Emerging Equity Markets in Middle Eastern Countries

ByMohamed A. El-Erian, Manmohan S. Kumar

September 1, 1994

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Within a broad framework for analyzing portfolio capital flows to developing countries, the paper undertakes a comparative analysis of equity markets in six Middle Eastern countries. The analysis, based primarily on a range of quantitative indicators, identifies the principal characteristics of these markets, including relative to international comparators, and examines associated structural features. This, along with an analysis of the informational efficiency of selected markets in the region, provides a basis for the subsequent review of policies for enhancing the role of equity markets in the macroeconomy of Middle Eastern countries.

Subject: Capital markets, Emerging and frontier financial markets, Financial institutions, Financial markets, International capital markets, Stock markets, Stocks

Keywords: bull market, Capital markets, constant dollars, Emerging and frontier financial markets, export market opportunity, financial support, International capital markets, intrinsic value, market capitalization, market place, Middle East, opportunity cost, price change, private sector, rate of return, reduction operation, secondary market, Stock markets, Stocks, WP

Pages:
52
Volume:
1994
DOI:
https://doi.org/10.5089/9781451852660.001
Issue:
103
Series:
Working Paper No. 1994/103
Stock No:
WPIEA1031994
ISBN:
9781451852660
ISSN:
1018-5941

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Notes

Discusses Egypt, Islamic Republic of Iran, Jordan, Morocco, Tunisia, and Turkey. Also published in Staff Papers, Vol. 42, No. 2, June 1995.

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