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<p>This paper aims to test the validity of the causality between financial development and economic growth on energy consumption in three of North African countries. The study employs error coreection model and Granger causaility test to analyza a dataset for three North African countries covering a period from 1980 to 2010. The applied model is based on demand function for energy to assess the existing of causal relationship of energy with financial development, and economic growth, in Algeria, Egypt, and Tunisia. Empirical results provide a positive significant relating financial development and energy consumption in Algeria, and Tunisia. On the other hand, Egypt’s results show a negative significant relationship relating energy consumption and financial development. The paper is valuable to policy makers in North African countries in their pursuit for achieving economic growth as it clarifies the urge for the financial development reforms to stimulate investment and growth.</p>

This paper aims to test the validity of the causality between financial development and economic growth on energy consumption in three of North African countries. The study employs error coreection model and Granger causaility test to analyza a dataset for three North African countries covering a period from 1980 to 2010. The applied model is based on demand function for energy to assess the existing of causal relationship of energy with financial development, and economic growth, in Algeria, Egypt, and Tunisia. Empirical results provide a positive significant relating financial development and energy consumption in Algeria, and Tunisia. On the other hand, Egypt’s results show a negative significant relationship relating energy consumption and financial development. The paper is valuable to policy makers in North African countries in their pursuit for achieving economic growth as it clarifies the urge for the financial development reforms to stimulate investment and growth.

This paper aims to investigate the effect of real exchange rate on unemployment in the Egyptian economy during the period 1985-2015. There are three channels of effect real exchange rate on unemployment; these channels are macroeconomic channel, development channel, and labor intensity channel. We used three methods to estimate this relationship. They are Autoregressive Distributed Lag Model (ARDL), Fully Modified OLS (FMOLS), and Dynamic OLS (DOLS). The results reveal that real exchange has a positive and significant effect on unemployment. There is no significant effect of economic openness on unemployment. Furthermore, the correlation between unemployment and the growth is negative and significant. Also, the effect of labor productivity on unemployment was positive and significant. We can conclude the depreciation the real exchange rate will decrease the unemployment.

This paper aims to investigate the effect of real exchange rate on unemployment in the Egyptian economy during the period 1985-2015. There are three channels of effect real exchange rate on unemployment; these channels are macroeconomic channel, development channel, and labor intensity channel. We used three methods to estimate this relationship. They are Autoregressive Distributed Lag Model (ARDL), Fully Modified OLS (FMOLS), and Dynamic OLS (DOLS). The results reveal that real exchange has a positive and significant effect on unemployment. There is no significant effect of economic openness on unemployment. Furthermore, the correlation between unemployment and the growth is negative and significant. Also, the effect of labor productivity on unemployment was positive and significant. We can conclude the depreciation the real exchange rate will decrease the unemployment.