Les déterminants institutionnels et macroéconomiques du développement du marché boursier dans les pays de la région MENA

Institutional and macroeconomic determinants of stock market development in MENA countries

Ibtissem Missaoui, Jaleleddine Ben Rejeb and Abderrazek Elkhaldi ()

MPRA Paper from University Library of Munich, Germany

Abstract: This paper analyzes the impact of macroeconomic and institutional determinants on stock market development. Based on a panel data for 14 countries in the MENA region, observed during the period 2006-2015and using a board of instrumental variables techniques, we have found a significant effect of institutional determinants on financial market development as shown byHall and Jones, 1999; Acemoglu, Johnson and Robinson, 2001. We have also obtained the following key results: macroeconomic factors, such as savings rate, interest rate and of stock market liquidity are important determinants of stock market development. Moreover, the results show that institutional development as captured by a political risk index is not a strong predictor of stock market development in the MENA region.

Keywords: Key words: financial development; institutional development; technical instrumental variables; index of political risk; ethnic fragmentation; ethnic polarization. (search for similar items in EconPapers)
JEL-codes: G15 (search for similar items in EconPapers)
Date: 2016-01-01
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/83619/1/MPRA_paper_83619.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:83619

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().