, and Morocco. We use co-integration and VECM models and four indicators of financial development. The empirical results …

of two North African countries, Morocco and Tunisia. We do so by performing a multivariate time series analysis of … depreciation in Tunisia but have no significant effect in Morocco, while FDI does not have an effect on the real exchange rate in …. Morocco and Tunisia provide contrasting outcomes. Our results confirm the importance of the macroeconomic framework in which …

of two North African countries, Morocco and Tunisia. We do so by performing a multivariate time series analysis of … depreciation in Tunisia but have no significant effect in Morocco, while FDI does not have an effect on the real exchange rate in …. Morocco and Tunisia provide contrasting outcomes. Our results confirm the importance of the macroeconomic framework in which …

of two North African countries, Morocco and Tunisia. We do so by performing a multivariate time series analysis of … depreciation in Tunisia but have no significant effect in Morocco, while FDI does not have an effect on the real exchange rate in …. Morocco and Tunisia provide contrasting outcomes. Our results confirm the importance of the macroeconomic framework in which …

and the mobilization of domestic saving in Morocco. In the short run, financial depth (volume of intermediation) is shown …