Mena Stock Markets Integration: Pre and Post Global Financial Crisis
Anil Mishra () and
Australian Economic Papers, 2018, vol. 57, issue 2, 107-141
This paper examines the shortâ€ and longâ€ run linkages in pre and post global financial crisis among Middle East and North Africa (MENA) stock markets, between MENA and Chinese stock markets and also between MENA and developed (United States and United Kingdom) stock markets. Results indicate that both longâ€ run coâ€ integration relationships and shortâ€ run causal linkages among MENA stock markets increased in postâ€ crisis than that in preâ€ crisis subâ€ period. The degree of integration between MENA and Chinese stock markets increased in postâ€ crisis than preâ€ crisis. We also find that the degree of integration between MENA and developed (United States and United Kingdom) stock markets increased in postâ€ crisis than that in preâ€ crisis. The presence of increased linkages among MENA markets, and between MENA and Chinese stock markets and also between MENA and developed (United States and United Kingdom) markets has important implications for portfolio investors and policy makers.
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Persistent link: https://EconPapers.repec.org/RePEc:bla:ausecp:v:57:y:2018:i:2:p:107-141
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