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Please refer to this blog post for more information. In order to investigate the impact of stock market liberalization on economic growth in the MENA region, we need to place our contribution in the economic growth literature. Our study is one of the few studies that focus on MENA countries.

Several issues are addressed about the impact of stock market liberalization on economic growth. Using annual data from 11 MENA countries over the — period, the empirical results indicate that stock market liberalization has no effect on economic and investment growth, whereas the impact on stock market development is negative in the short run but turns positive in the long run.

However, when we include certain pre-conditions for liberalizing the stock market, we find that a more developed stock market prior to liberalization; less government intervention and by not fully opening the economy to foreign trade, reinforces the positive impact of liberalization on stock market development.

These results could have some important policy implications in which domestic financial reforms should precede policies that aim at liberalizing the stock market.

This is not only easier and faster to accomplish, but from a policy sequencing perspective it pays to reform the trade regime before totally liberalizing the portfolio component of the capital account.

Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices | Stanford Graduate School of Business

In conclusion, reforms should first and foremost start in the domestic economy before opening it fully to foreign participation. Our results are robust to several specifications but they should be tentative since there may be some measurement error in the calculation of several variables which could downward bias the estimates. Journal of Comparative Economics 36 4 — The views expressed in this paper are entirely those of its authors and do not necessarily reflect those of the Cairo and Alexandria Stock Exchanges CASE , the board of directors, or CASE policy.

The paper was written partly when Mohammed Omran was working at the Middle East and Central Asia Department in the International Monetary Fund IMF and Samy Ben Naceur was visiting the IMF Research Department.

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Impact of financial liberalisation on stock market liquidity: experience of China: Journal of Chinese Economic and Foreign Trade Studies: Vol 5, No 1

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DOES STOCK MARKET LIBERALISATION BENEFIT THE ECONOMY? EVIDENCE FROM INDUSTRY-LEVEL DATA | EABER

Please enable JavaScript to use all the features on this page. Journal of Comparative Economics Volume 36, Issue 4 , December , Pages Does stock market liberalization spur financial and economic development in the MENA region? Author links open the author workspace.

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Opens the author workspace a. Numbers and letters correspond to the affiliation list. Click to expose these in author workspace b.

Click to expose these in author workspace Samir Ghazouani. Click to expose these in author workspace c.

Click to expose these in author workspace Mohammed Omran. Opens the author workspace Opens the author workspace d. Click to expose these in author workspace e.

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