This study proposes to examine the impact of tourism activity on the economic growth of Morocco and Tunisia. We contribute here to the empirical literature on the tourism-led growth (TLG) hypothesis, by adopting the error correction model framework, the cointegration and Granger Causality tests...

Given the strong contribution of tourism in the Moroccan economy, we propose in this paper to analyze the determinants of an empirical point of view of international tourism demand addressed to Morocco. To do this, we estimated a vector error correction (VECM) for the period 2000 - 2009 with a...

Following the reduced-form models of Duffee (1999) and Jarrow, Lando and Yu (2003), this study investigates the risk diversification issue of corporate bond portfolios. Considering especially long run market behavior, our empirical decomposition of corporate bond yield spreads indicates that the...

Following the method of Pesaran, Shin and Smith (1999), this study extends the results of Sun, Lin and Nieh (2007) to investigate the risk diversification issue of individual corporate bonds in portfolios. This is one of the few studies on the decomposition of individual corporate yield spreads....