Exchange Rates and Stock Prices in the MENA Countries: What Role for Oil?
المؤلف | Chortareas, G. |
المؤلف | Cipollini, A. |
المؤلف | Eissa, M. A. |
تاريخ الإتاحة | 2015-11-08T10:27:57Z |
تاريخ النشر | 2011 |
اسم المنشور | Review of Development Economics |
المصدر | Wiley Online Library |
الاقتباس | Chortareas, 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. |
الرقم المعياري الدولي للكتاب | 1467-9361 |
الملخص | 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. |
اللغة | en |
الناشر | Blackwell Publishing Ltd |
الموضوع | Stock price Exchange Rates Oil |
النوع | Article |
الصفحات | 758–774 |
رقم العدد | 4 |
رقم المجلد | 15 |
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