This report contains 2 parts. In first we analyse the impact on firm performance of deeper integration\u00a0by using both business environment indicators and firm characteristics. In a second part we see how\u00a0the major reforms and transformations undertaken have generated further convergence between\u00a0Morocco and the European Union by using data, qualitative information and some case studies of\u00a0enterprises.<\/p>\n
The aim of the first part is to analyse the role of the business environment in understanding\u00a0differences in the performance of Moroccan firms. We use both the Moroccan Annual Census (1997-2004) and detailed surveys conducted by the World Bank (FACS and ICA). The business\u00a0environment is captured by measures which include the investment climate in which firms operate,\u00a0i.e. access to credit, regulatory and institutional environment and infrastructure. The firm performance\u00a0is measured by the total factor productivity (TFP), which is estimated using both classic technique of\u00a0Olley & Pakes (1996), and the more recent approaches suggested by Ackerberg et.al (2007). The\u00a0evidence on the relationship between credit and productivity is strongly suggestive of credit resources\u00a0misallocation in Morocco. We also find that the lack of fiscal homogeneity across firms sector is\u00a0positively linked to lower firm-level TFP. Thirdly we find that, heavier bureaucracy and differences in\u00a0regulations appear to have a negative effect on firm TFP. But these two last results are particularly\u00a0relevant for small firms, and\/or those that do not export and\/or those with no access to foreign capital.<\/p>\n
The second part is devoted to describing the salient economic and social features that have\u00a0characterized Morocco during the last recent years. The present report looks at different\u00a0macroeconomic, trade and microeconomic issues to see how the major reforms undertaken have\u00a0generated further convergence between Morocco and the European Union. The analysis is based both\u00a0on data, qualitative information and some case studies of enterprises. The outcomes attained show that\u00a0Morocco is actively pursuing changes and reforms in almost all sectors in relation to the collaborative\u00a0framework with the EU. During these last fifteen years, Morocco has been undergoing major changes,\u00a0reforms and transformations that have been shaping globally the economy and society. These reforms\u00a0have been also related to the acceleration of the openness of the economy and to series of agreements\u00a0and international arrangements promoted during this era. These agreements include the relationships\u00a0with the European Union (EU). Within this framework, the attainment of higher levels of convergence\u00a0to EU and international standards in most of the economic, social and political components is\u00a0expected. The present study is a description of the achievements observed in Morocco within the last\u00a0fifteen years. It is mainly based on existing official reports and documents produced by Moroccan\u00a0Government, private organizations and non-governmental agencies with other documents from\u00a0international institutions. As this is mainly a descriptive study, the report covers the overall\u00a0agreements, the economic policies, the political and social reform before ending with the situation\u00a0expressed at the level of enterprises by the firms themselves but also by the data published by World\u00a0Bank under \u201cDoing Business\u201d. The second part of report starts with a synthesis.<\/p>\n","protected":false},"excerpt":{"rendered":"
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