Wafik Grais - Academia.edu (original) (raw)

Papers by Wafik Grais

Research paper thumbnail of Islamic Finance in North Africa

Oxford University Press eBooks, Jul 1, 2015

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Research paper thumbnail of Financial Fiduciary Governance

Islamic Finance and Economic Development, 2015

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Research paper thumbnail of The Changing Financial Landscape: Opportunities and Challenges for The Middle East and North Africa

RePEc: Research Papers in Economics, May 31, 2003

... Opportunities and Challenges for The Middle East and North Africa1 ... As a result not only a... more ... Opportunities and Challenges for The Middle East and North Africa1 ... As a result not only a dramatically altered financial intermediation landscape is providing huge opportunities for development but also challenges for policy makers and the markets. ...

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Research paper thumbnail of Central Asia : the double challenge of development and transition

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Research paper thumbnail of The Changing Financial Landscape: Opportunities and Challenges for the Middle East and North Africa

World Bank policy research working paper, May 8, 2003

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Research paper thumbnail of On the Determinants of Souverign Wealth Funds’ Investments: Are Arab SWFS Different?

RePEc: Research Papers in Economics, 2018

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Research paper thumbnail of A Multi-Sectoral Model of the Supply Side Application to Egypt

Recherches économiques de Louvain

In the framework of a sequential equilibrium planning model, an explanation of labour demand allo... more In the framework of a sequential equilibrium planning model, an explanation of labour demand allowing for discrepancies between implicit and actual wages is put forward. An extension of the input-output price system to take account of decreasing returns to scale is considered by introducing surpluses. The model is applied to Egypt on the period 1970-1989.Labour demand is sometimes derived in planning models (1) under the assumption of profit maximization leading to the equalization of marginal productivity, valued at net prices, and, nominal wage. Furthermore wages are assumed equal over sectors. A different approach is taken here.

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Research paper thumbnail of On the Determinants of Sovereign Wealth Funds’ Investments: Are Arab SWFs different?

The present study investigates the determinants of Arab sovereign wealth funds’ (SWFs) investment... more The present study investigates the determinants of Arab sovereign wealth funds’ (SWFs) investment decisions. Using a sample of 223 listed firms targeted by SWFs over the 2000-2014 period (among which 73 are targeted by SWFs owned by Arab countries), we find that, in comparison to non-Arab SWFs, Arab SWFs prefer larger firms operating in strategic industries based in countries with higher levels of economic and capital market development, political stability, a significant degree of confidence in rules and a low degree of corruption. Moreover, Arab SWFs do not seem to have a tendency to invest in firms with higher liquidity, profitability, growth or dividend payout. We also find that Arab SWFs concentrate their investments more in their former colonizers’ countries compared to non-Arab SWFs. Taken together, results based on the sample suggest that Arab SWFs’ acquisitions may not be solely motivated by purely financial considerations.

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Research paper thumbnail of Emergence of Modern Islamic Finance

Risk Management, Regulation, and Corporate Governance, 2015

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Research paper thumbnail of The Transaction Value Approach: A Systematic Method of Defining Economywide Models Based on Social Accounting Matrices

IFAC Proceedings Volumes, Jun 1, 1983

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Research paper thumbnail of History and Core Principles of Islamic Finance

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Research paper thumbnail of Islamic Banking: Policy and Institutional Challenges

ibtra.com

... performance.16 Two broad sets of CG issues facing IIFS require specific treatment.17 The ... ... more ... performance.16 Two broad sets of CG issues facing IIFS require specific treatment.17 The ... Ahmed, T. (2003) “Emerging Standards for Islamic Financial Institutions: the Case of the Accounting and Auditing ... Claessens, S. (2003) "Corporate Governance and Development", October ...

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Research paper thumbnail of Islamic Finance: The International Landscape

Risk Management, Regulation, and Corporate Governance, 2015

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Research paper thumbnail of The Dilemma of Tailor-Made versus Mainstream Regulation

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Research paper thumbnail of A General Equilibrium Estimation of the Effects

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Research paper thumbnail of Toward an Enabling Framework

Islamic Finance and Economic Development, 2015

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Research paper thumbnail of Corporate Governance and Shari'a Compliance

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Research paper thumbnail of Risks, Spillovers, and Distress

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Research paper thumbnail of An approach to macroeconomic model building based on social accounting principles

The paper sets out, using the example of a small comparative static model of Thailand for 1980, a... more The paper sets out, using the example of a small comparative static model of Thailand for 1980, an approach to macro-economic model building which is based on having two versions of a social accounting matrix (SAM), one version contains data for a base year, while the cell entries for the other are algebraic expressions for the determination of the corresponding transaction values. Thus the model is developed in transaction value (TV) form, and this is one distinguishing feature of the approach. Other features derive from different aspects of the relationship between the two SAMs. It is argued that the approach has distinct advantages for model description, calibration and solution and that these are important if models are to be used for policy purposes which place a premium on intelligibility and replicability within the context of a flexible model capability.

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Research paper thumbnail of World Bank Reprint Series: Number 325

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Research paper thumbnail of Islamic Finance in North Africa

Oxford University Press eBooks, Jul 1, 2015

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Research paper thumbnail of Financial Fiduciary Governance

Islamic Finance and Economic Development, 2015

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Research paper thumbnail of The Changing Financial Landscape: Opportunities and Challenges for The Middle East and North Africa

RePEc: Research Papers in Economics, May 31, 2003

... Opportunities and Challenges for The Middle East and North Africa1 ... As a result not only a... more ... Opportunities and Challenges for The Middle East and North Africa1 ... As a result not only a dramatically altered financial intermediation landscape is providing huge opportunities for development but also challenges for policy makers and the markets. ...

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Research paper thumbnail of Central Asia : the double challenge of development and transition

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Research paper thumbnail of The Changing Financial Landscape: Opportunities and Challenges for the Middle East and North Africa

World Bank policy research working paper, May 8, 2003

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Research paper thumbnail of On the Determinants of Souverign Wealth Funds’ Investments: Are Arab SWFS Different?

RePEc: Research Papers in Economics, 2018

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Research paper thumbnail of A Multi-Sectoral Model of the Supply Side Application to Egypt

Recherches économiques de Louvain

In the framework of a sequential equilibrium planning model, an explanation of labour demand allo... more In the framework of a sequential equilibrium planning model, an explanation of labour demand allowing for discrepancies between implicit and actual wages is put forward. An extension of the input-output price system to take account of decreasing returns to scale is considered by introducing surpluses. The model is applied to Egypt on the period 1970-1989.Labour demand is sometimes derived in planning models (1) under the assumption of profit maximization leading to the equalization of marginal productivity, valued at net prices, and, nominal wage. Furthermore wages are assumed equal over sectors. A different approach is taken here.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of On the Determinants of Sovereign Wealth Funds’ Investments: Are Arab SWFs different?

The present study investigates the determinants of Arab sovereign wealth funds’ (SWFs) investment... more The present study investigates the determinants of Arab sovereign wealth funds’ (SWFs) investment decisions. Using a sample of 223 listed firms targeted by SWFs over the 2000-2014 period (among which 73 are targeted by SWFs owned by Arab countries), we find that, in comparison to non-Arab SWFs, Arab SWFs prefer larger firms operating in strategic industries based in countries with higher levels of economic and capital market development, political stability, a significant degree of confidence in rules and a low degree of corruption. Moreover, Arab SWFs do not seem to have a tendency to invest in firms with higher liquidity, profitability, growth or dividend payout. We also find that Arab SWFs concentrate their investments more in their former colonizers’ countries compared to non-Arab SWFs. Taken together, results based on the sample suggest that Arab SWFs’ acquisitions may not be solely motivated by purely financial considerations.

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Research paper thumbnail of Emergence of Modern Islamic Finance

Risk Management, Regulation, and Corporate Governance, 2015

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Transaction Value Approach: A Systematic Method of Defining Economywide Models Based on Social Accounting Matrices

IFAC Proceedings Volumes, Jun 1, 1983

Bookmarks Related papers MentionsView impact

Research paper thumbnail of History and Core Principles of Islamic Finance

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Islamic Banking: Policy and Institutional Challenges

ibtra.com

... performance.16 Two broad sets of CG issues facing IIFS require specific treatment.17 The ... ... more ... performance.16 Two broad sets of CG issues facing IIFS require specific treatment.17 The ... Ahmed, T. (2003) “Emerging Standards for Islamic Financial Institutions: the Case of the Accounting and Auditing ... Claessens, S. (2003) "Corporate Governance and Development", October ...

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Research paper thumbnail of Islamic Finance: The International Landscape

Risk Management, Regulation, and Corporate Governance, 2015

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Dilemma of Tailor-Made versus Mainstream Regulation

Bookmarks Related papers MentionsView impact

Research paper thumbnail of A General Equilibrium Estimation of the Effects

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Toward an Enabling Framework

Islamic Finance and Economic Development, 2015

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Corporate Governance and Shari'a Compliance

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Risks, Spillovers, and Distress

Bookmarks Related papers MentionsView impact

Research paper thumbnail of An approach to macroeconomic model building based on social accounting principles

The paper sets out, using the example of a small comparative static model of Thailand for 1980, a... more The paper sets out, using the example of a small comparative static model of Thailand for 1980, an approach to macro-economic model building which is based on having two versions of a social accounting matrix (SAM), one version contains data for a base year, while the cell entries for the other are algebraic expressions for the determination of the corresponding transaction values. Thus the model is developed in transaction value (TV) form, and this is one distinguishing feature of the approach. Other features derive from different aspects of the relationship between the two SAMs. It is argued that the approach has distinct advantages for model description, calibration and solution and that these are important if models are to be used for policy purposes which place a premium on intelligibility and replicability within the context of a flexible model capability.

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Research paper thumbnail of World Bank Reprint Series: Number 325

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