Jamal Bouoiyour - Academia.edu (original) (raw)
Papers by Jamal Bouoiyour
Finance Research Letters, Sep 1, 2018
This is a PDF file of an unedited manuscript that has been accepted for publication. As a service... more This is a PDF file of an unedited manuscript that has been accepted for publication. As a service to our customers we are providing this early version of the manuscript. The manuscript will undergo copyediting, typesetting, and review of the resulting proof before it is published in its final form. Please note that during the production process errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain. Highlights We test the multifractality and efficiency of the Islamic emerging and developed stock markets. Multifractal detrended fluctuation analysis (MF-DFA) and DFA based on generalized Hurst exponents are used. The emerging and developed Islamic stock markets are multifractal. The emerging Islamic stock markets are less efficient than the developed Islamicstock markets.
Energy Economics, Oct 1, 2019
This is a PDF file of an article that has undergone enhancements after acceptance, such as the ad... more This is a PDF file of an article that has undergone enhancements after acceptance, such as the addition of a cover page and metadata, and formatting for readability, but it is not yet the definitive version of record. This version will undergo additional copyediting, typesetting and review before it is published in its final form, but we are providing this version to give early visibility of the article. Please note that, during the production process, errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.
RePEc: Research Papers in Economics, Jun 1, 2003
RePEc: Research Papers in Economics, May 1, 1999
RePEc: Research Papers in Economics, Jun 1, 1995
International Economics, May 1, 2021
Abstract Market participants and public policy makers around the world are working hard, attempti... more Abstract Market participants and public policy makers around the world are working hard, attempting to move the world away from the use of carbon-intensive fossil fuels and towards the adoption of viable renewable energy sources. The Trump energy plan supports the production of fossil fuels by reversing this progress. The COVID-19 and the resulting lockdown measures come to worsen the situation by causing a noticeable disruption across the fossil fuel and renewable energy industries. Given these developments, this study seeks to address how and to what extent the Trump energy agenda is rolling back the plans for advancing renewable energy, and how the pandemic is changing the pace of energy transition. For this purpose, we compare the performances of renewable energy and fossil fuels in terms of volatility, efficiency and diversifications benefits for three different periods with varying-uncertainty levels, namely the pre- and the post- Trump’s inauguration periods and the period of rising anxiety over COVID-19. Our results reveal that in the period after the Trump inauguration, coal and oil (renewable energy) have become less (more) volatile but are relatively more (less) responsive to good news. The conditions however became worse with the onslaught of the coronavirus pandemic. COVID-19 adversely affects investment in oil, coal and renewable energy stock markets, though with varying levels. This virus persists to strongly hit fossil fuels demand because of the stringent containment measures. It also poses a huge threat to the timely deployment of renewables and their contributions to the renewable energy progress. These findings have relevant implications for risk management and policy designs.
HAL (Le Centre pour la Communication Scientifique Directe), May 6, 2007
Déclaration d'intérêts Bouoiyour Jamal ne travaille pas, ne conseille pas, ne possède pas de part... more Déclaration d'intérêts Bouoiyour Jamal ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d'une organisation qui pourrait tirer profit de cet article, et n'a déclaré aucune autre affiliation que son poste universitaire. Partenaires Région Nouvelle-Aquitaine a apporté des fonds à The Conversation FR en tant que membre bienfaiteur.
HAL (Le Centre pour la Communication Scientifique Directe), Nov 5, 2019
Over the past few years, cryptocurrencies (especially Bitcoin) have attracted a particular attent... more Over the past few years, cryptocurrencies (especially Bitcoin) have attracted a particular attention. As the number of transactions increase, these systems tend to become slower, expensive, and unsustainable for a use-case such as payment. In this way, the Bitcoin sidechain seeks to provide prompt and confidential transactions between major trading platforms. Although poor performance and high volatility can push potential users away from Bitcoin, this study reveals that the introduction of sidechain solves some of the problems Bitcoin is facing. Using relatively new techniques, we find that the implementation of sidechain reduces Bitcoin price volatility, rises its efficiency, and enhances its usefulness as a transaction tool and a diversifier. We explain these changes in Bitcoin characteristics by the sidechain"s capacity to speed up the circulation of money by shortening block validation times and to an improvement in the scalability of Proof of Work and Bitcoin payment services. Our results also indicate that the sidechain liquid network lead to a less energy-consuming and in turn to less polluting Bitcoin system. But a weakly vanishing causality between Bitcoin mining and Bitcoin energy consumption implies that the concentration of miners is still follow available electrical supply.
![Research paper thumbnail of Les transferts des fonds des migrants marocains : Leviers de croissance et du développement [Remittances of Moroccan migrants: Levers of growth and development]](https://attachments.academia-assets.com/115117987/thumbnails/1.jpg)
](MPRA Paper, 2013
Les transferts de fonds constituent une source extérieure de financement importante pour un pays ... more Les transferts de fonds constituent une source extérieure de financement importante pour un pays comme le Maroc. Nous montrons dans cet article les vertus de ces flux financiers. En effet, nous montrons que les transferts sont plus stables que les investissements directs étrangers. Ils sont procycliques dans certaines périodes et contra-cycliques dans d'autres. Nous montrons aussi qu'ils diminuent les inégalités entre les sexes au niveau de l'éducation. Ils ne provoquent pas de syndrome hollandais et promeuvent le développement financier. Certes, les responsables marocains en charge des questions migratoires ont réussi à maintenir un flux ininterrompu de transferts depuis des décennies, mais la question de leur affectation se pose avec acuité. La multiplication des acteurs en charge des questions migratoires constitue un obstacle majeur à l'efficacité de ces transferts. Un aggiornamento de la gouvernance des questions migratoires au Maroc paraît plus que nécessaire.
![Research paper thumbnail of Diaspora et dévelopement: Quelles intercations dans le cas marocain? [Diaspora and developement: What intercations in the Moroccan case?]](https://attachments.academia-assets.com/115117983/thumbnails/1.jpg)
](MPRA Paper, 2008
Après un bref rappel du contexte institutionnel relatif à la question migratoire au Maroc, nous m... more Après un bref rappel du contexte institutionnel relatif à la question migratoire au Maroc, nous montrons que les migrants marocains ont un comportement ambigu (à travers les transferts de fonds), mélangeant un sentiment d'altruisme, mais aussi d'égoïsme. Nous montrons aussi que le Maroc ne profite pas suffisamment de la niche que représente sa diaspora ni en termes d'investissements (à travers les transferts de fonds) ni en termes d'effets de débordement (spillovers) de ces investissements (à travers le transfert de technologie).
Scottish Journal of Political Economy, May 1, 2020
The political uncertainty has long been perceived as an indispensable determinant of investment d... more The political uncertainty has long been perceived as an indispensable determinant of investment decisions and asset price dynamics. The financial markets tend to react to new information with respect to political events that may exert a significant influence on the country's macroeconomic, fiscal, and monetary policies. In fact, the political events are followed by investors who form or revise their expectations based on the results of these events. Informational efficiency hypothesis assumes that markets absorb news and political trends into asset prices in anticipation of election results. Much of the uncertainty surrounding the outcome may be resolved prior to the election date. Such policy changes are typically associated with a decrease in stock prices, particularly if the uncertainty is greater (Bouoiyour & Selmi, 2018a; Pastor & Veronesi, 2012). Once the political uncertainty is mitigated, stock prices would rise again (
Economics Bulletin, Aug 3, 2016
Although financial experts have often criticized Bitcoin for being too volatile as an asset and a... more Although financial experts have often criticized Bitcoin for being too volatile as an asset and an independent electronic currency, the volatility of Bitcoin has declined at a rapid pace since January 2015. This study addresses if Bitcoin enters a new phase. Many extensions of GARCH have been carried out to adequately estimate Bitcoin price dynamics. Our results suggest that despite maintaining a moderate volatility, Bitcoin remains typically reactive to negative rather than positive news. Bitcoin market is still, therefore, far from being mature.
![Research paper thumbnail of Investissements directs étrangers et croissance économique : Estimation d’un modèle à erreurs composées [Foreign direct investment and economic growth: Estimation of error component model]](https://attachments.academia-assets.com/115117984/thumbnails/1.jpg)
](MPRA Paper, 2008
Les pays en voie de développement multiplient les politiques incitatives pour attirer les investi... more Les pays en voie de développement multiplient les politiques incitatives pour attirer les investissements directs étrangers, afin de bénéficier des retombées positives des « spillovers ». L"objectif de notre travail est de vérifier, premièrement, si l"impact de ces flux est automatique ou au contraire nécessite un certain nombre de conditions au sein des pays d"accueil. Deuxièmement, de vérifier d"une manière générale l"hypothèse de convergence conditionnelle dans le cas des pays en voie de développement. Nous concluons que l"effet des IDE est positif sur la croissance économique des pays de notre échantillon, en revanche l'effet du capital humain et positif mais non significatif.
![Research paper thumbnail of Productivité du travail, capital humain et écart technologique dans les industries manufacturières marocaines [Labor productivity, human capital and technology gap in manufacturing Moroccan]](https://attachments.academia-assets.com/115117982/thumbnails/1.jpg)
](MPRA Paper, 2006
Février 2006 Résumé : Nous avons estimé l'interaction entre l'ouverture économique, la présence é... more Février 2006 Résumé : Nous avons estimé l'interaction entre l'ouverture économique, la présence étrangère et la productivité de travail dans le cas des industries manufacturières marocaines. Les estimations économétriques en données de panel montrent que le travail qualifié, la capacité d'exportation et la présence étrangère exercent un impact positif et significatif sur la productivité apparente du travail des firmes marocaines. Cependant, le rapport entre la présence étrangère et la productivité dépend de la capacité d'absorption des firmes marocaines et de l'écart technologique entre les firmes étrangères et les firmes marocaines. La présence étrangère n'implique pas systématiquement le transfert et la diffusion des technologies. Un écart technologique trop important ou trop petit entre les firmes étrangères et les firmes domestiques peut ne pas faciliter ce transfert.
Economic Modelling, Mar 1, 2023
Research in International Business and Finance, 2022
Abstract There is a growing empirical literature on Bitcoin and gold safe haven properties with r... more Abstract There is a growing empirical literature on Bitcoin and gold safe haven properties with respect to financial risks and macroeconomic news but very scarce literature regarding geopolitical risks. This paper provides a fresh insight into the Bitcoin safe haven status, in comparison to gold. We, first, propose a geopolitical risk composite indicator based on various sources of geopolitical risks. A Principal Component Analysis is conducted to group the information on these indicators. Second, a dynamic Markov-switching copula model (which accommodates a dynamic link between the developed geopolitical risk index and Bitcoin and gold price dynamics within low and high risk regimes) is used. We show that both Bitcoin and gold respond positively to the composite geopolitical risk indicator when risk is high. This underscores that both Bitcoin and gold have the ability to act as safe havens for assets whose valuations plummet during times of violent geopolitical conflicts. But such properties seem to be conditional upon different categories of geopolitical risks.
Journal of International Development, Sep 11, 2015
Using a nationally representative household data set from Morocco, the present study seeks to est... more Using a nationally representative household data set from Morocco, the present study seeks to estimate the effects of migrants' remittances on household investments in children's human capital. Three findings emerge. First, children in remittance-receiving households are more likely to attend school and less likely to drop out compared with those in non-remittance-receiving households. Second, children's participation in labour market decreases in the presence of international remittances. Third, remittances are associated with significantly lower level of no schooling for girls. These findings support the growing view that remittances can help increase the educational opportunities, especially for female children.
HAL (Le Centre pour la Communication Scientifique Directe), 2008
HAL (Le Centre pour la Communication Scientifique Directe), 2013
Finance Research Letters, Sep 1, 2018
This is a PDF file of an unedited manuscript that has been accepted for publication. As a service... more This is a PDF file of an unedited manuscript that has been accepted for publication. As a service to our customers we are providing this early version of the manuscript. The manuscript will undergo copyediting, typesetting, and review of the resulting proof before it is published in its final form. Please note that during the production process errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain. Highlights We test the multifractality and efficiency of the Islamic emerging and developed stock markets. Multifractal detrended fluctuation analysis (MF-DFA) and DFA based on generalized Hurst exponents are used. The emerging and developed Islamic stock markets are multifractal. The emerging Islamic stock markets are less efficient than the developed Islamicstock markets.
Energy Economics, Oct 1, 2019
This is a PDF file of an article that has undergone enhancements after acceptance, such as the ad... more This is a PDF file of an article that has undergone enhancements after acceptance, such as the addition of a cover page and metadata, and formatting for readability, but it is not yet the definitive version of record. This version will undergo additional copyediting, typesetting and review before it is published in its final form, but we are providing this version to give early visibility of the article. Please note that, during the production process, errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.
RePEc: Research Papers in Economics, Jun 1, 2003
RePEc: Research Papers in Economics, May 1, 1999
RePEc: Research Papers in Economics, Jun 1, 1995
International Economics, May 1, 2021
Abstract Market participants and public policy makers around the world are working hard, attempti... more Abstract Market participants and public policy makers around the world are working hard, attempting to move the world away from the use of carbon-intensive fossil fuels and towards the adoption of viable renewable energy sources. The Trump energy plan supports the production of fossil fuels by reversing this progress. The COVID-19 and the resulting lockdown measures come to worsen the situation by causing a noticeable disruption across the fossil fuel and renewable energy industries. Given these developments, this study seeks to address how and to what extent the Trump energy agenda is rolling back the plans for advancing renewable energy, and how the pandemic is changing the pace of energy transition. For this purpose, we compare the performances of renewable energy and fossil fuels in terms of volatility, efficiency and diversifications benefits for three different periods with varying-uncertainty levels, namely the pre- and the post- Trump’s inauguration periods and the period of rising anxiety over COVID-19. Our results reveal that in the period after the Trump inauguration, coal and oil (renewable energy) have become less (more) volatile but are relatively more (less) responsive to good news. The conditions however became worse with the onslaught of the coronavirus pandemic. COVID-19 adversely affects investment in oil, coal and renewable energy stock markets, though with varying levels. This virus persists to strongly hit fossil fuels demand because of the stringent containment measures. It also poses a huge threat to the timely deployment of renewables and their contributions to the renewable energy progress. These findings have relevant implications for risk management and policy designs.
HAL (Le Centre pour la Communication Scientifique Directe), May 6, 2007
Déclaration d'intérêts Bouoiyour Jamal ne travaille pas, ne conseille pas, ne possède pas de part... more Déclaration d'intérêts Bouoiyour Jamal ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d'une organisation qui pourrait tirer profit de cet article, et n'a déclaré aucune autre affiliation que son poste universitaire. Partenaires Région Nouvelle-Aquitaine a apporté des fonds à The Conversation FR en tant que membre bienfaiteur.
HAL (Le Centre pour la Communication Scientifique Directe), Nov 5, 2019
Over the past few years, cryptocurrencies (especially Bitcoin) have attracted a particular attent... more Over the past few years, cryptocurrencies (especially Bitcoin) have attracted a particular attention. As the number of transactions increase, these systems tend to become slower, expensive, and unsustainable for a use-case such as payment. In this way, the Bitcoin sidechain seeks to provide prompt and confidential transactions between major trading platforms. Although poor performance and high volatility can push potential users away from Bitcoin, this study reveals that the introduction of sidechain solves some of the problems Bitcoin is facing. Using relatively new techniques, we find that the implementation of sidechain reduces Bitcoin price volatility, rises its efficiency, and enhances its usefulness as a transaction tool and a diversifier. We explain these changes in Bitcoin characteristics by the sidechain"s capacity to speed up the circulation of money by shortening block validation times and to an improvement in the scalability of Proof of Work and Bitcoin payment services. Our results also indicate that the sidechain liquid network lead to a less energy-consuming and in turn to less polluting Bitcoin system. But a weakly vanishing causality between Bitcoin mining and Bitcoin energy consumption implies that the concentration of miners is still follow available electrical supply.
MPRA Paper, 2013
Les transferts de fonds constituent une source extérieure de financement importante pour un pays ... more Les transferts de fonds constituent une source extérieure de financement importante pour un pays comme le Maroc. Nous montrons dans cet article les vertus de ces flux financiers. En effet, nous montrons que les transferts sont plus stables que les investissements directs étrangers. Ils sont procycliques dans certaines périodes et contra-cycliques dans d'autres. Nous montrons aussi qu'ils diminuent les inégalités entre les sexes au niveau de l'éducation. Ils ne provoquent pas de syndrome hollandais et promeuvent le développement financier. Certes, les responsables marocains en charge des questions migratoires ont réussi à maintenir un flux ininterrompu de transferts depuis des décennies, mais la question de leur affectation se pose avec acuité. La multiplication des acteurs en charge des questions migratoires constitue un obstacle majeur à l'efficacité de ces transferts. Un aggiornamento de la gouvernance des questions migratoires au Maroc paraît plus que nécessaire.
MPRA Paper, 2008
Après un bref rappel du contexte institutionnel relatif à la question migratoire au Maroc, nous m... more Après un bref rappel du contexte institutionnel relatif à la question migratoire au Maroc, nous montrons que les migrants marocains ont un comportement ambigu (à travers les transferts de fonds), mélangeant un sentiment d'altruisme, mais aussi d'égoïsme. Nous montrons aussi que le Maroc ne profite pas suffisamment de la niche que représente sa diaspora ni en termes d'investissements (à travers les transferts de fonds) ni en termes d'effets de débordement (spillovers) de ces investissements (à travers le transfert de technologie).
Scottish Journal of Political Economy, May 1, 2020
The political uncertainty has long been perceived as an indispensable determinant of investment d... more The political uncertainty has long been perceived as an indispensable determinant of investment decisions and asset price dynamics. The financial markets tend to react to new information with respect to political events that may exert a significant influence on the country's macroeconomic, fiscal, and monetary policies. In fact, the political events are followed by investors who form or revise their expectations based on the results of these events. Informational efficiency hypothesis assumes that markets absorb news and political trends into asset prices in anticipation of election results. Much of the uncertainty surrounding the outcome may be resolved prior to the election date. Such policy changes are typically associated with a decrease in stock prices, particularly if the uncertainty is greater (Bouoiyour & Selmi, 2018a; Pastor & Veronesi, 2012). Once the political uncertainty is mitigated, stock prices would rise again (
Economics Bulletin, Aug 3, 2016
Although financial experts have often criticized Bitcoin for being too volatile as an asset and a... more Although financial experts have often criticized Bitcoin for being too volatile as an asset and an independent electronic currency, the volatility of Bitcoin has declined at a rapid pace since January 2015. This study addresses if Bitcoin enters a new phase. Many extensions of GARCH have been carried out to adequately estimate Bitcoin price dynamics. Our results suggest that despite maintaining a moderate volatility, Bitcoin remains typically reactive to negative rather than positive news. Bitcoin market is still, therefore, far from being mature.
MPRA Paper, 2008
Les pays en voie de développement multiplient les politiques incitatives pour attirer les investi... more Les pays en voie de développement multiplient les politiques incitatives pour attirer les investissements directs étrangers, afin de bénéficier des retombées positives des « spillovers ». L"objectif de notre travail est de vérifier, premièrement, si l"impact de ces flux est automatique ou au contraire nécessite un certain nombre de conditions au sein des pays d"accueil. Deuxièmement, de vérifier d"une manière générale l"hypothèse de convergence conditionnelle dans le cas des pays en voie de développement. Nous concluons que l"effet des IDE est positif sur la croissance économique des pays de notre échantillon, en revanche l'effet du capital humain et positif mais non significatif.
MPRA Paper, 2006
Février 2006 Résumé : Nous avons estimé l'interaction entre l'ouverture économique, la présence é... more Février 2006 Résumé : Nous avons estimé l'interaction entre l'ouverture économique, la présence étrangère et la productivité de travail dans le cas des industries manufacturières marocaines. Les estimations économétriques en données de panel montrent que le travail qualifié, la capacité d'exportation et la présence étrangère exercent un impact positif et significatif sur la productivité apparente du travail des firmes marocaines. Cependant, le rapport entre la présence étrangère et la productivité dépend de la capacité d'absorption des firmes marocaines et de l'écart technologique entre les firmes étrangères et les firmes marocaines. La présence étrangère n'implique pas systématiquement le transfert et la diffusion des technologies. Un écart technologique trop important ou trop petit entre les firmes étrangères et les firmes domestiques peut ne pas faciliter ce transfert.
Economic Modelling, Mar 1, 2023
Research in International Business and Finance, 2022
Abstract There is a growing empirical literature on Bitcoin and gold safe haven properties with r... more Abstract There is a growing empirical literature on Bitcoin and gold safe haven properties with respect to financial risks and macroeconomic news but very scarce literature regarding geopolitical risks. This paper provides a fresh insight into the Bitcoin safe haven status, in comparison to gold. We, first, propose a geopolitical risk composite indicator based on various sources of geopolitical risks. A Principal Component Analysis is conducted to group the information on these indicators. Second, a dynamic Markov-switching copula model (which accommodates a dynamic link between the developed geopolitical risk index and Bitcoin and gold price dynamics within low and high risk regimes) is used. We show that both Bitcoin and gold respond positively to the composite geopolitical risk indicator when risk is high. This underscores that both Bitcoin and gold have the ability to act as safe havens for assets whose valuations plummet during times of violent geopolitical conflicts. But such properties seem to be conditional upon different categories of geopolitical risks.
Journal of International Development, Sep 11, 2015
Using a nationally representative household data set from Morocco, the present study seeks to est... more Using a nationally representative household data set from Morocco, the present study seeks to estimate the effects of migrants' remittances on household investments in children's human capital. Three findings emerge. First, children in remittance-receiving households are more likely to attend school and less likely to drop out compared with those in non-remittance-receiving households. Second, children's participation in labour market decreases in the presence of international remittances. Third, remittances are associated with significantly lower level of no schooling for girls. These findings support the growing view that remittances can help increase the educational opportunities, especially for female children.
HAL (Le Centre pour la Communication Scientifique Directe), 2008
HAL (Le Centre pour la Communication Scientifique Directe), 2013