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On The Current Links Capital Markets And Investment In Mena Countries

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  • Randa Alami

    ()
    (Department of Economics, SOAS, University of London, UK)

Abstract

This paper considers the current status of some Middle Eastern markets (Arab countries excluding the Gulf countries). These markets have matured significantly over the last six years, and this helped the concurrent strong economic and investment growth. Evidence gathered here indicates the markets have become a minor source of corporate investment, mobilising both domestic and foreign investors. It allowed them to capture both part of the surge in intra-regional capital flows, and part of rising Foreign Direct Investment. A more enhanced economic impact is constrained by their nascent nature, their volatility and illiquidity, and by what remain poor governance structures. Moreover, these Arab stock markets are still the realm of very large corporations: they have only began to address the needs of smaller entreprises, with venture capital and private equity funds at an embryonic stage. They also support a limited number of economic sectors, while governments and top income elites continue to dominate shareholding. They cannot and should not be relied upon to fulfil all the financing needs of the private sector. This message has been reinforced by the current world crisis, which ended the euphoric but unrealistic expectations that regional capital markets will continue to expand as rapidly as they did between 2002 and 2008.

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Bibliographic Info

Paper provided by Department of Economics, SOAS, University of London, UK in its series Working Papers with number 163.

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Length: 22 pages
Date of creation: Feb 2009
Date of revision:
Handle: RePEc:soa:wpaper:163

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  1. Capasso, Salvatore, 2006. "Stock Market Development and Economic Growth," Working Paper Series RP2006/102, World Institute for Development Economic Research (UNU-WIDER).
  2. Billmeier, Andreas & Massa, Isabella, 2008. "Go long or short in pyramids? News from the Egyptian stock market," International Review of Financial Analysis, Elsevier, vol. 17(5), pages 949-970, December.
  3. 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.
  4. Charles Adjasi & Nicholas Biekpe, 2006. "Stock Market Development and Economic Growth: The Case of Selected African Countries," African Development Review, African Development Bank, vol. 18(1), pages 144-161.
  5. Lahcen Achy & Jawad El Otmani, 2009. "Understanding Financial Structure Of Nonlisted Firms In Mena Panel Data Approach Applied To Moroccan Firms," Working Papers 482, Economic Research Forum, revised Apr 2009.
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