entre l’effet de “pass-through” incomplet et...

This paper deals with statistics�and econometrics�properties of fractionally integra- ted GARCH (FIGARCH). We compare these characteristics with those of traditional models. We insist on the GARCH exponential/IGARCH in�nite decrease of volatility impact. Then, we apply it on three Tunisian...

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...

Europe is the natural space for the integration of the Middle East and North Africa countries (MENA) and the Central and Eastern Europe Countries (CEEC). By their small economic size, these countries revolve around the European pole with which they perform the bulk of their trade. The...

In this paper, we estimate, over the period 1980 – 2001, in annual data, the size of distortion (misalignment), of Cameroon’s real exchange rate. This, in the goal to judge relevance of the decision of January 11, 1994, to devaluate of 50% Franc CFA (Fcfa) compared to the French franc (FF)....

Morocco and Tunisia are performing in term of economic growth better than the average economic growth of the Middle East and North Africa (MENA) region and middle-income countries. Tremendous efforts in terms of reforms and restructuring of the economy have been deployed in the early 80s. The...