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Situating Middle East and North Africa (MENA) capital markets within the emerging markets universe

Author

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  • Thomass Lagoardde-Segot
  • Brian M. Lucey

Abstract

The objective of this paper is to situate the MENA area within the emerging markets universe. We first discuss the various components of market emergence and generate four bootstrapped indexes reflecting market size, market activity, market pricing and transparency. We then draw inter-regional and country-level comparisons using a probit model and a hierarchical cluster analysis. Our results suggest that in spite of intra-regional heterogeneity, the MENA region ranks favorably by comparison to Latin America and Eastern Europe. We can therefore expect greater international financial integration of the MENA region in the near future.

Suggested Citation

  • Thomass Lagoardde-Segot & Brian M. Lucey, 2006. "Situating Middle East and North Africa (MENA) capital markets within the emerging markets universe," The Institute for International Integration Studies Discussion Paper Series iiisdp172, IIIS.
    • Handle: RePEc:iis:dispap:iiisdp172
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    Cited by:

    1. Fathi Abid & Slah Bahloul, 2010. "Selected MENA Countries’ Attractiveness to G7 Investors," Working Papers 531, Economic Research Forum, revised 07 Jan 2010.
    2. Abid, Fathi & Bahloul, Slah, 2011. "Selected MENA countries' attractiveness to G7 investors," Economic Modelling, Elsevier, vol. 28(5), pages 2197-2207, September.

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    Keywords

    Common Agricultural Policy; World Trade Organizations; Trade Negotiations.;
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