https://www.um.edu.mt/library/oar/handle/123456789/30858 2026-04-15T07:58:53Z https://www.um.edu.mt/library/oar/handle/123456789/43162 Title: Exchange rate pass-through and monetary policy in transition economy : evidence from Tunisia with a disaggregated VAR analysis Authors: Dahem, Ahlem; Guermazi, Fatma Siala Abstract: Relying on monthly and quarterly data, from 2000 to 2015, this paper keeps up with SVAR modeling and price chain study, through a disaggregate approach that aims at analyzing the exchange rate pass-through (ERPT) on the various components of consumer price index (CPI). To our knowledge, this study is the first attempt at ERPT estimation through a disaggregate approach for the CPI. The results show that the total ERPT is about 20%. Specifically, 10% of PT on the administered prices after 2011 revolution date (6% of PT for food administered prices and 7% of PT for energy prices), which contradicts the prevailing theory that admits the inexistence of PT for administered prices. Our findings confirm the importance of a disaggregate analysis for studying ERPT to contain inflation. 2016-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/43161 Title: An analytical approach to comparing actual vs. fundamental “price-to-sales” and “enterprise value-to-sales” ratios on the European stock market Authors: Nenkov Nenkov, Dimiter Abstract: This study is focused on the “price-to-sales ratio” (P/S) and the “enterprise value-to-sales ratio” (EV/S), which are used in relative valuation, in the analysis of companies’ performance, as well as in the analysis of different sectors and of the market. Special attention is paid to certain important requirements, related to the correct interpretation of market and sector averages of these ratios nowadays, including against the background of their historic levels. The identification, justification and use of the proper market ratios requires in-depth knowledge of their essence and of the fundamentals which drive their levels. In this connection, the logic of the fundamental “price-to-sales” (P/S) and the “enterprise value-to-sales” (EV/S) ratios is explained. These two fundamental ratios for the European stock market are calculated and compared with the actual P/S and EV/S. The results of the study indicate that the current levels of the actual P/S and EV/S of the European stock market are much higher than the levels suggested by fundamentals. 2016-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/43132 Title: Economic and political development of Africa and the EU Authors: Yuhannan, Abdullah Abstract: The EU, political and economic development in Africa is looks at the policies of European Union in respect to economics and politics in Africa. This study goes on to mention the main role of aid in the EU policy in shaping the economy and politics of Africa. With so much received from the union comparing to the less that can be seen on ground, this paper investigate what went wrong and who are sole responsible for the mishap. The advent of China reshaping the policy of EU in Africa in discussed in this paper. In other to be in the realm of affairs the EU suggests a partnership with the Chinese who have already been in the process of aiding without strings and being totally mindful of their business. The political class and their mismanagement is leading the continent into serious poverty and stagnated growth while the European remains quite and selective and meting out punishment to the offenders. 2016-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/43131 Title: The effect of internal, industry and macroeconomic factors on banking profitability : evidence from the post 2000 Southern European banking sector Authors: Kalogeridis, Nikolaos K.; Drimbetas, Evagelos; Menexiadis, Marios E. Abstract: This paper examines the effect of bank, industry and macroeconomic determinants, on Southern Europe’s universal bank profitability, during the period 2000 – 2013. Cross – sectional panel data analysis is used. The results show that the measure of capital adequacy and quality of assets (internal factors) has a significant impact on bank profitability. Moreover, the effect of industry factor measured by the H.H.I. (Herfindahl index), is quite significant and has a positive impact. Additionally, in the field of macroeconomic determinants, the measure of interest rate and the measure of economic growth (macroeconomic variables) are proven statistically significant with a negative effect. Furthermore, the causality between the dependent and independent variables is examined (only for statistically significant co dependencies). The originality of this study is that, for the first time in the literature, the GDP growth rate, for the time t-1 is considered as a proxy for the macroeconomic development. The variable of GDP growth for the t-1 time is used as a precursor variable of economic growth. Though there is plenty of bibliography regarding the relationship between GDP growth proxy and profitability ratio, the results of the studies contradict each other. These inconclusive results proved there is ground for further investigation and led us to the initiative of the present study. 2016-01-01T00:00:00Z