Spillovers From Europe Into Morocco and Tunisia

ByDaniel Florea, Joël Toujas-Bernate, Reinout De Bock

October 1, 2010

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper examines the economic and financial linkages between Morocco and Tunisia and their European partners. Using structural vector autoregressions, we find that growth shocks in European partner countries generate significant responses on growth in Morocco and Tunisia. For Tunisia, exports and, to a much lesser extent, tourism appear to be the major transmission channels. In Morocco, exports, remittances and tourism play relatively equal roles. An analysis with sectoral data supports these results.

Subject: Balance of payments, Economic sectors, Exports, Foreign direct investment, Foreign exchange, International trade, Remittances, Tourism

Keywords: Business cycles, EU area, EU import, EU merchandise import, EU partner country, EU share, EU trade flow, Europe, Exports, Foreign direct investment, GDP growth, Morocco, places Morocco, Remittances, Spillovers, Tourism, Trade, Transmission channels, Tunisia, WP

Pages:
21
Volume:
2010
DOI:
https://doi.org/10.5089/9781455209385.001
Issue:
238
Series:
Working Paper No. 2010/238
Stock No:
WPIEA2010238
ISBN:
9781455209385
ISSN:
1018-5941

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