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What Drives Stock Market Development in the Middle East and Central Asia—Institutions, Remittances, or Natural Resources?, Andreas Billmeier, Isabella Massa

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Abstract
In this paper, we assess the macroeconomic determinants of stock market capitalization in a panel of 17 countries in the Middle East and Central Asia, including both hydrocarbon-rich countries and economies without sizeable natural resource wealth. In addition to traditional variables, we include an institutional variable and remittances among the regressors. We find that (i) both institutions and remittances have a positive and significant impact on market capitalization; and (ii) both regressors matter, especially in countries without significant hydrocarbon sectors; whereas (iii) in resource-rich countries, stock market capitalization is mainly driven by the oil price
Table Of Contents
Contents; I. Introduction; II. Determinants of Stock Market Development: A Brief Literature Review; III. What Drives Stock Market Development in MCD Countries ?; A. Methodology and Data; Tables; 1. Selected Middle East and Central Asia Economies: Descriptive Statistics for Regression Variables, 1995-2005; B. Panel Regression Results; Figures; 1. Selected Middle East and Central Asia Economies: Proxy Score for Institutional Quality, 1995-2005; 2. Selected Middle East and Central Asia Economies: Panel Regression, 1995-2005; IV. Conclusions and Policy Implications; References
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (23 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9780146236495

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