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The paper investigates the time-varying correlations between stock market returns and oil prices in oil-exporting countries. A multivariate GARCH-DCC process is employed to evaluate this relationship based on data from Venezuela, the United Arab Emirates, Saudi Arabia and Kuwait. The results show that there are time-varying correlations between the oil and stock markets in emerging, oil-producing countries, indicating that they are affected by conditions in world markets. In addition, the relationship between oil prices and stock returns is found to be influenced by the origin of shocks to oil prices, with stock market responses being stronger to demand-side shocks caused by political turmoil or fluctuations in the global business cycle than to supply-side shocks caused by cuts in oil production. The results also provide evidence of volatility spillovers between the oil and stock markets.

Le présent article à étudier la politique euro-méditerranéenne en faveur de l'industrie au Maroc en interrogeant les acteurs de terrain. Les principaux résultats sont les suivants : la politique européenne concernant l'industrie au Maroc, n'est pas directement centrée sur l'industrie mais plutôt sur l'accompagnement à la mise en place des accords de libre-échange et au développement du commerce. Ces politiques influencent cependant l'industrie en raison de l'impact des accords d'association. Cela est vrai tant dans l'accord de libre-échange, que dans la l'aide européenne, avec les politiques de mise à niveau ou les programmes d'assistance, le programme d'appui à la croissance et à la compétitivité. Le Maroc affiche par ailleurs, une volonté de développer son secteur industriel, notamment grâce à la mise en place de plans successifs. Ceux-ci ont permis de favoriser l'émergence de secteurs comme l'automobile. En ce qui concerne les défis, les besoins locaux et le bien-être des populations, les acteurs interrogés sont globalement d'accord avec les orientations de libéralisation du commerce international du Maroc. Certains souhaitent l'encadrer dans une politique industrielle locale, intervenant surtout dans la qualité de l'environnement économique tout en suscitant l'émergence de groupes industriels nationaux. Les craintes concernent surtout la mise en place de l'ALECA qui risquerait d'accentuer la pression concurrentielle sur l'industrie marocaine. Même si la question du genre est pertinente pour l'analyse de l'industrie, elle n'apparaît pas comme un sujet de préoccupation pour les acteurs.

This paper analyses the effects of financial globalization on growth in developing countries, focusing on its interaction with exchange rate volatility. Based on dynamic panel data models and the two-step system Generalized Method of Moments (system GMM) estimator, it replicates the method of Gaies et al. (2019a; 2019b) and extends it by exploring a new spillover effect of financial globalization in terms of exchange rate volatility measured by six different indicators. The findings show the positive influence of investment-globalization on growth through the traditional channel of capital accumulation and by reducing the negative impact of exchange rate volatility. These impacts are not ensured by indebtedness-globalization, thereby shedding light on the government's decision in developing countries on foreign capital control policy. These results are robust to changes in the estimator and variables used.

We examine the effects of financial globalization and exchange rate volatility on growth in emerging and developing countries. We generate several measures of exchange rate volatility, as well as their interaction terms with indicators of disaggregated financial globalization. Using the two-step GMM system method on dynamic panel data, we find that exchange rate volatility has a negative impact on long-term growth. On the contrary, financial globalization, and particularly investment-globalization, promotes growth not only directly, but also indirectly, by reducing the negative impact of exchange rate volatility. However, the results show that indebtedness-globalization does not produce these benefits. In this way, the results inform the government's decision on the liberalization of the domestic financial market. JEL: E44, F21, F36, O42, G15, G18

We examine the determinants of banking crises occurrence in developing countries, focusing on the impact of the nature of external liabilities and exchange rate stability. For this purpose, we use a logit panel model, including 67 developing countries observed between 1972 and 2011, as well as a set of alternative estimation methods (logit fixed-effects and probit random-effects) and robustness tests. We find that FDI liabilities reduce the occurrence of banking crises, but debt liabilities increase them. In addition, banking crises occurrence decreases in developing countries with the stability of the exchange rate, real GDP growth, as well as better human capital quality and better political institutions.

This paper analyses the effects of financial globalization on growth in developing countries, focusing on its interaction with exchange rate volatility. Based on dynamic panel data models and the two-step system Generalized Method of Moments (system GMM) estimator, it replicates the method of Gaies et al. (2019a; 2019b) and extends it by exploring a new spillover effect of financial globalization in terms of exchange rate volatility measured by six different indicators. The findings show the positive influence of investment-globalization on growth through the traditional channel of capital accumulation and by reducing the negative impact of exchange rate volatility. These impacts are not ensured by indebtedness-globalization, thereby shedding light on the government's decision in developing countries on foreign capital control policy. These results are robust to changes in the estimator and variables used.

We examine the effects of financial globalization and exchange rate volatility on growth in emerging and developing countries. We generate several measures of exchange rate volatility, as well as their interaction terms with indicators of disaggregated financial globalization. Using the two-step GMM system method on dynamic panel data, we find that exchange rate volatility has a negative impact on long-term growth. On the contrary, financial globalization, and particularly investment-globalization, promotes growth not only directly, but also indirectly, by reducing the negative impact of exchange rate volatility. However, the results show that indebtedness-globalization does not produce these benefits. In this way, the results inform the government's decision on the liberalization of the domestic financial market. JEL: E44, F21, F36, O42, G15, G18

We examine the determinants of banking crises occurrence in developing countries, focusing on the impact of the nature of external liabilities and exchange rate stability. For this purpose, we use a logit panel model, including 67 developing countries observed between 1972 and 2011, as well as a set of alternative estimation methods (logit fixed-effects and probit random-effects) and robustness tests. We find that FDI liabilities reduce the occurrence of banking crises, but debt liabilities increase them. In addition, banking crises occurrence decreases in developing countries with the stability of the exchange rate, real GDP growth, as well as better human capital quality and better political institutions.

This paper analyses the effects of financial globalization on growth in developing countries, focusing on its interaction with exchange rate volatility. Based on dynamic panel data models and the two-step system Generalized Method of Moments (system GMM) estimator, it replicates the method of Gaies et al. (2019a; 2019b) and extends it by exploring a new spillover effect of financial globalization in terms of exchange rate volatility measured by six different indicators. The findings show the positive influence of investment-globalization on growth through the traditional channel of capital accumulation and by reducing the negative impact of exchange rate volatility. These impacts are not ensured by indebtedness-globalization, thereby shedding light on the government's decision in developing countries on foreign capital control policy. These results are robust to changes in the estimator and variables used.