Potential integration of Middle Eastern countries' stock markets

Naser Ibrahim Abumustafa, Fordham University


This study examines the potential integration between Middle Eastern stock markets, especially Arab countries. I investigate the efficiency, diversification, correlation, and potential integration in Middle Eastern countries stock markets, in particular Egypt, Israel, Jordan, Morocco, Saudi Arabia, and Turkey. The study focuses on the correlation and potential integration between the selected countries with each other and as a whole with developed countries in particular the United States of America, Germany, and Japan. Also the dissertation presents a full review of the functions, regulations, and definitions of stock markets. At the same time the research identifies barriers and solutions to potential integration of Arab stock markets. Finally the study examines the predictions of possible financial crisis in these emerging markets, and tests the hypothesis of unit root, and the presence of causality between market capital, and GDP in these countries, which shows how stock markets promote growth.

Subject Area


Recommended Citation

Abumustafa, Naser Ibrahim, "Potential integration of Middle Eastern countries' stock markets" (2002). ETD Collection for Fordham University. AAI3045118.