Intangible capital, lever of an economic development model in Morocco: econometric modeling VAR model

Abstract

In terms of economic policy, redefining wealth means identifying different tools of measurement, a new system and hierarchy of values, a new assessment of ʺ what matters ʺ. Thus, we need to refound political economy from new paradigms, that is, from new ways of thinking about what economic value is and to identify new sources of leverage for economic policies.

The objective of this paper is to study, in the case of Morocco, the relationship between indicators quantifying intangible capital (exogenous variables) and a grid of macro-economic indicators (endogenous variables). We will analyze this relationship in relation to the following aggregates: GDP, imports, exports and total debt in order to assess the capacity of the selected indicators to predict the evolution of economic policies. In terms of our methodology, after having studied theoretically the relationship between intangible capital and macroeconomic indicators, we will verify this relationship at the empirical level through an econometric modeling via the VAR model. Our results indicate that the relationship between our endogenous and exogenous variables is proven. The variation in the performance of the selected intangible capital indicators leads to a variation in economic policies. This article is structured around the following question: can we consider the components of intangible wealth as tools for steering economic policies in Morocco?