Monetary Research Center

International Economics

IFRS for SMES and the internationalization of SMES: reality or a myth? A discussion about the Moroccan case
by CHAIK Saif Eddine and REDA Oujgha | Tuesday, April 09, 2019
The interest in small and medium-sized enterprises (SMEs) has become a global phenomenon (Torrès, 1999). Today, they represent a key source of economic growth, international dynamism and flexibility for both advanced industrialized countries (OECD, 2007) and developing economies (Todd and Javalgi, 2007). Otherwise, Accounting is one of the key factors that help the SMEs get a better view of its situation and develop a better decisional reaction. As therefore, this paper intends to analyze and discuss exhaustively the standard IFRS of SMEs published in 2009 and applied in more than 80 countries at the moment and its use, benefits and danger if being adopted by SMEs generally and specifically studying the opportunities that can provide to the internationalization process of certain exportation Moroccan SMEs, if it exists.
Monetary federalism as а concept and its еmpirical underpinnings in Argentina’s monetary history
by THERET Bruno | Friday, March 29, 2019
This chapter develops the concept of monetary federalism by drawing from both theory and history. The theory is relative to the concept of federalism in philosophical and political thought, while history mainly concerns monetary experiments in Argentina. The chapter is divided into three sections. First section presents the general principles and several historical underpinnings of the application of federalism to monetary systems. Second section presents one of the clearest historical manifestations of monetary federalism, namely the recurrent waves of issuances of provincial fiscal complementary currencies (CC) in Argentina between 1890 and 2003. The third section looks at why this country has exhibited a such noteworthy case of monetary federalism, even if it is a repressed one. In conclusion, we suggest an « argentinian » scenario of monetary federalism for the eurozone that would allow to come through the European Union monetary crisis without falling into the deadlocks of either present generalized austerity policies, or breakdown of the monetary union.
Monetary federalism as а concept and its еmpirical underpinnings in Argentina’s monetary history
by THERET Bruno | Friday, March 29, 2019
This chapter develops the concept of monetary federalism by drawing from both theory and history. The theory is relative to the concept of federalism in philosophical and political thought, while history mainly concerns monetary experiments in Argentina. The chapter is divided into three sections. First section presents the general principles and several historical underpinnings of the application of federalism to monetary systems. Second section presents one of the clearest historical manifestations of monetary federalism, namely the recurrent waves of issuances of provincial fiscal complementary currencies (CC) in Argentina between 1890 and 2003. The third section looks at why this country has exhibited a such noteworthy case of monetary federalism, even if it is a repressed one. In conclusion, we suggest an « argentinian » scenario of monetary federalism for the eurozone that would allow to come through the European Union monetary crisis without falling into the deadlocks of either present generalized austerity policies, or breakdown of the monetary union.
The budget of the European Union – prospects for 2021 - 2027
by POPOVA Nelly | Friday, March 29, 2019
Although the process on the elaboration of the next Multiannual financial framework for 2021 – 2027 is still at an early stage, there are some important changes envisaged both on the revenue side and the expenditure side. The present paper outlines the possible options for reforming the system of own resources intended to reduce the national contributions based on gross national income and to increase the share of “genuine” own revenues related to the common EU policies. It also focuses on the most important changes considered on the expenditure side. Traditionally, the largest part of the financing has been devoted to the common agricultural policy and the cohesion policy. But it is increasingly recognized that more resources need to be allocated to macroeconomic stabilization in order the ensure the viability of the common currency and to mitigate the effects of possible economic shocks on the Member States. The deepening integration and the territorial expansion of the EU require an increase of expenditure, on the one hand, but they also allow the Member States to pool their resources and achieve economies of scale and scope. After the accession of the countries from Central and Eastern Europe, the EU budget has increased in nominal terms to more than 1 trillion euro (around 160 billion euro per year), but in proportional terms it amounts to around 1% of the annual gross national income and around 2% of total public expenditure of the Member States. However, in the years after the global crisis there is a growing nationalism and, in this context, the negotiations on the next multiannual financial framework are expected to be difficult.
MONETARY REGIMES. 20 YEARS OF CURRENCY BOARD IN BULGARIA

The third annual scientific conference of the MRC was held from 12th to 13th of October 2017 at the University of National and World Economy (UNWE) in Sofia, Bulgaria.

Main accent on the 3rd Annual Conference conference was the monetary regimes with special focus on 20 years of currency board in Bulgaria. Researchers and professionals from more than 9 countries took part.

   The present book consists papers in English and Bulgarian languages 

ISBN 978-619-90797-3-7

ECONOMIC LESSONS, PERSPECTIVES AND CHALLENGES FROM THE BALKANS
by NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and NENOVSKY Nikolay and MITEVA Diyana and MITEVA Diyana and MITEVA Diyana and HIROTA Yasuyuki and HIROTA Yasuyuki and MARINOVA Tsvetelina and MARTIGNONI Jens and MARTIGNONI Jens and ZAFIROSKI Jovan and DIMITROVA Ivayla and DIMITROVA Ivayla and DIMITROVA Ivayla and BOGATZKY Nikolay and BOGATZKY Nikolay and BOGATZKY Nikolay and BOGATZKY Nikolay and MIHAYLOVA BORISOVA Gergana and MIHAYLOVA BORISOVA Gergana and TONCHEVA Rossitsa and TONCHEVA Rossitsa and HRISTOV Metodi and NOZHAROV Shteryo and MOULAYDRISS Saikak and KORALOVA Petya and HRISTOZOV Yanko and HRISTOZOV Yanko and PETROV Stefan and ALBULESCU Claudiu and NAYDENOV Georgi and CIOACA Sorin and IVANOV Ivan and IVANOV Ivan and STOYANOV Peter | Thursday, March 01, 2018

The second annual scientific conference of the Monetary and Economic Research Center (MRC) was held from 13th to 14th of October 2016 at the University of National and World Economy (UNWE) in Sofia.

Main accent on the 2nd Annual Conference conference was the learned lessons, perspectives and challenges from the Balkan Region. 

The present book consists papers in English, Bulgarian and Russian languages.

ISBN 978-619-90797-1-3 

The Moroccan banks contribution in the GDP
by ELOITRI Dina and El MELIOUI Othmane | Friday, January 12, 2018
The Moroccan financial system has been predominated by the banking sector where the savings were composed mainly by the short/ long term deposits. The financial reform touched the regulation and diverse the different sources of saving collection, funding possibilities and essentially the eventual intermediation of all the financial operations. The financial corporations should undergo number of new conditions and requirements and also to respect some rules. A deepening of reforms were deemed necessary in order to reduce the burden of debts, improve the central bank’s control quality deployed, prepare Banks to meet the requirements of Basel II and Basel III, also the further ones proposed for Basel IV. Reforms initially targeted the banking system and monetary policy, in parallel with a move toward a more market-based financing of the budget. These reforms were followed by efforts to deepen financial markets by introducing new instruments and reforming the stock market in addition to the initiation to the entrée of the participative bank into the banking sector in Morocco. As liberalization and deregulation of financial activities allowed market participants to assume greater risks, prudential regulations and bank supervision were strengthened. The aim of this paper is to show the contribution of banks growth in the GDP before the introduction of the participative banks, and show the forecast of the said growth after the operability of those banks. A presentation of the GDP value through the last 10 years will be exposed via graphs and charts, in addition to data related to the banks performance. The study will assume some calculation and ratios to confirm or not the said contribution. This analysis will be based on the financial reports of banks and official publications of the ministry of finance.
Participatory Budgeting (Portugal) as a marshalling innovative legal process to formally and democratically define the EU Monetary System and Policy
by COSTA Meira Jorge and COSTA Meira Jorge | Friday, January 12, 2018
This paper explains the legal foundation and presents the empirical results of the XXI Portuguese Constitutional Government´s pioneer initiative – The Participatory Budgeting Portugal (PBP) – which consecrates a democratic, direct and universal process allowing civil society to decide on public policies and investments in different governmental areas. The PBP´s key objective is to bring people closer to politics and decision-making at a regional and national scale, consolidating the principle of popular sovereignty that has already been exercised locally through one hundred and eighteen participatory budgets. Citizens have recently decided how to spend three million euros in certain areas defined by national government. From the results reported, interesting and concrete conclusions can be assumed and implemented in the next edition already confirmed. Since the EU budget faces a tough challenge to fund more with less, the PBP´s experience can be leveraged as a European ground-breaking policy in order to guarantee the ontological function of any political and economic organization: that is to ensure the welfare of all persons under its jurisdiction and to impede the retrogression of human rights. The time has come to write and develop lines of code of the EU values by creating a legal environment that enables citizens to participate directly in the design of genuine and logical monetary system, focused squarely to support the strengthening scientific role of the Euro.
Post-Brexit, post-populism: what scenarios for Europe?
by RICHET Xavier and RICHET Xavier | Friday, January 12, 2018
Three significant events have taken place in recent months. First, in Rome, the celebration of the 60th anniversary of the signing of the Treaty of Rome, where the President of the Commission presented the White Paper on the Future of Europe (European Commission, 2017), considering the continuation of the European construction in a differentiated way (multi-speed Europe). This event was followed, in May 2017, by the victory of Emmanuel Macron in the French presidential election on the basis, in particular, of a pro-European program claimed to promote enhanced cooperation with plans to create a ministry Eurozone finances, the creation of a fund for the financing of digital innovation. Its pro-European commitment seems to have temporarily put an end to the EU bashing (Delaume & Cayla, 2017) that could be read in the press and heard in the speeches of many politicians in Europe. This commitment, announced during a speech at the Humboldt University in Berlin in January 2017 was confirmed, the third milestone event, by two speeches, one in Athens, the other at the Sorbonne in September 2017 which spell out the vision of the new President to engage Europe in a federal leap.
WP 16/2017 Islamic finance: Between Alternative Model of Finance and Its Critical Interpretation (in French)
by Aamoum Chaimae | Tuesday, November 28, 2017

Following the crises of conventional finance, we witnessed during the twentieth century the birth of the Islamic finance, then its development in 2008. This has caught the attention of the world and researchers in the field of finance. In this work, we attempted to demonstrate the origin of this finance, its principles, its products as well as the fundamentals of the financial doctrine based on Sharia. And finally, we discussed its critical reviews and its limitations while suggesting some solutions to overcome them.

 

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