Session 7: The New Trilemma of Macroeconomic Policy: Future Policy Responses

Les fonds souverains africains sont pour certains d’entre eux des fonds anciens, comme le Pula Fund du Botswana créé en 1994, d’autres fonds vont suivre, dont les plus importants en actifs sous gestion sont les fonds algériens et libyens. Et si la majeure partie d’entre eux, huit sur les onze analysés ici, sont financés par des recettes provenant d’hydrocarbures, tel n’est pas le cas du fonds botswanais (diamant), du fonds sénégalais (actifs transférés de l’état) et du der ...

After a strong rising tide starting in the 1990s, financial globalization seems to have reached a plateau since the global financial crisis. However, that apparent stability has taken place along a deep reshaping of cross-border financial flows, featuring de-banking and an increasing weight of non-banking financial cross-border transactions. Sources of potential instability and long-term funding challenges have morphed accordingly.      Financial globalization is morphing after its ...

The aim of this work is to contribute to the empirical literature on employment-GDP elasticities in four main ways. First, it provides a set of employment-GDP elasticities for a sample of emerging and developing economies, including 11 sub-Saharan countries, based on the GGDC 10-sectors database. Second, it assesses the extent to which manufacturing activities are inclusive compared to the rest of the economy, in terms of employment creation. Third, it explores the determinants of c ...

Endowed with half of the world’s known oil and gas reserves, the Middle East and North Africa (MENA) region became – particularly during the second half of the twentieth century – a cornerstone of the global energy architecture (Yergin, 1991, 2011; Maugeri, 2006). This architecture is currently undergoing a structural transformation, prompted by two different forces: decarbonisation policies and technological developments. The adoption and quick entry into force of the Paris Agreem ...

Les dynamiques économiques, politiques et géostratégiques actuelles, centrées sur les grands ensembles régionaux, annoncent une reconfiguration de l'ordre international dans lequel l'Afrique est appelée à jouer un rôle important et ce, à travers sa principale institution continentale qui est l'Union africaine (UA). Erigée de plus en plus comme l'interlocutrice du continent vis-à vis des partenaires étrangers, l'UA reste confrontée à des problèmes de dépendance, de gouvernance et de ...

The current economic, political and geo-strategic dynamics, centered on the major regional groups, announce a reconfiguration of the international order in which Africa is called to play an important role through its main continental institution which is the Union African Union (AU). The AU is increasingly emerging as the continent's platform with foreign partners, and continues to face problems of dependence, governance and leadership. Therefore, in a critical and forward-looking a ...

This paper reports on the recent developments in the construction of an interregional input-output matrix for Morocco (IIOM-MOR). As part of an ongoing project that aims to specify and calibrate an interregional CGE (ICGE) model for the country, a fully specified interregional input-output database was developed under conditions of limited information. Such database is needed for future calibration of the ICGE model. We conduct an analysis of the intraregional and interregional shar ...

Thinking creatively the bilateral relationship of Brazil and Morocco is quintessential for enhancing its reach and possibilities. The world is currently facing enormous changes whose outcomes are unpredictable. From a revival in the cold war realist dispute of power between the United States and Russia, the collapse of International Law in relation to Ukraine, Crimea and the South China Sea, BREXIT and the imponderable results that may impact the European Union and to the possible d ...

Le processus continu et renforcé de l’accumulation du capital physique, dans lequel s’est engagé le Maroc depuis le début des années 2000, a permis de préserver la stabilité des équilibres fondamentaux et d’amortir les différents chocs exogènes, aussi bien internes qu’externes. Cependant, cet effort d’accumulation n’a pas permis d’insuffler un accroissement significatif des gains de productivité et d’accélérer la transformation de la base productive. Ce Policy Brief propose de décri ...

The continuous and reinforced process of accumulating physical capital, in which Morocco has embarked since the early 2000s, has helped to preserve the stability of the fundamental equilibrium and cushion the economy from various external and exogenous shocks. However, these accumulation efforts have not led to a significant increase in productivity gains or to an accelerated transformation of the productive base. This Policy Brief aims to describe the underpinnings of the capital a ...