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Les déterminants institutionnels et macroéconomiques du développement du marché boursier dans les pays de la région MENA
[Institutional and macroeconomic determinants of stock market development in MENA countries]

Author

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  • Missaoui, Ibtissem
  • Ben Rejeb, Jaleleddine
  • Elkhaldi, Abderrazek

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.

Suggested Citation

  • Missaoui, Ibtissem & Ben Rejeb, Jaleleddine & Elkhaldi, Abderrazek, 2016. "Les déterminants institutionnels et macroéconomiques du développement du marché boursier dans les pays de la région MENA [Institutional and macroeconomic determinants of stock market development in," MPRA Paper 83619, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:83619
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    Keywords

    Key words: financial development; institutional development; technical instrumental variables; index of political risk; ethnic fragmentation; ethnic polarization.;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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