Convergence in Household Credit Demand Across Euro Area Countries: Evidence from Panel Data.

The paper contributes to the literature on the convergence of financial systems in the euro area by estimating household credit demand in individual countries. Using the ARDL framework advocated notably by Pesaran et al. (1999), the paper provides evidence on the convergence of long run credit demand determinants (interest rates, investment and house prices) among the largest euro area countries, while short run dynamics remain heterogenous across countries. The paper also demonstrates that the equation uncovers demand rather than supply behaviour.Credit demand ; Panel cointegration ; Households ; Bank profitability.

Stress Testing and Corporate Finance.

The article contributes to the literature on financial fragility, studying how macro-economic shocks affect supply and demand in the corporate debt market. We take into account the effect of the competitive environment, as well as the risk level, measured by companies' default rate. The model is estimated using data from the Harmonised BACH database of corporate accounts for large euro area countries on the 1993-2005 period, in order to carry out an illustrative stress testing exercise. We measure the impact of large macroeconomic shocks (a severe recession and a sharp increase in oil prices) on the equilibrium in the debt market.Corporate Finance ; Debt ; Financial Fragility ; Stress Tests ; Panel Data.

Biostratigraphic Characterisation of the Coniacian/Santonian transition in the Ellès and El Kef sections (northern Tunisia)

En el dominio paleogeográfico del “Surco Tunecino”, Tunisia noroccidental, el conjunto de depósitos del intervalo Coniaciense/Santoniense constituye la parte media de la Formación Kef. En la región de Ellès y El Kef dicha formación presenta potentes afloramientos continuos y bien expuestos, que merecen detallarse desde el punto de vista bioestratigráfico de alta resolución, a fin de esclarecer los acontecimientos del paso Coniaciense/Santoniense. Desde el punto de vista litológico, la parte media de la Formación Kef está compuesta por alternancias margocalcáreas, o por calizas beiges a grisáceas que se presentan en bancos poco potentes. Las margas grisáceas predominan principalmente en los depósitos santonienses. Entre las intercalaciones calcáreas de esta serie, tanto en la región de Ellès (Jebel Tout) como en El Kef (Jbil), hay tres bancos que dan un resalte en la topografía. Esos bancos son ricos en la especie de inocerámidos Platyceramus cycloides (Wegner), que consideramos sinónima de P. siccensis (Pervinquière). En las dos secciones estudiadas, la especie Dicarinella asymetrica (Sigal), índice de la zona homónima, se encuentra en el Coniaciense terminal. Un poco por encima, en los bancos con inocerámidos se encuentra Platyceramus cycloides. Este registro, que marca el límite Coniaciense/Santoniense, se considera cohetáneo con el de la especie de foraminífero planctónico Globotruncana manaurensis Gandolfi. En cuanto a la especie Sigalia carpatica Salaj y Samuel, en los dos cortes estudiados, tiene su primer registro en los depósitos superiores del Santoniense. Respecto a los ammonites, el primer registro de Texanites sp. aff. Texanites texanus (Roemer) se encuentra también en el Santoniense, pero claramente por encima del de P. cycloides

Human exposure to Anaplasma phagocytophilum in two cities of Northwestern Morocco

Anaplasma phagocytophilum is an emerging tick-borne zoonosis with extensive increased interest. Epidemiological data are available in several regions of the USA, Europe and Asia in contrast to other parts of the world such as North Africa. Blood samples of 261 healthy individuals divided in two groups i.e., dog handlers and blood donors were analysed. Indirect immunofluorescent assay using a commercial kit was performed to detect specific A. phagocytophilum IgG. Two dilutions were used to assess the prevalence of seroreactive samples. Demographic variables were assessed as potential risk factors using exact logistic regression. Seropositivity rates reached 37% and 27% in dog handlers and 36% and 22% in blood donors. No statistically significant differences were found in the prevalence rates between the two groups. Analysis of risk factors such as gender, age groups, outdoor activities, self-reported previous exposure to ticks, or contact with domestic animals (dogs, cats, ruminants and horses) did not shown any significant difference. A. phagocytophilum exposure was common in both high-risk population and blood donors in Morocco

Elastohydrodynamic Lift at a Soft Wall

We study experimentally the motion of nondeformable microbeads in a linear shear flow close to a wall bearing a thin and soft polymer layer. Combining microfluidics and 3D optical tracking, we demonstrate that the steady-state bead-to-surface distance increases with the flow strength. Moreover, such lift is shown to result from flow-induced deformations of the layer, in quantitative agreement with theoretical predictions from elastohydrodynamics. This study thus provides the first experimental evidence of “soft lubrication” at play at small scale, in a system relevant, for example, to the physics of blood microcirculation

Anaplasma spp. in dogs and owners in north-western Morocco

Background: Anaplasma phagocytophilum is an emerging tick-borne zoonotic pathogen of increased interest worldwide which has been detected in northern Africa. Anaplasma platys is also present in this region and could possibly have a zoonotic potential. However, only one recent article reports on the human esposure to A. phagocytophilum in Morocco and no data are available on canine exposure to both bacteria. Therefore, we conducted a cross-sectional epidemiological study aiming to assess both canine and human exposure to Anaplasma spp. in Morocco. A total of 425 dogs (95 urban, 160 rural and 175 working dogs) and 11 dog owners were sampled from four cities of Morocco. Canine blood samples were screened for Anaplasma spp. antibodies by an enzyme-linked immunosorbent assay (ELISA) and for A. phagocytophilum and A. platys DNA by a real-time polymerase chain reaction (RT-PCR) targeting the msp2 gene. Human sera were tested for specific A. phagocytophilum immunoglobulin G (IgG) using a commercial immunofluorescence assay (IFA) kit. Results: Anaplasma spp. antibodies and A. platys DNA were detected in 21.9 and 7.5% of the dogs, respectively. Anaplasma phagocytophilum DNA was not amplified. Anaplasma platys DNA was significantly more frequently amplified for working dogs. No statistically significant differences in the prevalence of Anaplasma spp. antibodies or A. platys DNA detection were observed between sexes, age classes or in relation to exposure to ticks. A total of 348 Rhipicephalus sanguineus (sensu lato) ticks were removed from 35 urban and working dogs. The majority of dog owners (7/10) were seroreactive to A. phagoyctophilum IgG (one sample was excluded because of hemolysis). Conclusions: This study demonstrates the occurrence of Anaplasma spp. exposure and A. platys infection in dogs, and A. phagocytophilum exposure in humans in Morocco

THE CHEMICAL COMPOSITION AND THE ANTIMICROBIAL PROPERTIES OF THE ESSENTIAL OIL EXTRACTED FROM THE LEAVES OF TEUCRIUM CAPITATUM L.

Objective: In the framework of the search for new biological molecules, an ethnobotanical study has been carried out in the region of El Hajeb in Morocco in the interest of will select the data ethnopharmacological on medicinal and aromatic plants and on the découveres new principles assets. On the basis of a questionnaire prepared, a survey was conducted of the local population where we find a close relation which exists between the plant species described in the said region and the different types of diseases affecting the human being; six plants have been chosen to evaluate the antifungal activity of essential oils against the bacterial strain (Staphylococcus aureus, and on two yeasts: Candida albicans and Candida glabrata, which are the most frequently identified in clinical specimens, a mold: Aspergillus niger, and 5 dermatophytes: Microsporum canis, Microsporum gypseum, Trichophyton rubrum, Trichophyton mentagrophytes, and Epidermophyton floccosum.Methods: The extraction of essential oils was carried out by steam distillation in a clevenger-type apparatus. The antimicrobial activity was determined by the disc diffusion method. The chromatographic analysis of HE five plants was performed with a gas chromatograph (GC) type Hewlett-Packard (6890) coupled to a mass spectrometer (HP5973).Results:  The results  show  that  the essential oil of Teucrium capitatum L. has a large antimicrobial activity vis-a-vis other plants. Therefore, an identification of their chemical composition is necessary to identify the active molecules based on the analysis GC-only and coupled to mass spectrometry (GC-MS). The essential oil of the plant of T. capitatum L. of the region of El Hajeb (Morocco) was extracted to the study its performance, its chemical composition, and its property antibacterial and antifungal. The average content in essential oil of the leaves of this species is approximately2% (wt.) of the total weight of dry matter. The chromatographic analysis showed the profiles, and the rates of the different components compared to the available standards, as function of the retention time by ascending order, four compounds were identified by GC and GC/MS as the main compounds of this oil: Endo-borneol (33%), naphthalene, 1, 2, 3, 5, 6, 8a-hexahydro-4,7-dimethyl-1-(1-methyl ethyl)-, (1s-cis)-(19.63%), bronyle acetate (15.56%), alpha-terpineol (11.96%), bicyclo[3.1.0]hexan-3-ol, 4-methyl-1-(1-methylethyl)-(10.94%) among other 21 compounds.Conclusion: This study allows, once again, the development of the exploitation of the essential oils in the areas, pharmaceutical and medicines and works the doors of the exploitation of these plants in the pharmaceutical market. Keywords: Teucrium capitatum L., Ethnobotanical study, Antifungal activity, Chromatography

EXCHANGE RATE PASS-THROUGH IN MOROCCO: A STRUCTURAL VAR APPROACH

This study analyzes the impact of short- and long-term exchange rate fluctuations in Morocco. The purpose of this paper is to study the shocks transmission of exchange rates variations to prices index known as exchange rate pass-through. The empirical results of the quarterly data between 2000 and 2018 revealed that the pass-through of the exchange rate in Morocco is quite important, but incomplete and delayed in three categories of price index: consumer price index, Imports price Index and Industrial production price Index. JEL: G15, G17, C51, C52 Article visualizations

Leasing (Ijara) Contract and Its Application in the Participation Banks in Turkey

14th INTERNATIONAL CONFERENCE on KNOWLEDGE, ECONOMY & MANAGEMENT PROCEEDINGS, APRIL 20-22, 2018 = 14. ULUSLARARASI BİLGİ, EKONOMİ VE YÖNETİM KONGRESİ BİLDİRİLERİ, -- Published by Ibrahim Guran Yumuşak -- Edited by Ibrahim Guran Yumusak -- Prepared by Özgür Kökalan, Murat Işıker, M. Fuat Kına, Furkan Doğan -- Printed by İstanbul S. Zaim Üniversitesi İşletme ve Yönetim Bilimleri Fakültesi -- Publishing Year: April, 2018 -- Publishing Locate: Istanbul-Türkiye -- Language: Turkish and English -- Publication Type: Electronical Publishing -- E mail: [email protected] -- www.beykon.orgLeasing (ijara), which is most widely used instrument after murabahah, is an excellently fit product to the functions of participations banks as it is asset-based. The biggest shares in leasing volume by type of asset are “heavy equipment and construction machinery” and “real estate”, which supports its asset-based attribute. The purpose of this article is to shed a light on the performance of participation banks in Turkey in terms of leasing and leasing conracts shall be evaluated if bearing any Shariah risk or not. It is proven by emprical data that regularoty support has direct effect on growth rate of leasing. Our method is desriptive, qualitative and revision of literature and balance sheets of participation banks