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Ezzahid, Elhadj
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Economics, Econometrics & Finance

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Financial Development and Economic Growth Nexus: The Moroccan Case Abouch, Mohamed; Ezzahid, Elhadj
The Indonesian Capital Market Review Vol. 3, No. 1
Publisher : UI Scholars Hub

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The issues of the existence and the direction of causality between inance and growth are not yet settled. Even if theoretical and historical evidences suggest an important contribution of inance to foster economic growth, empirical studies provide conlicting results depending upon analytical approaches, econometric techniques, and used data sets. The empirical exploration of the links between the development of the Moroccan inancial sector (MFS) and the economic performance of the country shed some light on the proile of this relationship. It appears that even if the indicators measuring the degree of development of the MFS have steadily evolved, they are not systematically and signiicantly linked with economic growth. This situation may be explained by the characteristics of the MFS and the existence of other factors, not related to this sector, that hinder economic growth.
Trading Mechanisms, Return’s Volatility, and Efficiency in the Casablance Stock Exchange Ferrouhi, El Mehdi; Ezzahid, Elhadj
The Indonesian Capital Market Review Vol. 5, No. 2
Publisher : UI Scholars Hub

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This paper studies the impact of the stock market continuity on the returns volatility and on the market efficiency in the Casablanca Stock Exchange. For the most active stocks, the trading mechanism used is the continuous market which is preceded by a call market pre opening session. Results obtained concerning return volatility and efficiency under the two trading mechanisms show that the continuous market returns are more volatile than the call market returns and 50% of stocks studied show independence between variations.
Financial development and total factors productivity channel: Evidence from Africa EZZAHID, Elhadj; ELOUAOURTI, Zakaria
The Indonesian Capital Market Review Vol. 10, No. 2
Publisher : UI Scholars Hub

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We discuss the link between financial development and economic growth through Total Factor Productivity (TFP) canal in African economies. First, we use a composite index to hierarchize financial development in 40 African countries. Then, we study this relationship by using the methodology of panel data based on the Breusch-Pagan LM Test and Hausman Test, to determine the nature of the specific effect, in a panel of 22 economies. The main results of our study show that the development of the financial sector does not promote total factors productivity in low-income and upper-middle-income countries. For the lower middle-income countries, the Finance-TFP relation- ship is significantly positive. The reforms of African financial systems should be designed and directed to increase the adequacy of financial services with the needs of each economy.
Co-Authors Abouch, Mohamed ELOUAOURTI, Zakaria Ferrouhi, El Mehdi