Exchange Rates and Stock Prices in the MENA countries: What Role for Oil?

Andrea Cipollini, Andrea Cipollini, Georgios Chortareas, Mohamed Abdelaziz Eissa

Risultato della ricerca: Article

6 Citazioni (Scopus)

Abstract

This paper considers the linkage between stock prices and exchange rates in four MENA (Middle East and North Africa) emerging markets. In contrast to the existing evidence that uses a global market index to uncover such a relationship it is found that for the sample countries oil prices emerge as the dominant factor in the above relationship. The paper considers the presence of regime shifts and evidence is found of cointegration only for the period following the 1999 oil price shock. Readjustment towards equilibrium in each stock market occurs via oil price changes. Finally, a number of robustness checks are performed and persistence profiles produced.
Lingua originaleEnglish
pagine (da-a)-
Numero di pagine17
RivistaReview of Development Economics
Volume15
Stato di pubblicazionePublished - 2011

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oil price
North Africa
East Africa
exchange rate
Middle East
oil
market
stock market
evidence
persistence
regime
price

All Science Journal Classification (ASJC) codes

  • Geography, Planning and Development
  • Development

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Exchange Rates and Stock Prices in the MENA countries: What Role for Oil? / Cipollini, Andrea; Cipollini, Andrea; Chortareas, Georgios; Eissa, Mohamed Abdelaziz.

In: Review of Development Economics, Vol. 15, 2011, pag. -.

Risultato della ricerca: Article

Cipollini, Andrea ; Cipollini, Andrea ; Chortareas, Georgios ; Eissa, Mohamed Abdelaziz. / Exchange Rates and Stock Prices in the MENA countries: What Role for Oil?. In: Review of Development Economics. 2011 ; Vol. 15. pagg. -.
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