Stock Market Development of Middle East and North Africa (MENA) Region

Wan Fauziah Wan Yusoff; Instisar J. Guima

doi:doi:10.11648/j.ijber.20150403.19

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Stock Market Development of Middle East and North Africa (MENA) Region

Wan Fauziah Wan Yusoff, Instisar J. Guima

Published in International Journal of Business and Economics Research (Volume 4, Issue 3)

Received: 24 May 2015 Accepted: 28 May 2015 Published: 9 June 2015

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Abstract

Financial markets play important roles for economic growth as they facilitate the flow of resources to the most productive investment opportunities and help in terms of efficient allocation of credit in the economy. Recognizing the important roles of stock market on economic growth, prudential international institutions such as World Bank, IMF and ADB pursued stock market development programs for emerging markets in developing nations. Hence, this study sought to investigate the determinants of development in capital markets in the MENA region from the perspective of three countries Egypt, Saudi Arabia and Tunisia. Secondary data for the ten years period of 1992-2012 were used to model the factors influencing the development of their stock markets. Using Correlation analysis it has been revealed that, macro-economic factors such as exchange rate, oil rent, income per capita, inflation, domestic savings and interest rate can be used to study development capital markets. The analysis also reported significant relationship between stock market development and some variables for some countries and irrelevant to others. The variations in results are explained by the economic and legal environment in every country and show some policy options. The findings are interesting in the sense that they provide variations of the determinants of the stock market development in the region. This would open area for research that is concerned with enhancing the collective development of the stock markets in the region through complementary and synergies.

Published in	International Journal of Business and Economics Research (Volume 4, Issue 3)
DOI	10.11648/j.ijber.20150403.19
Page(s)	163-171
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2015. Published by Science Publishing Group

Keywords

Capital Market Development, MENA, Egypt, Saudi, Tunisia, Macroeconomic

References

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Wan Fauziah Wan Yusoff, Instisar J. Guima. (2015). Stock Market Development of Middle East and North Africa (MENA) Region. International Journal of Business and Economics Research, 4(3), 163-171. https://doi.org/10.11648/j.ijber.20150403.19

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ACS Style

Wan Fauziah Wan Yusoff; Instisar J. Guima. Stock Market Development of Middle East and North Africa (MENA) Region. Int. J. Bus. Econ. Res. 2015, 4(3), 163-171. doi: 10.11648/j.ijber.20150403.19

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AMA Style

Wan Fauziah Wan Yusoff, Instisar J. Guima. Stock Market Development of Middle East and North Africa (MENA) Region. Int J Bus Econ Res. 2015;4(3):163-171. doi: 10.11648/j.ijber.20150403.19

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@article{10.11648/j.ijber.20150403.19,
  author = {Wan Fauziah Wan Yusoff and Instisar J. Guima},
  title = {Stock Market Development of Middle East and North Africa (MENA) Region},
  journal = {International Journal of Business and Economics Research},
  volume = {4},
  number = {3},
  pages = {163-171},
  doi = {10.11648/j.ijber.20150403.19},
  url = {https://doi.org/10.11648/j.ijber.20150403.19},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20150403.19},
  abstract = {Financial markets play important roles for economic growth as they facilitate the flow of resources to the most productive investment opportunities and help in terms of efficient allocation of credit in the economy. Recognizing the important roles of stock market on economic growth, prudential international institutions such as World Bank, IMF and ADB pursued stock market development programs for emerging markets in developing nations. Hence, this study sought to investigate the determinants of development in capital markets in the MENA region from the perspective of three countries Egypt, Saudi Arabia and Tunisia. Secondary data for the ten years period of 1992-2012 were used to model the factors influencing the development of their stock markets. Using Correlation analysis it has been revealed that, macro-economic factors such as exchange rate, oil rent, income per capita, inflation, domestic savings and interest rate can be used to study development capital markets. The analysis also reported significant relationship between stock market development and some variables for some countries and irrelevant to others. The variations in results are explained by the economic and legal environment in every country and show some policy options. The findings are interesting in the sense that they provide variations of the determinants of the stock market development in the region. This would open area for research that is concerned with enhancing the collective development of the stock markets in the region through complementary and synergies.},
 year = {2015}
}

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TY  - JOUR
T1  - Stock Market Development of Middle East and North Africa (MENA) Region
AU  - Wan Fauziah Wan Yusoff
AU  - Instisar J. Guima
Y1  - 2015/06/09
PY  - 2015
N1  - https://doi.org/10.11648/j.ijber.20150403.19
DO  - 10.11648/j.ijber.20150403.19
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 163
EP  - 171
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20150403.19
AB  - Financial markets play important roles for economic growth as they facilitate the flow of resources to the most productive investment opportunities and help in terms of efficient allocation of credit in the economy. Recognizing the important roles of stock market on economic growth, prudential international institutions such as World Bank, IMF and ADB pursued stock market development programs for emerging markets in developing nations. Hence, this study sought to investigate the determinants of development in capital markets in the MENA region from the perspective of three countries Egypt, Saudi Arabia and Tunisia. Secondary data for the ten years period of 1992-2012 were used to model the factors influencing the development of their stock markets. Using Correlation analysis it has been revealed that, macro-economic factors such as exchange rate, oil rent, income per capita, inflation, domestic savings and interest rate can be used to study development capital markets. The analysis also reported significant relationship between stock market development and some variables for some countries and irrelevant to others. The variations in results are explained by the economic and legal environment in every country and show some policy options. The findings are interesting in the sense that they provide variations of the determinants of the stock market development in the region. This would open area for research that is concerned with enhancing the collective development of the stock markets in the region through complementary and synergies.
VL  - 4
IS  - 3
ER  -

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Author Information

Wan Fauziah Wan Yusoff

Director Centre for Business and Entrepreneurship, University Tun Hussein Onn Malaysia, Parit Raja Batu Pahat Johor, Malaysia
Instisar J. Guima

Faculty of Technology Management and Business, University Tun Hussein Onn Malaysia, Parit Raja Batu Pahat Johor, Malaysia

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Plain Text BibTeX RIS

APA Style

Wan Fauziah Wan Yusoff, Instisar J. Guima. (2015). Stock Market Development of Middle East and North Africa (MENA) Region. International Journal of Business and Economics Research, 4(3), 163-171. https://doi.org/10.11648/j.ijber.20150403.19

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ACS Style

Wan Fauziah Wan Yusoff; Instisar J. Guima. Stock Market Development of Middle East and North Africa (MENA) Region. Int. J. Bus. Econ. Res. 2015, 4(3), 163-171. doi: 10.11648/j.ijber.20150403.19

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AMA Style

Wan Fauziah Wan Yusoff, Instisar J. Guima. Stock Market Development of Middle East and North Africa (MENA) Region. Int J Bus Econ Res. 2015;4(3):163-171. doi: 10.11648/j.ijber.20150403.19

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@article{10.11648/j.ijber.20150403.19,
  author = {Wan Fauziah Wan Yusoff and Instisar J. Guima},
  title = {Stock Market Development of Middle East and North Africa (MENA) Region},
  journal = {International Journal of Business and Economics Research},
  volume = {4},
  number = {3},
  pages = {163-171},
  doi = {10.11648/j.ijber.20150403.19},
  url = {https://doi.org/10.11648/j.ijber.20150403.19},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20150403.19},
  abstract = {Financial markets play important roles for economic growth as they facilitate the flow of resources to the most productive investment opportunities and help in terms of efficient allocation of credit in the economy. Recognizing the important roles of stock market on economic growth, prudential international institutions such as World Bank, IMF and ADB pursued stock market development programs for emerging markets in developing nations. Hence, this study sought to investigate the determinants of development in capital markets in the MENA region from the perspective of three countries Egypt, Saudi Arabia and Tunisia. Secondary data for the ten years period of 1992-2012 were used to model the factors influencing the development of their stock markets. Using Correlation analysis it has been revealed that, macro-economic factors such as exchange rate, oil rent, income per capita, inflation, domestic savings and interest rate can be used to study development capital markets. The analysis also reported significant relationship between stock market development and some variables for some countries and irrelevant to others. The variations in results are explained by the economic and legal environment in every country and show some policy options. The findings are interesting in the sense that they provide variations of the determinants of the stock market development in the region. This would open area for research that is concerned with enhancing the collective development of the stock markets in the region through complementary and synergies.},
 year = {2015}
}

Copy | Download

TY  - JOUR
T1  - Stock Market Development of Middle East and North Africa (MENA) Region
AU  - Wan Fauziah Wan Yusoff
AU  - Instisar J. Guima
Y1  - 2015/06/09
PY  - 2015
N1  - https://doi.org/10.11648/j.ijber.20150403.19
DO  - 10.11648/j.ijber.20150403.19
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 163
EP  - 171
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20150403.19
AB  - Financial markets play important roles for economic growth as they facilitate the flow of resources to the most productive investment opportunities and help in terms of efficient allocation of credit in the economy. Recognizing the important roles of stock market on economic growth, prudential international institutions such as World Bank, IMF and ADB pursued stock market development programs for emerging markets in developing nations. Hence, this study sought to investigate the determinants of development in capital markets in the MENA region from the perspective of three countries Egypt, Saudi Arabia and Tunisia. Secondary data for the ten years period of 1992-2012 were used to model the factors influencing the development of their stock markets. Using Correlation analysis it has been revealed that, macro-economic factors such as exchange rate, oil rent, income per capita, inflation, domestic savings and interest rate can be used to study development capital markets. The analysis also reported significant relationship between stock market development and some variables for some countries and irrelevant to others. The variations in results are explained by the economic and legal environment in every country and show some policy options. The findings are interesting in the sense that they provide variations of the determinants of the stock market development in the region. This would open area for research that is concerned with enhancing the collective development of the stock markets in the region through complementary and synergies.
VL  - 4
IS  - 3
ER  -

Copy | Download