Privatization and Financial Market Development: A Comparison between MENA Countries and Other Regions
AbstractThis paper examines the impact of privatization on stock market size and liquidity in a multinational sample of 31 emerging markets. We find that the intensity of privatization and the use of privatization offerings on the stock market contribute to enhance stock market development. To enable result comparisons across geographical regions, we re-run our GMM on our dynamic panel and find that results vary across-regions. Privatization was the most beneficial in the Asian sub sample where most favorable conditions were put in place before privatization actually started. In the MENA region however, similar positive outcomes are yet to materialize. We derive several policy implications from our results.
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Bibliographic InfoPaper provided by Economic Research Forum in its series Working Papers with number 390.
Length: 28 pages
Date of creation: Apr 2008
Date of revision: Apr 2008
Publication status: Published by The Economic Research Forum (ERF)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Naceur, Samy Ben & Ghazouani, Samir, 2007. "Stock markets, banks, and economic growth: Empirical evidence from the MENA region," Research in International Business and Finance, Elsevier, vol. 21(2), pages 297-315, June.
- de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2007.
"Stock market development under globalization : whither the gains from reforms ?,"
Policy Research Working Paper Series
4184, The World Bank.
- de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2007. "Stock market development under globalization: Whither the gains from reforms?," Journal of Banking & Finance, Elsevier, vol. 31(6), pages 1731-1754, June.
- Ben Naceur, Samy & Ghazouani, Samir & Omran, Mohammed, 2007. "The performance of newly privatized firms in selected MENA countries: The role of ownership structure, governance and liberalization policies," International Review of Financial Analysis, Elsevier, vol. 16(4), pages 332-353.
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