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AbstractThis study aims to investigate how Foreign direct investment (FDI) and trade openness influenced economic growth in BRICS countries from 1990 to 2022, using the Pooled Mean Group Autoregressive Distributed Lag (PMG-ARDL) and System Generalized Method of Moments (System-GMM) methods. Our findings show that these two variables boost economic growth by 0.172, 0.021, 0.291, and 0.072%, respectively. Additionally, the results indicate that BRICS countries have demonstrated greater resilience in terms of FDI and trade before and after the COVID-19 pandemic and the Russia-Ukraine war, underscoring the effectiveness of their investment and trade policies in maintaining economic growth amidst global disruptions. [ABSTRACT FROM AUTHOR]

Since 2005, the International Financial Reporting Standards (IFRS) mandatory adoption in the European Union has played a pivotal role to reduce financing costs which has influenced positively economic growth across member states. Thus, this study examines the effect of Cost of Capital on Economic Growth under IFRS mandatory adoption in 17 European countries between 1994 and 2021 using Pooled Mean Group Autoregressive Distributed Lag (PMG-ARDL) and System Generalized Method of Moments (GMM-system) methods. The findings reveal a positive correlation between the Cost of Capital and Economic Growth under IFRS adoption. Specifically, the model estimates indicate that the Cost of Capital contributes to a 0.58% increase in Economic Growth in the PMG-ARDL framework. Moreover, the GMM-system model underscores the significance of IFRS adoption in reducing the Cost of Capital, leading to a 0.52% increase in Economic Growth. These results provide insights into the benefits of adopting international accounting standards and highlight the importance of institutional and financial factors in shaping the economic impact of adopting accounting standards. [ABSTRACT FROM AUTHOR]

The relationship between financial development and economic growth in China is controversial. From this perspective, this article aims to identify this relationship using both capital market and banking intermediation indicators, which were rarely considered in the previous literature. An autoregressive model with staggered lags (ARDL) examines the long-run cointegration relationship between 1980 and 2020. The results suggest that the contribution of different subsectors of the Chinese financial system to economic growth differs. The development of the money market has a negative impact, whereas market capitalization has a positive impact on economic growth in China. Regarding the contribution of the banking system to China's economic growth, the two variables measuring the depth of financial institutions showed opposite impacts in both the short and long term. Regarding important policy implications, regulators need to ensure a pro-growth environment, effectively regulate the informal banking system, and prevent potential financial risks by revising policies. [ABSTRACT FROM AUTHOR]

This article aims to find an explanation for the slowdown in the total factor productivity (TFP) of private firms on the one hand, and on the other hand, to show the need for state intervention through government policies whose impacts on TFP were verified in the literature. In this paper, we examined the relationship between different government policies and TFP growth for 78 French firms covering the period 2005 to 2019. Firstly, this study showed that TFP varies considerably over time, suggesting that microeconomic factors may have an important impact on firms' TFP. Secondly, some of the government policies were favorable to TFP growth while others were rather hindering. Indeed, the positive impact of both public infrastructure spending and public subsidies to French firms shows that an expansionary fiscal policy would allow a recovery in TFP. On the other hand, taxes on imported products, the exchange rate and cost‐competitiveness ratio, with a negative impact, show that the competitiveness policies adopted are unfavorable to the resumption of TFP growth. Thirdly, it should be noted that operating, investment and R&D subsidies were channels for the effectiveness of French government policies. Finally, by taking into account a set of macroeconomic indicators, the study confirmed the positive impact of a favorable macroeconomic environment on the recovery of TFP. [ABSTRACT FROM AUTHOR]

Unanimously recognised as a growing sector in today's world, cultural tourism continues to attract the attention of researchers seeking to exhume the mechanisms and dynamics that govern it. In terms of political and strategic choices, Tunisia is currently giving this sector an increasingly remarkable interest. It is in this perspective that we tried to carry out a survey that would highlight the opinions of Arab-Muslim visitors about cultural tourism in Tunisia. To this end, we relied on the principal component analysis and the probit models that we considered the most appropriate to deal with our problem. Using individual data from a sample of 300 Arab-Muslim tourists who visited Tunisia during the summer vacation of 2014, we tried to interpret the results that seemed very suggestive. Our analysis of the different results led us to deduce that it is difficult for the Tunisian destination to motivate the Arab-Muslim visitors by focusing on the cultural tourism (in its current state) and that it is not the best way to attract this category of tourists. In the light of the obtained results, we have proposed some solutions that could promote this destination and fructify this type of alternative tourism. [ABSTRACT FROM AUTHOR]

This article discusses the asymmetry of real effective exchange rate (REER) impact on economic growth in the Arab Maghreb Union during the period 1980-2016. This work quantifies the adjustment rate of the exchange-rate policy towards its equilibrium levels and hence justifying the use of nonlinear modelling. The complexity of the exchange rate dynamics leads to the application of the panel threshold regression. The empirical results reveal that the REER has opposite effects on the estimated threshold. This highlights the asymmetrical effect of unforeseen shocks on its volatility. [ABSTRACT FROM AUTHOR]

The aim of this study is to analyze the determinants of the bank profitability and efficiency in conventional banks. This study compares accounting-based and economic-based measures of efficiency and profitability of conventional banks in fourteen countries. Accounting variables help explain cost and profit efficiency, but cost efficiency has little impact on profitability and profit efficiency. In fact, the study of profitability is crucial in assessing the health of organizations. However, profitability of the banking sector is particularly important as the soundness of the sector is closely related to the soundness of the entire economy. In this paper, banks' profitability and its determinants in Tunisia as well as in 13 different countries were investigated. The determinants of bank profitability are analyzed with the data from 110 banks over the period 1999-2012 using the panel data method generalized method of moments. Our results suggest that researchers should probably focus more on profit efficiency than cost efficiency. Almost all banks are below the optimal size. [ABSTRACT FROM AUTHOR]

The aim of this study is to present a measure for the core inflation in Tunisia. This measure consists in a six-variable structural vector autoregression model covering the period 1975Q1-2014Q4. Our results show that the observed inflation rate exceeds the core inflation when demand rises and conversely when there is a low growth. This seems to be reasonable as core inflation has a deterministic tendency and, therefore, the monetary impulse largely accounts for the evolution of inflation. Our findings also support the idea that there is a weak positive correlation between the inflation rate and the industrial production index in the short run. This core inflation is also observed to have a weak effect on unemployment over the short and long runs. Thus, this type of inflation should be taken into account as an important element for the determination of a targeted inflation rate and for future predictions and decisions of the monetary authorities. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the development of technical efficiency in the Tunisian manufacturing sector using advanced analysis methods. The technical efficiency of the industrial sectors is measured on the basis of panel data through the bias of a classical approach and a Bayesian one, which makes the inefficiency terms change over time. This exercise helps to assess the robustness of the estimated technical efficiency compared to the choice of the estimation technique. The mean efficiency score is found to be of 77 percent and there is no evidence of a continuous increase in efficiency. [ABSTRACT FROM AUTHOR]

The short run production decisions may not be optimal and thus produced quantities cannot be the minimum of the average total cost. This under-optimality can be explained either by poor management firms, or through the institutional framework within which firms operate. Thereby, the potentials for production are not fully utilized, they are assimilated as production capacity compared to the production carried out to determine the capacity utilization rate. This indicator is defined as the ratio of the productive performance of the global economy and its sectors. Variations in the short run capacity utilization reflect the changes in the manufacturing output, as estimates of the productive capacity evolve slowly over time. However, in the long run, the growth of capacity utilization varies in response to the technical progress and changes in investment levels. [ABSTRACT FROM AUTHOR]