Rym Ayadi, Giorgia Giovannetti, Enrico Marvasi, Chahir Zaki

We provide new evidence on the participation of firms within Global Value Chains (GVCs) for a large pool of MENA countries included in the World Bank Enterprise Surveys (WBES). Making use of several firm-level GVC participation indices, we find a positive association with firm productivity gains. Based on this result, we further investigate the complexity of GVC relationships and examine how sector/country connectivity affects firm productivity. Using a multi-level model, we augment our analysis by including centrality indicators calculated on the intermediate trade network, constructed from the EORA input-output tables. Positioning within the network structure of trade in intermediate products also plays a role. Our results indicate a positive effect of the connectivity of the sector on the Total Factor Productivity (TFP) of firms. Results remain robust after we control for the endogeneity between firm productivity and participation in GVCs.

More Stabilisation or Better Allocation: Do Macroeconomic Policies Matter for Employment?

Rym Ayadi, Rafik Selim, Chahir Zaki

This paper analyses the effect of macroeconomic policies on employment. It contributes to the literature in three ways. First, we examine the effect of macroeconomic policies on employment. To do so, we rely on policy tools, rather than policy outcomes, since the former are less endogenous. In other words, we rely on tariffs to measure trade policy (instead of exports and imports), tax rates to measure fiscal policy (instead of government spending) and lending rate (instead of inflation rate) to measure monetary policy. Second, we distinguish between stabilisation policies and structural characteristics. Whilst the aforementioned policies measure the former, we measure the latter by the quality of economic institutions (time to enforce contracts), human capital (spending on tertiary education) and economic diversification (share of fuel exports). Third, we distinguish between the trend and the cyclical components of employment, to show to what extent policy tools have a stabilisation effect (on the cyclical component) or a better allocation effect (on the trend component).

Business Models in banks: definition, identification and financial stability assessment – Europe, United States and Canada

Rym Ayadi

This book is a result of several years of research to provide readers with a novel and comprehensive analysis on business models in banking, essential to understanding bank businesses pre- and post- financial crisis and how they evolve in the financial system. This book will provide depositors, creditors, credit rating agencies, investors, regulators, supervisors, and other market participants with a comprehensive analytical framework and analysis to better understand the nature of risk attached to the bank business models and its contribution to systemic risk throughout the economic cycle. The book will also guide post-graduate students and researchers delving into this topic.

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