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

Papers by Wafik Grais

A general equilibrium estimation of the effects of reductions in tariffs and quantitative restrictions in Turkey in 1978

This paper presents general equilibrium estimates of the effects of removing quantitative restric... more This paper presents general equilibrium estimates of the effects of removing quantitative restrictions and reducing tariff protection across the board by 50 percent for Turkey in 1978. The paper presents a number of extensions over previous estimates of the gains from reducing foreign trade restrictions. The most important extensions include a correct modelling of quantitative restrictions in general equilibrium and an approach to the endogenous determination of rent-seeking activity levels in the presence of quantitative restrictions. The results suggest that substantial costs in terms of foregone GDP resulted from import quotas in the presence of rent-seeking. Finally, for reasons explained in the paper, the additional gain from a further 50 percent across the board reduction in tariff barriers would have been negligible.

Islamic Finance in North Africa

Oxford University Press eBooks, Jul 1, 2015

Financial Fiduciary Governance

Islamic Finance and Economic Development, 2015

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. ...

Central Asia : the double challenge of development and transition

World Bank policy research working paper, May 8, 2003

Economists have come to acknowledge that f nancc and, on the other hand, four stylized dimensions... more Economists have come to acknowledge that f nancc and, on the other hand, four stylized dimensions of matters for development more, and in mcre ways tharl firancial services. These driving forces jointly modify the had been recognized for a long time. Changes in the fir'ancial landscape and are at the same time influenced financial services industry are providing immcnse by the effects of these changes. The three driving forces possibilities for economic develop nent. Grais and 2re firancial liberalization, technological changes, and Kantur present a frameworkc to he p understand Thc market innovation in response to demands for financial changes occurring in the financial landscape. Thcy also services. Thc four dimensions of financial services that attempt to lay out the opportunities and the challenges are altered ly the forces at play are disintermediation, the Middle East and Northern Africa region faces in light institutional zation, modernization, and globalization. of these changes. T-7e authors provide a strategic perspective on the The framework views financial developmenit as a LAo-opportunitics and challenges the profound changes in the way, continuous, and dynamic interaction beeween, on firancial industry bring to the Middle East and North the one hand, three driving forces shaping the industry A`rica reg:on, its policymakers, and market participants. This paper-a product of the Financial Sector Operatiors anc'] Pclicy Department-is part of a larger effort in the department to understand th e charges in F-rnarcial se7'v ces within the contc't of the Middle East and North Africa region .

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

RePEc: Research Papers in Economics, 2018

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.

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.

Emergence of Modern Islamic Finance

Risk Management, Regulation, and Corporate Governance, 2015

IFAC Proceedings Volumes, Jun 1, 1983

The Social Accounting Matrix (SAM), a convenient way of giving a comprehensive and consistent pic... more The Social Accounting Matrix (SAM), a convenient way of giving a comprehensive and consistent picture of an economy, is used as the data base for many models. The paper describes the Transaction Value (TV) Approach, a systematic way of defining, estimating, and solving economywide multisectoral equilibrium models based on a SAM. SAM-based models define for each period a SAM with the same accounting structure as the base SAM. The behavioral equations of a SAM-based model are derived from independent descriptions of the economic agents, and the model is tied together by the accounting identities of the SAM. The TV approach has four advantages: the models are guaranteed to be consistent, it is easy to experiment with alternative formulations, most parameters can be estimated from the base SAM, and the underlying solution algorithm is guaranteed to converge under very general assumptions.

History and Core Principles of Islamic Finance

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 ...

Islamic Finance: The International Landscape

Risk Management, Regulation, and Corporate Governance, 2015

The Dilemma of Tailor-Made versus Mainstream Regulation

A General Equilibrium Estimation of the Effects

Toward an Enabling Framework

Islamic Finance and Economic Development, 2015

Corporate Governance and Shari'a Compliance

Risks, Spillovers, and Distress

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.

A general equilibrium estimation of the effects of reductions in tariffs and quantitative restrictions in Turkey in 1978

This paper presents general equilibrium estimates of the effects of removing quantitative restric... more This paper presents general equilibrium estimates of the effects of removing quantitative restrictions and reducing tariff protection across the board by 50 percent for Turkey in 1978. The paper presents a number of extensions over previous estimates of the gains from reducing foreign trade restrictions. The most important extensions include a correct modelling of quantitative restrictions in general equilibrium and an approach to the endogenous determination of rent-seeking activity levels in the presence of quantitative restrictions. The results suggest that substantial costs in terms of foregone GDP resulted from import quotas in the presence of rent-seeking. Finally, for reasons explained in the paper, the additional gain from a further 50 percent across the board reduction in tariff barriers would have been negligible.

Islamic Finance in North Africa

Oxford University Press eBooks, Jul 1, 2015

Financial Fiduciary Governance

Islamic Finance and Economic Development, 2015

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. ...

Central Asia : the double challenge of development and transition

World Bank policy research working paper, May 8, 2003

Economists have come to acknowledge that f nancc and, on the other hand, four stylized dimensions... more Economists have come to acknowledge that f nancc and, on the other hand, four stylized dimensions of matters for development more, and in mcre ways tharl firancial services. These driving forces jointly modify the had been recognized for a long time. Changes in the fir'ancial landscape and are at the same time influenced financial services industry are providing immcnse by the effects of these changes. The three driving forces possibilities for economic develop nent. Grais and 2re firancial liberalization, technological changes, and Kantur present a frameworkc to he p understand Thc market innovation in response to demands for financial changes occurring in the financial landscape. Thcy also services. Thc four dimensions of financial services that attempt to lay out the opportunities and the challenges are altered ly the forces at play are disintermediation, the Middle East and Northern Africa region faces in light institutional zation, modernization, and globalization. of these changes. T-7e authors provide a strategic perspective on the The framework views financial developmenit as a LAo-opportunitics and challenges the profound changes in the way, continuous, and dynamic interaction beeween, on firancial industry bring to the Middle East and North the one hand, three driving forces shaping the industry A`rica reg:on, its policymakers, and market participants. This paper-a product of the Financial Sector Operatiors anc'] Pclicy Department-is part of a larger effort in the department to understand th e charges in F-rnarcial se7'v ces within the contc't of the Middle East and North Africa region .

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

RePEc: Research Papers in Economics, 2018

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.

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.

Emergence of Modern Islamic Finance

Risk Management, Regulation, and Corporate Governance, 2015

IFAC Proceedings Volumes, Jun 1, 1983

The Social Accounting Matrix (SAM), a convenient way of giving a comprehensive and consistent pic... more The Social Accounting Matrix (SAM), a convenient way of giving a comprehensive and consistent picture of an economy, is used as the data base for many models. The paper describes the Transaction Value (TV) Approach, a systematic way of defining, estimating, and solving economywide multisectoral equilibrium models based on a SAM. SAM-based models define for each period a SAM with the same accounting structure as the base SAM. The behavioral equations of a SAM-based model are derived from independent descriptions of the economic agents, and the model is tied together by the accounting identities of the SAM. The TV approach has four advantages: the models are guaranteed to be consistent, it is easy to experiment with alternative formulations, most parameters can be estimated from the base SAM, and the underlying solution algorithm is guaranteed to converge under very general assumptions.

History and Core Principles of Islamic Finance

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 ...

Islamic Finance: The International Landscape

Risk Management, Regulation, and Corporate Governance, 2015

The Dilemma of Tailor-Made versus Mainstream Regulation

A General Equilibrium Estimation of the Effects

Toward an Enabling Framework

Islamic Finance and Economic Development, 2015

Corporate Governance and Shari'a Compliance

Risks, Spillovers, and Distress

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.