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In this paper, we measure and evaluate the real parity of the Moroccan dirham during the period 1980-2020. The objective is to highlight the evolution of the real exchange rate of the dirham, and in particular to show if whether it has been overvalued against currencies of the main trading partners and competitors of Morocco. Contrary to many studies which used a simple method to calculate the real parity which consisted of assigning each country of the main trading partners a relative weight equivalent to its share in Morocco's external trade, we calculate the weights by combining both bilateral import weights and a double weighting for export to reflect both importance of each country in Morocco's import and export as well as the degree of competition of exporters in usual third markets. Calculation of real parity of the dirham reveals three main periods: a strong depreciation during 1980-1990; an appreciation during the period 1991-2000; and a resumption of a weaker depreciation for the last period (2001-2020). These trends are related to both changes in nominal effective exchange rate and in relative prices. Results obtained in the present paper are generally close to those calculated by the International Monetary Fund for Morocco and are strongly correlated with them and the trends in both remain the same.

أظهرت الدراسات النظرية والتجريبية أن المؤسسات عامل رئيسي في تحديد مستوى النمو الاقتصادي والتنمية في أي بلد في هذا الإطار، قامت هذه الورقة بدراسة العلاقة بين الجودة المؤسسية والنمو الاقتصادي والتنمية لعينة من 96 دولة من خلال تطبيق تقنيات تحليلات العوامل على قاعدة بيانات الملامح المؤسسية. وتبين بأن التباين وعدم التجانس في مستويات النمو والدخل في الدول النامية، ولا سيما العربية، يرجع أساسا إلى اختلاف قدراتها المؤسسية. وتم تسليط الضوء على بعض بلدان العينة، كالصين وقطر، والتي نجحت في عملية الإقلاع الاقتصادي خصوصا بفضل الاستقرار السياسي والشعور العالي بالانتماء الوطني، وكذلك كوريا الجنوبية والتي انخرطت في عملية اللحاق بركب البلدان المتقدمة بفضل التطوير المؤسسي في عدة مجالات، كإدارة الضرائب والبنية التحتية والقضاء على الفساد. وركزت الورقة في الأخير على أهم المجالات المؤسسية التي على الدول العربية تطويرها التسريع مستويات النمو والتنمية. Theoretical and empirical studies have shown that institutions are a major factor in determining the level of economic growth and development in any country. This paper attempted to study the relationship between institutional quality and economic growth and development for a sample of 9 6countries by applying factorial methods to the institutional profiles database. It turns out that the heterogeneity and variation in levels of growth and income in developing countries, especially Arab countries, are mainly due to differences in institutional capabilities. Some countries were highlighted, such as China and Qatar, which succeeded in the process of economic take-off, especially thanks to political stability and a high sense of national belonging, as well as South Korea, which engaged in the process of catching up with developed countries thanks to institutional development in several areas, such as tax management, infrastructure, and eliminating corruption. Finally, the paper focused on the most important institutional areas that Arab countries must develop to accelerate their level of growth and development.

The negative socio-economic repercussions of the Covid-19 pandemic have prompted developing countries, among them Arab countries, to seek funding from international and Arab development and financial institutions to address the large budget deficits caused by the pandemic. This paper focused on the role that Arab development funds might play in mitigating the negative impacts of the crisis. It was found that despite some initiatives undertaken by these funds, they were insufficient, especially when compared to international development and financial institutions that provided finance to many Arab countries that took into account the great challenges caused by the pandemic. This research highlighted the new challenges exacerbated by the pandemic for Arab funds to play a greater role in supporting Arab countries. It also made several recommendations, such as increasing the volume and value of grants and loans with more concessional terms, extending grace periods, easing debt burdens, creating new and diversified fast-disbursing financing mechanisms and tools, rapid response to crises, and providing new proactive and appropriate credit solutions to deal with future crises.

Many Arab countries signed regional trade agreements with developed and developing countries, especially with the European Union (EU). To find out to what extent Arab countries benefited from these agreements, this study concentrated on the evaluation of the impact of the free trade agreement signed between Morocco and the EU on the Moroccan trade, particularly in manufactured goods. The paper used a mix of quantitative methods and analytical methods to compare the evolution of goods that benefited from the provisions of the agreement with the other products during the period covering before and after agreement entry into force. The results showed that trade performance was below expectations. This is due to several reasons, in particular a modest production structure that is characterized by low price flexibility, a strong competition from the European market, and high nontariff barriers imposed by EU countries.