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

Missaoui, Ibtissem and Ben Rejeb, Jaleleddine and Elkhaldi, Abderrazek (2016): Les déterminants institutionnels et macroéconomiques du développement du marché boursier dans les pays de la région MENA.

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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.

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