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Input Output Analysis Foundations And Extensions

2005년 대한 생화학·분자생물학회 하계학술대회를 다녀와서

This study focuses on the impact of financial inclusion and bank concentration on the performance of firms in developing and emerging countries. Using firm-level data for a sample of 55,596 firms in 79 countries, we find that financial inclusion, i.e. the distribution of financial services across firms, has a positive impact on firm growth. This positive impact is magnified when bank markets are less concentrated, a proxy for more competition among banks. We also find that more competitive banks favor firm growth only at high levels of financial inclusion, while bank concentration is particularly favorable to foreign and state-owned firms, and increases firm growth for low levels of financial inclusion. In countries with limited financial deepening, the quality of the banking system (financial inclusion and bank competition) may be as important to promote firm performance as its overall size.

Financial Inclusion, Bank Concentration and Firm Performance

This study provides a systematic review of the existing literature on Zipf’s law for city size distribution. Existing empirical evidence suggests that Zipf’s law is not always observable even for the upper-tail cities of a territory. However, the controversy with empirical findings arises due to sample selection biases, methodological weaknesses and data limitations. The hypothesis of Zipf’s law is more likely to be rejected for the entire city size distribution and, in such case, alternative distributions have been suggested. On the contrary, the hypothesis is more likely to be accepted if better empirical methods are employed and cities are properly defined. The debate is still far from to be conclusive. In addition, we identify four emerging areas in Zipf’s law and city size distribution research including the size distribution of lower-tail cities, the size distribution of cities in sub-national regions, the alternative forms of Zipf’s law, and the relationship between Zipf’s law and the coherence property of the urban system.

Zipf’s law and city size distribution: A survey of the literature and future research agenda

Does the Exchange Rate Regime Matter for Inflation and Growth

This study has a dual purpose. The first is constructing a financial inclusion index to investigate if the reforms implemented during the last decades at the macroeconomic and sectoral levels have contributed to increase the financial inclusion level in Morocco. The second is to deepen the investigation to explore the impact of these reforms at the microeconomic level, by focusing on six major issues: determinants of financial inclusion, links between individual characteristics and barriers to financial inclusion, determinants of mobile banking use, motivations for saving, credit objectives and determinants of resorting to informal finance.,First, the principal component analysis methodology is mobilized to construct a financial inclusion index for Morocco. Second, the probit model methodology on a micro-level database of 5,110 Moroccan adults is used.,First, the financial inclusion index shows that financial inclusion in Morocco over the last two decades has followed different trends. The first period (1999–2004) was characterized by a slight upswing in the level of financial inclusion. In the second period (2004–2012), the level of financial inclusion increased significantly. During the third period (2012–2019), the financial inclusion maintained almost the same level. Second, empirical results showed that the determinants of formal finance and mobile banking are different from those of informal finance. Having a high educational attainment and being a participant in the labor market fosters financial inclusion. Concerning financial exclusion determinants, the results emphasized that a high educational attainment reduces the barriers leading to voluntary exclusion. As income level increases, barriers of involuntary exclusion such as “lack of money” become surmountable. Although "remoteness" and "high cost" are the major barriers to financial inclusion of all Moroccan social classes, the development of mobile banking allows to eliminate, smoothen and/or loosen all barriers sources of involuntary exclusion. As for the barriers causing voluntary exclusion, the Islamic finance model constitutes a lever for the inclusion of population segments excluded for religious reasons. As for the determinants of the recourse to informal finance, being a woman, an older person and having a low educational level (no more than secondary education) increase the probability to turn to informal finance.,The main limitation of this study is the non-availability of data on the two dimensions (quality and welfare) of financial inclusion. The composite index is constructed on the basis of two dimensions (access and use) for which data are available.,This study has three main implications. In practice, with the launching of the National Strategy for Financial Inclusion, this work provides empirical grounded evidence that contributes to design financial inclusion policies in Morocco. In research, while the debate on financial inclusion, mobile banking and informal finance has been raging in recent years, Morocco, like many other African countries, has not received coverage on these topics at the household level.,For society, this study provides considerable insight about the segments of population that are financially excluded and the main reasons for their exclusion.,This study enriches the existing literature with four essential contributions. First, it analyzes the evolution of the level of financial inclusion in the Moroccan economy through the development of a synthetic index. Second, it is the first to study the Moroccan population's financial behavior on the basis of micro-level data, which will help understand more precisely their financial behavior and the main obstacles to their inclusion. Third, this study explores the determinants of the use of mobile banking. Fourth, it sheds some light on the main determinants of the recourse to informal finance.

Financial inclusion, mobile banking, informal finance and financial exclusion: micro-level evidence from Morocco

This paper aims to first, develop an analytical framework that examines the role of financial inclusion in promoting investment and economic growth, through the reduction of financial imperfections...

Financial Inclusion, Financial Frictions, and Economic Growth: Evidence from Africa

This paper explores the links between gradual capital account liberalization and the exchange rate regime in Morocco where the process of economic and financial openness is relatively advanced. Using a game theory model with two economic agents, that are monetary authorities and domestic firms, we explore the best choice concerning the exchange rate regime for Morocco in a context characterised by increasing openness especially of capital account. The results show that welfare under a flexible exchange rate regime is higher compared to welfare under a fixed exchange rate regime. The analysis also shows that the flexible exchange rate will improve competitiveness. However, flexibility will undermine price stability.

https://www.econstor.eu/bitstream/10419/96210/1/783682212.pdf

Capital Account Liberalization and Exchange Rate Flexibility: Scenarios for the Moroccan Case

We discuss the link between financial development and economic growth through Total Factor Productivity (TFP) canal in African economies. First, we use a composite index to hierarchize financial development in 40 African countries. Then, we study this relationship by using the methodology of panel data based on the Breusch-Pagan LM Test and Hausman Test, to determine the nature of the specific effect, in a panel of 22 economies. The main results of our study show that the development of the financial sector does not promote total factors productivity in low-income and upper-middle-income countries. For the lower middle-income countries, the Finance-TFP relation- ship is significantly positive. The reforms of African financial systems should be designed and directed to increase the adequacy of financial services with the needs of each economy.

Financial development and total factors productivity channel: Evidence from Africa

In this paper, we explore the validity of rank-size rule in the Moroccan urban system. We use data from the 1982, 1994, and 2004 censuses. Three thresholds are considered to truncate the data: 5000, 50000, and 100000 residents. Power law states that the rank (r) of a city is proportional to a power of its size (Sr), that is, r S•α. The ordinary least squares (OLS) method is used to estimate α. Using OLS method without Gabaix-Ibragimov correction (GIC) provides evidence of the validity of Zipf's law for cities of more than 100 000 dwellers.When the GIC is used, it appears that the zipfian distribution (α = -1) is also valid for cities of more than 50000 inhabitants. Over the period 1982–2004, it seems likely that intermediate cities grew more rapidly than other cities. This may lead to a more balanced distribution of the Moroccan urban system.

Elhadj Ezzahid

Papers

Financial inclusion, mobile banking, informal finance and financial exclusion: micro-level evidence from Morocco

Financial Inclusion, Financial Frictions, and Economic Growth: Evidence from Africa

Capital Account Liberalization and Exchange Rate Flexibility: Scenarios for the Moroccan Case

Financial development and total factors productivity channel: Evidence from Africa

Zipf's law in the case of moroccan cities