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.

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.

• Item Type: MPRA Paper
• English Title: Institutional and macroeconomic determinants of stock market development in MENA countries
• Language: French
• Keywords: Key words: financial development, institutional development, technical instrumental variables, index of political risk, ethnic fragmentation, ethnic polarization.
• Subjects: G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets

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