working papers

Exchange Rate Effects on The Short-run Growth in The Post-Civil Conflict MENA Countries



The Middle East and North Africa (MENA) is one of the tensest regions in the world, and civil conflicts occurring there are bloodier with a higher possibility of reoccurrence, and result in larger externalities. Above all, due to the common history, culture, and economic interests, the MENA countries are highly interconnected. This leads to a high level of political and military interferences causing security, political and economic instabilities. These instabilities motivate different prices, including the exchange rates, to fluctuate and, in turn, affect economic growth. Therefore, the current paper tries to identify the effects of this volatile channel on economic growth in the short-to-medium run post-conflict phase. Employing a panel-data technique, so we account for the endogeneity and country-specific unobserved characteristics, provides us with conclusive results proving the detrimental effect of exchange rate volatilities, particularly in populated MENA countries, during peaceful time. These results, however, are just suggestive in the post-conflict phase, due to data noisiness, and this supports making more investigations based on individual case studies.

To read the full working paper follow the link below

Hamati, S. (2019). Exchange Rate Effects on The Short-run Growth in The Post-Civil Conflict MENA Countries, Working paper,1 April 2019, Available at:

Economic Overview Lebanon


Since October 17, 2019, thousands of Lebanese all over Lebanon flood the streets furious at the economy collapse yelling “all government parties out.” Anti-government protest, or the “October Revolution” is the largest since almost 15 years, with no political party behind it.

October 17 Revolution did not start out of the blue, Lebanon had been facing dramatic economic drawbacks since 2009, GDP growth ranked 10.1% at the mentioned year and started to decline ever since to reach today in 2019 0.2% (Blominvest Bank, 2018), furthermore, Lebanon is ranked as the 3rd highest country with Debt to GDP ratio which compares the country’s public debt to its gross domestic product (GDP) and it reached 152.8% according to Central Intelligence Agency in 2017.

To read the full working paper follow the link below

Youssef, J. (2020). Economic Overview Lebanon. Working paper,8 February 2020, Available

New World Financial System


Physics and economics are two sides of the same coin. The cosmic physical equilibrium is fascinating work, and this is what modern economics should be. The world’s monetary movement suffers from an imbalance and fluctuation that violates laws of both economics and physics. Therefore, the two sciences must adapt to form one homogenous science and one integrated approach in order to create an ideal form of banking methodology to generate a real currency system for the growth and development of mankind. Criticism of the current monetary system takes many forms and it is well known to all economical leaders within the scientific community, but what about the exact role of money in its basic parameters?

Yousif Nabil Shenouda (2020). New World Financial System. Working paper, 8 March, Available

Creditworthiness Standards between Theory and Practice


Creditworthiness standards aims to identify the possibility of future customer credit and payment of benefits, the researcher has sought to verify the use of these standards in the Commercial Bank of Syria as a tool to avoid future credit risk. The research problem stems from the fact that the granting of credit without study the creditworthiness of clients leads to face risks of future defaults in credit repayment, Therefore researcher seeks to investigate whether the Commercial Bank of Syria is studying various standards of creditworthiness as a way to reduce the risk of grants of defaults in the future. The research aims to verify the use of creditworthy standards content in the creditworthiness models in the Commercial Bank of Syria, and in the way it has been introduced to the concept of creditworthiness and justifications for its study, and display the most important models, and a comparison between models. the research has been relying on the historical approaches and the descriptive and analytical in the presentation of the creditworthiness of models, as well as inductive approach in order to access to the most comprehensive creditworthiness of variables to be recommended to follow in the exhibition take credit decision making model. The researcher reached a set of results most important is that there are five standards that are personal, capital, ability to repay, conditions, and guarantees, should be included in any model creditworthiness, and the Commercial Bank of Syria is studying factors, reputation query banking, Purpose, experience and management, and field visit, these standards are contained in the PRISM model, in addition to the big focus at the Commercial Bank of Syria to provide safeguards as a basic term of the credit granting

Kousayri, Husain, Creditworthiness Standards between Theory and Practice (a Field Study on the Syrian Commercial Bank in Lattakia) (May 2, 2020). Available at SSRN: or