INSTITUTE OF MONEY AND BANKING
Publication Record
Aintablian, S., and G.
S. Roberts. 2000. A note
on market response to corporate loan announcements in Canada. Journal of
Banking and Finance.
Hakim, S., and S. Neaime. 2000. Perspectives on the integration
of some financial markets in the MENA region. Global Financial Markets and
Economic Development. Toronto, Canada: APF Press.
Makdisi, S. 1999.
Economic developments in the ESCWA region. The ESCWA Region, Twenty-five
Years (1974-1999): Political, Economic and Social Developments. United
Nations.
. 2000. Arab
economic integration and globalization at the beginning of the twenty first
century. Arab Affairs, special
issue on the Arabs and the Twenty First Century.
. 2000.
Comments on Arab monetary co-operation and the lessons of the Euro. The Impact of the Euro on the Arab
Economies. Arab Monetary Fund.
, ed. 2000. The
Role of the Private Sector in the
Arab Economies. Arab Fund for Economic and Social
Development/Arab Monetary Fund.
. 2000. Towards
Arab Economic Co-operation in the Context of Prevailing World
Conditions on text of Arab Economic Co-operation: Regionalism vs Globalization. Arab
Thought Forum/Shuman Organization.
. 2001. Lebanese
national defense. Globalization and the World Economy.
. 2001. Role
of the Arab sector in Arab economic development. Arab Economic
Co-operation: Future
Horizon. Arab Bank Center for Scientific Research.
Mansoorian, A., and S. Neaime.
2000. Habits and durability in
consumption and the effects of tariff protection. Open Economies Review
11 (3):195205.
Neaime, S. 2000.
The Macroeconomics of Exchange Rate Policies, Tariff Protection and the
Current Account: A Dynamic Framework. Toronto, Canada: APF Press.
Abstracts, Conferences, and Proceedings
Aintablian, S., and G. Roberts. July 2000. Market response to
the announcements of mergers and acquisitions of Canadian financial
institutions. Administrative Sciences Association of Canada Annual Meeting,
Montreal, Quebec, Canada.
. October 2000. Market response to the announcements of
mergers and acquisitions of Canadian financial institutions. Financial
Management Association Annual Meeting, Seattle, Washington, USA.
. June 2001. Market response to the announcements of
mergers and acquisitions of Canadian financial institutions. Multinational
Finance Society Annual Meeting, Garda, Italy.
Hakim, S., and S. Neaime. October 2000. Mean-reversion across
MENA stock markets: Implications for portfolio allocations. Finance and Labor
Markets. Proceedings of the Economic Research Forum Seventh Annual
Conference, Amman, Jordan.
. January 2001. Price linkages and integration of Middle
East stock markets. American Economic Association Meetings, New Orleans, USA.
Makdisi, S. November 1999. Challenges facing the Arab world:
Economic and educational dimension. The Arab World and Globalization:
Challenges and Opportunities, Tunis, Tunisia.
. January 2000. Privatization in Lebanon: The main issues.
Seminar on Privatization, Beirut, Lebanon.
. June 2000. Determinants of economic growth in the Middle
East: Preliminary findings. Global Development Network Prague Workshop,
Prague, Czech Republic.
. September 2000. Role of the private sector in Arab
economic development. Arab Economic Co-operation: Future Horizons, Amman,
Jordan.
. November 2000. Lebanon: Challenges of development.
Reconciliation and Development in Lebanon: Challenges and Prospects,
Washington DC, USA.
. April 2001. Determinants of economic growth in the Middle
East. Determinants of Economic Growth, Cairo, Egypt.
. June 2001. The Lebanese civil war: Preliminary findings.
The Economics of Civil War, Oslo, Norway.
Neaime, S. August 2000. The implications of the euro currency
for the Mediterranean economies. Global Economy: Challenges and Opportunities
for the 21st Century, Athens, Greece.
. March 2001. The euro and the Mediterranean reg. FEMISE
and ERF Second Annual Conference on Euro-Mediterranean Economic Relations,
Marseilles, France.
. June 2001. Real exchange rates and productivity shocks in
a model with habits and durability in consumption. Canadian Economics
Association, Montreal, Quebec, Canada.
Neaime, S., and J. Paschakis. June 2000. Estimating the
effects of real interest rates and real exchange rates changes on aggregate
supply. Canadian Economics Association Meetings, Vancouver, British Columbia,
Canada.
Vijayraghavan, V., G. Roberts, and S. Aintablian. June 2001.
Does issuing stock index linked debt create shareholder value?
Evidence from the Paris Bourse. Multinational Finance Society Annual
Meeting, Garda, Italy.
Graduate Theses and Projects
Abou Zahr, R. June 2001. The Lebanese rent law and its
economic implications. S. Neaime and S. El Fakhani.
Abu Awad, Y. May 2000. Reality and problems of Islamic banks.
S. Neaime and Y. Shibl.
Abu Habib, A. June 2000. On the independence of the Lebanese
central bank. S. Neaime and Y. El Khalil.
Akkad, B. February 2000. The Lebanese banking system and the
effects of globalization. S. Neaime and I. Itani.
Al-Jure, E. May 2001. Business on the internet. S. Neaime and
S. Makdisi.
Al-Rifai, N. May 2001. Globalization :Its political aspects.
S. Neaime and S. Makdisi.
Arida, M. June 2000. Home banking with reference to Lebanon.
S. Neaime and S. Makdisi.
Assaf, A. February 2001. Lebanese plastic money. S. Neaime and
I. Baalbaki.
Berberi, D. May 2001. The impact of globalization on the
merger and acquisition trend. S. Neaime and S. Makdisi.
Beydoun, A. June 2000. Privatization: Benefits and costs, the
Lebanese case. S. Neaime and K. Hamdan.
Bizri, R. May 2001. Constraint on financing SMEs in Lebanon.
S. Neaime and S. Makdisi.
Bou Habib, E. June 2000. Business incubators: A tool for
economic development. S. Neaime and S. Makdisi.
Bou Jaoudi, R. February 2001. Privatization: Strategic,
financial and institutional frameworks. S. Neaime and S. Makdisi.
Boudiab, R. October 1999. The Asian crisis and the role of the
International Monetary Fund. S. Makdisi and S. Neaime.
Bouldoukian, Ch. February 2000. Commercial banks in Lebanon:
Evolution & performance (1988-1997). S. Neaime and S. Makdisi.
Chamseddine, A. K. June 2000. Economic development in the
Middle East and North Africa and the role of the International Finance
Corporation. S. Neaime and A. Hajj.
El Eid, N. February 2001. Project financing: The case of
Societe des Ciments Libanais S.A.L. S. Neaime and T. Khalil.
Halabi, J. S. January 2000. The European Monetary Union in
relation with the European system of central banks. S. Neaime and L. Hobeika.
Hallal, Z. A. June 2001. Financing start up companies: Sources
alternative to bank loans. S. Neaime and S. Makdisi.
Hammoud, H. June 2000. Lebanese public debt: 1990-1998. S.
Makdisi and S. Neaime.
Harb, I. June 2001. Economic integration of East Asia and the
GCC region: A comparative analysis. S. Neaime and S. Makdisi.
Ibrahim, T. June 2000. Capital guaranteed funds. S. Neaime and
E. Araktinji.
Itani, H. June 2001. Audit of Lebanese banks. S. Neaime and S.
Makdisi.
Jajeh, M. June 2000. Lebanese banks productivity: Is big
better? S. Neaime and S. Andary.
Jazra, J. February 2001. Beirut stock exchange: Prospects as a
regional financial center. S. Makdisi and S. Neaime.
Khoury, R. February 2000. The Lebanese and Jordanian financial
markets. S. Neaime and Gh. Youssef.
Khoury, R. June 2001. The new economy of business models. S.
Neaime and A. Ramadan.
Koussa, D. June 2000. Credit derivatives. S. Neaime and I.
Itani.
Nasr, J. June 2001. Information technology diffusion and
economic development: The case of developing countries. S. Neaime and S.
Makdisi.
Haidar, S. December 1999. Emerging Arab financial markets with
reference to Morocco and Oman. S. Neaime and L. Hobeika.
Tannir, N. June 2001. The economic implications of e-commerce.
S. Neaime and S. Makdisi.
Yazbeck, S. February 2000. Euro-Mediterranean partnership:
Implications and challenges. S. Neaime and J. Azour.
Research Projects
Market response to the announcements of mergers and acquisitions of
Canadian financial institutions
This study examines a sample of mergers of Canadian
financial institutions during the 1990's to determine whether in-pillar,
cross-pillar and foreign mergers are value-enhancing, and to determine
possible sources of synergies behind those mergers. We develop testable
hypotheses for Canadian FI mergers by synthesizing prior US tests in the
context of Canadian institutional arrangements. The overall results support
the generality of findings of prior US studies that the average abnormal
return for both the acquiring and target firms is positive and
statistically significant. This result suggests that acquisitions in the
financial industry are, in Canada, as elsewhere, driven by value-maximizing
motivations. Our study also shows that acquiring institutions' shareholders
benefit more when the acquisition is of a similar type (in-pillar) and
domestic. Aintablian, S., and G. Roberts.
Supported by URB
Completed or in progress at York University, Canada, and AUB
War and economics: The economic development of Lebanon, 1950-2000
This is a book length research project near
completion. Four basic questions are addressed. The first focuses on economic
developments in the pre-1975 period in the context of the evolving political
environment. The second pertains to the impact of the war on the national
economy and society, and the constraints it imposed on economic performance.
The third relates to the evolution of the national economy in the post
Taif phase. The fourth deals with the lessons to be derived from the Lebanese
experience, especially as concerns small open economies in the context of the
new world economy. Makdisi, S.
Completed or in progress at AUB
Determinants of economic growth in the Middle East
The project has three main objectives. The first is to use
the broader framework provided by the recent empirical growth literature to
measure and assess the relative contribution of the main sources of long-term
economic growth in the MENA region. The second is to analyze whether the
region's growth pattern is unique or could be fully explained within a global
framework. The third is to account for inter-regional variations in the
relative contributions of the main sources of growth.
A preliminary draft of this research project has been completed appearing as
Working Paper of the Economic Research Forum for the Arab Countries, Iran and
Turkey. Makdisi, S., Z. Fattah*, and I. Limam*.
Supported by Economic Research Forum and the Global Development Network
Completed or in progress at AUB and Arab Planning Institute
Working Paper for Economic Research Forum (Cairo)
Determinants of economic growth in the Middle East. 1999.
Makdisi, S., Z. Fattah, I. and Limam.
Exchange rate and inflation under conditions of volatility and relative
stability: The experience of a small open economy
This project examines the relationship between the nominal
exchange rate and inflation rate in the context of a small open economy (Lebanon).
In particular, it estimates an open-economy reduced form specification with
monthly Lebanese data for the period 1991-1998. The estimation is carried out
by means of a vector autoregression (VAR). The empirical results provide
support for a significant positive relationship between the exchange rate and
the inflation rate differential under conditions of high exchange rate
volatility as well as relative rate stability. Makdisi, S., and S. Neaime.
Completed or in progress at AUB
Economics, civil war, and political instability: The case of Lebanon
The economic literature has recently begun to address the
relationship between large-scale political violence and/or civil strife, on
the one hand, and economic growth, on the other. Building on cross-country
and theoretical research on civil war, the case study focuses on the
causes of the Lebanese civil war, the factors that accounted for its
relatively long duration (16 years) and the process of national rebuilding in
the post civil war period. Does the conduct of the process lead to a
reduced risk of future armed conflict and lay the foundations for a
stable political system? Makdisi, S. (PL), and R. Sadaka.
Supported by World Bank
Completed or in progress at AUB
European Monetary Union and the future EU-Arab countries trade relations
This paper presents an in-depth analysis of the
implications of European Monetary Union, achieved after the introduction of
the Euro, on the diversified and non-diversified economies of the Arab World.
It also looks at the prospects of enhanced Arab integration, as well as,
European Union-Arab trade integration. Neaime, S. (PL).
Completed or in progress at AUB
Monetary and financial implications of the Euro on Arab countries
This project presents a comprehensive analysis of the
financial implications of the introduction of the Euro on the diversified and
non-diversified economies of Arab region. It aims at a discussion of the
various financial and monetary channels of transmission, through which
monetary integration in the European Union achieved after the introduction of
the Euro, will affect the Arab region. The already existing intense EU-Arab
financial patterns, which are expected to be intensified and enhanced after
the introduction of the Euro, will be at the forefront in shaping up the
Mediterranean region's exchange rate policies, foreign exchange reserves
holdings, portfolio diversification, and the holdings of foreign
international liabilities. Neaime, S.
Completed or in progress at AUB
Monetary policy rules and nominal exchange rate targeting in selected
MENA countries
This project highlights and critically assesses the
conduct of monetary policy in the context of a small open economy (Lebanon
and Turkey). The estimation will be carried out by means of a Vector Error
Correction Model (VECM). Neaime, S.
Supported by URB
Completed or in progress at AUB
Common persistence and volatility links in MENA stock markets
This project analyzes the growth, performance, and
properties of the MENA (Middle East and North Africa) stock markets between
1990 and 1998. Our results show that the Cairo, Casa, and Istanbul are
already integrated with world markets, but that Amman, Kuwait, Bahrain, and
Riyadh offer unique risk-return characteristics to investors seeking international
diversification. Among the inter-MENA markets, we find little evidence of
linkages casting doubt about the claim that the MENA markets are regionally
integrated. Neaime, S., and P. Beaumont.
Completed or in progress at AUB
Durable goods, money, habits, and the effects of exchange rate Po
This project considers the money-in-utility model in an
open economy setting in which consumption goods exhibits durability. If, for
whatever reason, the stock of durable goods is above its steady state level,
then the adjustment path consumption expenditures would be rising; there
would be a current account surplus, but real money holdings would be
constant. Without habits, money is super-neutral. Habits break
super-neutrality. With habits and durable goods, the adjustment of
consumption expenditures and the current account in response to a change in
the rate of depreciation will likely be non-monotonic, while the adjustment
of real balances will be monotonic. Neaime, S. (PL), and A. Mansoorian.
Completed or in progress at York University, Toronto, Canada
Sources of economic growth in the APEC countries
The purpose of this project is to evaluate, empirically,
the sources of economic growth in the APEC countries. The sources of economic
growth that are considered in this study are initial conditions, policy
variables, macroeconomic stability, and demographic and sociopolitical
factors. Using data on 17 APEC countries, during the 60s, 70s, and 80s, the
empirical evidence shows that, while macroeconomic stability and economic
openness have a positive impact on growth, government spending, and
population growth has a negative effect. Neaime, S. (PL), and L. Michellis.
Completed or in progress at AUB
Does issuing stock index linked debt create shareholder value? Evidence
from the Paris Bourse
French banks and non-financial companies issue
index-linked debt whose value at maturity is indexed to the CAC
40 or to a basket of European indices. This paper examines stock
announcement effects associated with these bonds on three dates: the date the
issuer's General Assembly decides on the coming capital needs, the
publication of the issue in the journal of the COB (the stock market board),
and the issue date. We find that the issuance of index-linked debt has
significant positive announcement effects on the issue date, which we
attribute to the market-completion attributes of this debt in France.
Vijayraghavan, V., G. S. Roberts, and S. Aintablian.
Completed or in progress at University of Paris-Dauphine and AUB
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