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Privatization and Financial Market Development: A Comparison between MENA Countries and Other Regions

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  • Samir Ghazouani

    () (Laboratoire d’Economie et Finance Appliquées and Ecole Supérieure de la Statistique et de l’Analyse de l’Information)

  • Narjess Boubakri
  • Samir Ghazouani
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    Abstract

    This 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 Info

    Paper provided by Economic Research Forum in its series Working Papers with number 390.

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    Length: 28 pages
    Date of creation: Apr 2008
    Date of revision: Apr 2008
    Publication status: Published by The Economic Research Forum (ERF)
    Handle: RePEc:erg:wpaper:390

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    1. 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.
    2. 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.
    3. 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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