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Impact of the 2008 Crisis on Raw Materials and Food Products Prices in West-African Countries
The aim of this paper is to assess the impact of the 2008 crisis on the relationship between the raw materials and food products prices in some West African countries. We used the stability test of the estimated parameters for a regression model with a dummy variable representing the crisis. The results show that the index of raw materials has a significant and positive influence on the index of food products. However, the relationship is twice as high after the crisis. Then, the stability test confirmed the hypothesis that the crisis had an effect on the relationship. Finally, the test of significance of the dummy variable capturing the effect of the crisis once again justifies the impact of the 2008 crisis on the modelling of the price of food products and raw materials in these countries.(original abstract)
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International trade, economic growth and environment in Senegal
This paper aimed to bridge the gap in the literature on the relationship between international trade, economic growth and the environment by contributing to a new ana- lysis by country. In this regard, the relationship between international trade and carbon (CO2) emissions was investigated by simultaneously checking the environmental Kuznets curve (EKC) hypothesis. From time series data over the period 1971-2016, our methodo- logy relied on cointegration analysis with the Autoregressive Distributed Lag (ARDL) test approach. The results show that the intensity of international trade decreases CO2 emissions in Senegal. In addition, the analysis confirms the long-term U-shaped hypothesis between CO2 emissions and economic growth.(original abstract)
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International trade, economic growth and environment in Senegal
This paper aimed to bridge the gap in the literature on the relationship between international trade, economic growth and the environment by contributing to a new ana- lysis by country. In this regard, the relationship between international trade and carbon (CO2) emissions was investigated by simultaneously checking the environmental Kuznets curve (EKC) hypothesis. From time series data over the period 1971-2016, our methodo- logy relied on cointegration analysis with the Autoregressive Distributed Lag (ARDL) test approach. The results show that the intensity of international trade decreases CO2 emissions in Senegal. In addition, the analysis confirms the long-term U-shaped hypothesis between CO2 emissions and economic growth.(original abstract)
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A Re-Examination of the Inflation Growth Relationship in the African Countries
This paper returns on the non-linearity of the inflation - growth relationship. He estimates the role of the institutional quality appreciated by the independence of the central bank on the non-linearity of the inflation-growth relationship and identifies the optimal inflation rate in the African countries. In this respect, a panel of 53 African countries over the period 1980-2013 is used to make an analysis of regression of panel with progressive threshold (Panel Smooth Threshold Regression: PSTR developed by Gonzalez and al. 2005). A test of robustness is made with the method of moments generalized in system (GMM). Our results confirm the non-linearity of the relation inflation-growth. This non-linearity of the inflation growth relationship is conditioned by the quality of institutions. Countries with a higher quality of institutions experience less severe effects of inflation than countries having a lower quality of institutions. The optimal inflation rate for the African countries depends on the exchange regime. This rate diverges with those found for developed countries as well as for those of many developing countries.(original abstract)
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Does the inclusion of exposure to volatility into diversified portfolio improve the investment results? Portfolio construction from the perspective of a Polish investor
The main goal of this research is to analyse the investment benefits from an incorporation of the volatility exposure to the diversified portfolio from the perspective of a Polish investor. Volatility, treated as a new asset class, may improve the performance of the portfolio due to its negative correlation with most types of assets. This topic has been widely investigated for the United States and Europe whereas the Polish market appears to be not heavily researched and this study may fill this gap. The research covers the period from October 2010 to July 2018 and is performed on daily close prices. To construct the portfolios the analysis uses the mean-variance framework and the naïve diversification approach. The comparison of risk-adjusted returns between investments with and without volatility exposure enables an answer to the research question about an improvement of the results by the addition of a non-standard asset to the diversified portfolios. The VXX is considered as the proxy for volatility as it is the most popular ETN which follows the volatility index derivatives with the given maturity. To test the robustness of the results the portfolios are constructed with a broad range of different parameters and assumptions imposed on the optimization procedure. -
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Cliometrics of Higher Education: Experimental Analysis of the Theory of Glutting
The aim of this paper is to study the students' strategy of school choices and to test with an experimental analysis the theory of glutting (Diebolt 2001). It extends an ex- perience carried out in a previous paper (Jaoul-Grammare 2007) and develops an analysis of choices according to individual characteristics. If the experience seems to confirm the theoretical model, revealing a sensitivity to earnings and to the number of available places, with limited rationality in the choice, the study allows to refine these results underlining a significant reverse impact of the gender issue when the choice takes into account the earning or the risk variables.(original abstract)
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Economic Convergence within the West African Space: Regional Economic Integration Put to the Test of Facts
In this article we first propose a discussion in the light of recent works on the economic convergence or not of West African countries which have been in the process of regionalization of trade since 1975. We then examine the determinants of convergence based on the spatial econometric analysis of all these States over the period 1990-2021. The results obtained show that the economies are globally and highly divergent ; the absolute and conditional convergences not being realized. But three convergence clubs have been identified, with Senegal standing apart. The investment rate, public expenditure, inflation rate, purchasing power parity, trade openness rate, school enrolment rate and population growth rate, as structural control variables, played an important role in assessing the speed and level of divergence of West African economies. This has highlighted the differences in per capita income, the delay in the integration mechanisms and the effects of the shocks to which these economies are subject.(original abstract)
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