What Mitigates Economic Growth Volatility in Morocco?

• 영문명: What Mitigates Economic Growth Volatility in Morocco? : Remittances or FDI
• 발행기관: 세종대학교 경제통합연구소
• 저자명: Jamal Bouoiyour Refk Selmi Amal Miftah
• 간행물 정보: 『Journal of Economic Integration』제31권 제1호, 65~102쪽, 전체 38쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2016.03.31

영문 초록

The purpose of the paper is twofold. First, it seeks to meticulously analyze the volatility of economic growth and financial flows in the case of Morocco, i.e., remittances and Foreign Direct Investment. Second, it attempts to address the effects of these financial flows on the economic growth volatility. We provide strong evidence that remittances are less volatile than Foreign Direct Investment with respect to the duration, intensity and volatility clustering. Furthermore, remittances can mitigate the volatility of growth, while Foreign Direct Investment flows amplify it. Our results do not imply that financial flows should be privileged by Moroccan authorities. In fact, our results should encourage the government to implement proactive and favourable policies geared towards productive investment.

목차

Ⅰ. Introduction

Ⅱ. Literature Review

Ⅲ. Remittance in Moroccan Context

Ⅳ. Methodological Framework

Ⅴ. Main Findings

Ⅵ. Economic Implications

Ⅶ. Conclusion

키워드

Economic Growth Volatility Remittances FDI Morocco Generalized Autoregressive Conditional Heteroskedasticity GARCH Models