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Financial Markets of the Middle East and North Africa: The Past and Present


Author Info

  • Yochanan Shachmurove

    (Department of Economics, University of Pennsylvania, and City College of the City University of New York)


The recent political developments in the Middle East have prompted increased scrutiny of the economies of the nations lying in this region. Over the past few months, the financial markets of Middle East and North Africa (MENA) have been affected by the speculations that existed before the war in Iraq as well as its subsequent repercussions. Factors such as lagging domestic, political reforms, government interference, and inflexible monetary and fiscal policies remain obstacles to privatization, globalization, and foreign investment in MENA economies. As the economies enter the post-war recovery phase, reform of financial markets seems necessary to accelerate economic growth.

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Bibliographic Info

Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 03-017.

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Length: 37 pages
Date of creation: 01 Jun 2003
Date of revision:
Handle: RePEc:pen:papers:03-017

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Keywords: Middle East and North African (MENA) Emerging Financial Markets; Bahrain; Egypt; Israel; Jordan; Kuwait; Lebanon; Morocco; Oman; Tunisia; Turkey; Foreign Direct Investment; Globalization and Growth; Iraq War; Gulf War; Macroeconomic and Financial Indicators;

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