Financial Markets of the Middle East and North Africa: The Past and Present

37 Pages Posted: 25 Jun 2003

See all articles by Yochanan Shachmurove

Yochanan Shachmurove

City University of New York, CUNY City College of New York - Department of Economics; The University of Pennsylvania - Department of Economics

Date Written: June 2003

Abstract

The recent political developments in the Middle East have prompted increased scrutiny of the economies of the nations lying in this region. Over the past few months, the financial markets of Middle East and North Africa (MENA) have been affected by the speculations that existed before the war in Iraq as well as its subsequent repercussions. Factors such as lagging domestic, political reforms, government interference, and inflexible monetary and fiscal policies remain obstacles to privatization, globalization, and foreign investment in MENA economies. As the economies enter the post-war recovery phase, reform of financial markets seems necessary to accelerate economic growth.

Keywords: Middle East and North African (MENA) Emerging Financial Markets, Bahrain, Egypt, Israel, Jordan, Kuwait, Lebanon, Morocco, Oman, Tunisia, Turkey, Foreign Direct Investment, Globalization and Growth, Iraq War, Gulf War, Macroeconomic and Financial Indicators

JEL Classification: E0, E1, F3, F4, G1, N2, O4, O5

Suggested Citation

Shachmurove, Yochanan, Financial Markets of the Middle East and North Africa: The Past and Present (June 2003). PIER Working Paper No. 03-017, Available at SSRN: https://ssrn.com/abstract=419780 or http://dx.doi.org/10.2139/ssrn.419780

Yochanan Shachmurove (Contact Author)

City University of New York, CUNY City College of New York - Department of Economics ( email )

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The University of Pennsylvania - Department of Economics ( email )

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