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AuthorChortareas, G.
AuthorCipollini, A.
AuthorEissa, M. A.
Available date2015-11-08T10:27:57Z
Publication Date2011
Publication NameReview of Development Economics
ResourceWiley Online Library
CitationChortareas, G., Cipollini, A. and Eissa, M. A. (2011), Exchange Rates and Stock Prices in the MENA Countries: What Role for Oil?. Review of Development Economics, 15: 758�774.
ISSN1467-9361
URIhttp://dx.doi.org/10.1111/j.1467-9361.2011.00641.x
URIhttp://hdl.handle.net/10576/3783
AbstractThis 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.
Languageen
PublisherBlackwell Publishing Ltd
SubjectStock price
Exchange Rates
Oil
TitleExchange Rates and Stock Prices in the MENA Countries: What Role for Oil?
TypeArticle
Pagination758–774
Issue Number4
Volume Number15
dc.accessType Abstract Only


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