Title: Contagion channels of the financial crisis towards Maghreb countries

Authors: Abdelhafid Otmani; Riad Abadli

Addresses: School of Advanced Studies in the Social Sciences 'EHESS Paris', 54 Boulevard Raspail, 75006 Paris, France ' School of Advanced Studies in the Social Sciences 'EHESS Paris', 54 Boulevard Raspail, 75006 Paris, France

Abstract: Financial crises tend to spread, like epidemics. In this paper, we try to identify the main transmission channels of the 'subprimes' global financial crisis towards Maghreb countries in order to better apprehend the impact of this crisis and its propagation, as well as the vulnerability of each country and the affected areas. In this article we will approach and retain the main transmission channels, the interdependence commercial and financial channel spill-over effect (Masson, 1998), then the similarity effects channel (Ahluwalia, 2000). We will also pass through the monsoonal effect (Masson, 1998). And finally the common joint creditor channel. As a result, the analysis of the three Maghreb countries (Algeria, Morocco, Tunisia) shows us that the financial and economic crisis, originating from the USA, has taken various transmission channels in one way or another in the spread of this crisis to reach those countries that were not spared.

Keywords: transmission channels; financial globalisation; contagion; Maghreb.

DOI: 10.1504/IJBG.2019.10021971

International Journal of Business and Globalisation, 2019 Vol.22 No.4, pp.506 - 523

Received: 17 Jun 2017
Accepted: 12 Jan 2018

Published online: 21 Jun 2019 *

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