The Emerging Middle East Financial Markets

Author : Henry T. Azzam
Publisher : AuthorHouse
Page : 250 pages
File Size : 47,7 Mb
Release : 2015-08-28
Category : Business & Economics
ISBN : 9781504932820

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The Emerging Middle East Financial Markets by Henry T. Azzam Pdf

The book aims to unravel the potentials of Middle East financial markets, which are spread over a large and wealthy part of the world. These markets are gradually being opened for international investors seeking diversification and rewarding risk adjusted returns. However, opening up to international investors is a necessary but not a sufficient condition to attract institutional money needed to provide depth and professionalism to these markets. Without a cultural shift towards more transparency, better regulations and governance, and the availability of custody, clearance and equity research, up to international best practice, not much institutional money will be forthcoming to the region. Funding sources in the Middle East and North Africa Region are still predominantly channeled through the banking system, with equity and fixed income markets playing a marginal role. While the world’s financial markets show on average a balanced structure of bank assets, stock market capitalization and debt securities, the capital mix in the region is heavily skewed towards bank assets with a share of 58.8%, equities around 34% and debt securities (bonds and Sukuk) 7.2%. Stock markets of the UAE and Qatar have recently been upgraded to emerging market status, which together with Egypt are the only three Arab countries that have selected listed companies featuring in the Morgan Stanley Capital Index for Emerging Markets (MSCI EM). Saudi Arabia has opened its stock market to direct investment by foreign financial institutions in the second half of 2015. The opening of the Saudi stock market is a major positive development for the region’s capital markets. The path ahead for MENA finance has become now clearer. The relative weight of commercial banks in the financial system will diminish gradually, and a wider range of financial services will be provided by deeper and increasingly more sophisticated debt and equity capital markets, in line with worldwide trends. Sharia compliant products, such as Sukuk, are expected to continue to grow at double-digit rate to meet the strong demand generated regionally and internationally.

Author : Mr.Manmohan S. Kumar,Mr.Mohamed A. El-Erian
Publisher : International Monetary Fund
Page : 52 pages
File Size : 53,8 Mb
Release : 1994-09-01
Category : Business & Economics
ISBN : 9781451852660

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Emerging Equity Markets in Middle Eastern Countries by Mr.Manmohan S. Kumar,Mr.Mohamed A. El-Erian Pdf

Within a broad framework for analyzing portfolio capital flows to developing countries, the paper undertakes a comparative analysis of equity markets in six Middle Eastern countries. The analysis, based primarily on a range of quantitative indicators, identifies the principal characteristics of these markets, including relative to international comparators, and examines associated structural features. This, along with an analysis of the informational efficiency of selected markets in the region, provides a basis for the subsequent review of policies for enhancing the role of equity markets in the macroeconomy of Middle Eastern countries.

Author : Henry T. Azzam
Publisher : Routledge
Page : 313 pages
File Size : 55,6 Mb
Release : 2013-12-16
Category : Social Science
ISBN : 9781136883811

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Emerging Arab Capital Markets by Henry T. Azzam Pdf

First Published in 1997. Economic adjustment programs that combine macroeconomic stability and structural reforms are being implemented in several Arab countries. Policy-makers also are devoting more attention to improving the operation of domestic capital markets. To invest in this region now would be a far-sighted move by entering at a stage when the process is still under way. This book is one of very few readily available sources of reference on the region's stock and bond markets, presented in a concise and accessible form. It provides investors, policy-makers, analysts, bankers and other market participants with comprehensive information covering the top 10 Arab stock markets of Saudi Arabia, Egypt, Jordan, Kuwait, UAE, Bahrain, Oman, Lebanon, Morocco and Tunisia. For each market, a historical background is given together with structure, listing and trading procedures, performance trends, financial indicators, sectoral analysis and underlying strengths and weaknesses.

Author : Bogdan Bilaus,Luis Garcia-Feijóo
Publisher : CFA Institute Research Foundation
Page : 166 pages
File Size : 55,6 Mb
Release : 2022-07-15
Category : Business & Economics
ISBN : 9781952927317

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Middle East Capital Markets: Challenges and Opportunities by Bogdan Bilaus,Luis Garcia-Feijóo Pdf

The Middle East economies and their respective capital markets are a unique combination of extremes—from the vibrant, trade-based United Arab Emirates and resource rich Kuwait and Qatar to ones that are currently experiencing challenging times, such as Iraq and Lebanon. This brief covers the history, current characteristics, and challenges and opportunities of 10 capital markets from the Middle East. Each chapter is written by local authors familiar with the corresponding market: Bahrain, Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Author : Panagiotis Andrikopoulos,Greg N. Gregoriou,Vasileios Kallinterakis
Publisher : Academic Press
Page : 428 pages
File Size : 55,7 Mb
Release : 2016-08-05
Category : Business & Economics
ISBN : 9780128094914

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Handbook of Frontier Markets by Panagiotis Andrikopoulos,Greg N. Gregoriou,Vasileios Kallinterakis Pdf

Handbook of Frontier Markets: Evidence from Asia and International Comparative Studies provides novel insights from academic perspectives about the behavior of investors and prices in several frontier markets. It explores finance issues usually reserved for developed and emerging markets in order to gauge whether these issues are relevant and how they manifest themselves in frontier markets. Frontier markets have now become a popular investment class among institutional investors internationally, with major financial services providers establishing index-benchmarks for this market-category. The anticipation for frontier markets is optimistic uncertainty, and many people believe that, given their growth rates, these markets will be economic success stories. Irrespective of their degrees of success, The Handbook of Frontier Markets can help ensure that the increasing international investment diverted to them will aid in their greater integration within the global financial system. Presents topics in the contexts of frontier markets and uses tests based on established methodologies from finance research Features contributing authors who are established university academics Emphasizes financial institutions and applications of financial risk models Explores finance issues usually reserved for developed and emerging markets in order to gauge whether these issues are relevant and how they manifest themselves in frontier markets

Author : Wafik Grais,Zeynep Kantur,World Bank. Financial Sector Operations and Policy Dept
Publisher : World Bank Publications
Page : 49 pages
File Size : 46,5 Mb
Release : 2002
Category : Financial services industry
ISBN : 8210379456XXX

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The changing financial landscape by Wafik Grais,Zeynep Kantur,World Bank. Financial Sector Operations and Policy Dept Pdf

Economists have come to acknowledge that finance matters for development more, and in more ways than had been recognized for a long time. Changes in the financial services industry are providing immense possibilities for economic development. Grais and Kantur present a framework to help understand the changes occurring in the financial landscape. They also attempt to lay out the opportunities and the challenges the Middle East and Northern Africa region faces in light of these changes. The framework views financial development as a two-way, continuous, and dynamic interaction between, on the one hand, three driving forces shaping the industry and, on the other hand, four stylized dimensions of financial services. These driving forces jointly modify the financial landscape and are at the same time influenced by the effects of these changes. The three driving forces are financial liberalization, technological changes, and market innovation in response to demands for financial services. The four dimensions of financial services that are altered by the forces at play are disintermediation, institutionalization, modernization, and globalization. The authors provide a strategic perspective on the opportunities and challenges the profound changes in the financial industry bring to the Middle East and North Africa region, its policymakers, and market participants.

Author : Adam Hanieh
Publisher : Cambridge University Press
Page : 315 pages
File Size : 52,8 Mb
Release : 2018-09-13
Category : Business & Economics
ISBN : 9781108429146

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Money, Markets, and Monarchies by Adam Hanieh Pdf

An original and empirically grounded analysis of the Gulf monarchies and their role in shaping the political economy of the Middle East.

Author : Tim J. Rogmans
Publisher : Business Expert Press
Page : 140 pages
File Size : 47,8 Mb
Release : 2012-09-01
Category : Business & Economics
ISBN : 9781606492062

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The Emerging Markets of the Middle East by Tim J. Rogmans Pdf

Over the next decade, the economies of the Middle East will continue to be characterized by rapid growth, political turmoil, and increasing competitive intensity. International investors have the choice either to ignore the region all together and bypass business opportunities with great potential or to make a careful assessment of which countries to enter and how to enter them successfully. This book is the first of its kind to include the information, insights, and frameworks that are required to develop entry and growth strategies for the Middle East in the new turbulent environment following the global economic crisis and the Arab Spring. The first part of this book provides an in-depth analysis of the major developments that determine the business environment of different countries in the region, including a discussion of major social and economic developments, the impact of the rise in multinational companies from the Middle East, and the role played by institutions and political risk. The second part deals with each of the major decisions that a company planning to grow in the region needs to make: Which countries to enter? What is the right entry mode and ownership structure? How to choose between a greenfield operation and an acquisition? This book concludes with valuable and practical advice on the process of setting up operations in the Middle East.

Author : Anonim
Publisher : Unknown
Page : 278 pages
File Size : 46,7 Mb
Release : 1995
Category : Banks and banking
ISBN : UVA:X004156627

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Development of Financial Markets in the Arab Countries, Iran and Turkey by Anonim Pdf

Author : David Cobham,Ghassan Dibeh
Publisher : Routledge
Page : 295 pages
File Size : 45,6 Mb
Release : 2010-12-07
Category : Business & Economics
ISBN : 9781136864162

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Money in the Middle East and North Africa by David Cobham,Ghassan Dibeh Pdf

Monetary policy in the Middle East and North African (MENA) countries remains an understudied area; this book fills an important gap by examining monetary policy frameworks and monetary policy strategies in the region. Building on the editors’ earlier book, Monetary Policy and Central Banking in the Middle East and North Africa, which focused on central bank independence issues and on exchange rate regimes, this book emphasises monetary policy strategies. Part I contains an overview of the financial markets and institutions which condition the choice of monetary policy strategy in the countries of the region, followed by single-country studies on aspects of the monetary policy frameworks of Lebanon, Egypt, Jordan, the Palestinian Territory and Turkey. Part II includes analyses of the prospects for inflation targeting in Egypt, Morocco and Tunisia, of the monetary transmission mechanism in the Gulf Cooperation Council countries, of the relative advantages of inflation targeting and exchange rate fixity with reference to Egypt, of the problem of fiscal dominance in Egypt, and of the inflationary implications of exchange rate fixity for Saudi Arabia and Kuwait. The contributors are experts from universities inside and outside the MENA region, from central banks in the region and from outside institutions such as the European Central Bank and the International Monetary Fund.

Author : Kathryn C. Lavelle
Publisher : Oxford University Press
Page : 296 pages
File Size : 48,5 Mb
Release : 2004-10-14
Category : Business & Economics
ISBN : 9780190291716

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The Politics of Equity Finance in Emerging Markets by Kathryn C. Lavelle Pdf

Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.

Author : Jean Francois Seznec,Samer Mosis
Publisher : Routledge
Page : 216 pages
File Size : 53,6 Mb
Release : 2018-11-13
Category : Business & Economics
ISBN : 9781351059695

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The Financial Markets of the Arab Gulf by Jean Francois Seznec,Samer Mosis Pdf

Financial markets across the Arabian Peninsula have gone from being small, quasi-medieval structures in the 1960s to large world-class groupings of financial institutions. This evolution has been fueled by vast increases in income from oil and natural gas. The Financial Markets of the Arab Gulf presents and analyzes the banks, stock markets, investment companies, money changers and sovereign wealth funds that have grown from this oil wealth and how this income has acted as a buffer between Gulf society at large and the newfound cash reserves of Gulf Cooperation Council states (Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain) over the last fifty years. By assessing the development of institutions like the Abu Dhabi Investment Authority, the Saudi Arabian Monetary Authority, the Public Investment Fund and the National Bank of Kuwait, The Financial Markets of the Arab Gulf evaluates the growth of the markets and provides a detailed, critical, snapshot of the current form and function of the Gulf’s financial markets. It argues that the markets have been controlled by various state institutions for socio-political reasons. In particular, the Saudi state has used its sophisticated regulatory regime to push for industrialization and diversification, which culminated in the Vision 2030 plan. The UAE, Qatar, Kuwait, Bahrain and Oman have also been strongly involved in establishing modern markets for similar purposes but have done so through different means, with varying results, and each in line with what has been considered their respective comparative advantages. Along with critically surveying these institutions and their role in global finance, the book also presents case studies depicting transactions typical to the region, including the highly profitable documentary credits of commercial banks, the financial scandal of certain financiers and their regulatory arbitrage between Bahrain and Saudi Arabia, a review of the Dubai’s trade miracle, and an assessment of the value and importance of the privatization of Saudi Aramco.

Author : G. Andrew Karolyi
Publisher : Financial Management Associati
Page : 313 pages
File Size : 43,7 Mb
Release : 2015
Category : Business & Economics
ISBN : 9780199336623

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Cracking the Emerging Markets Enigma by G. Andrew Karolyi Pdf

In Cracking the Emerging Markets Enigma, emerging markets expert Andrew Karolyi outlines a practical strategy for evaluating the opportunities and-more importantly-the risks of investing in emerging markets. Karolyi's proposed system evaluates multiple dimensions of the potential risks faced by prospective investors. These categories of risk reflect the uneven quality or fragility of the various institutions designed to assure integrity in capital markets-political stability, corporate opacity, limits placed on foreign investors, and more. By distilling these analyses into a numerical scoring system, Karolyi has devised a way to assess with ease emerging markets by different dimensions of risk and across all dimensions together.

Author : Andreas Billmeier,Isabella Massa
Publisher : International Monetary Fund
Page : 28 pages
File Size : 55,6 Mb
Release : 2007-07
Category : Business & Economics
ISBN : UCSD:31822034969402

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What Drives Stock Market Development in the Middle East and Central Asia--Institutions, Remittances, Or Natural Resources? by Andreas Billmeier,Isabella Massa Pdf

In this paper, we assess the macroeconomic determinants of stock market capitalization in a panel of 17 countries in the Middle East and Central Asia, including both hydrocarbon-rich countries and economies without sizeable natural resource wealth. In addition to traditional variables, we include an institutional variable and remittances among the regressors. We find that (i) both institutions and remittances have a positive and significant impact on market capitalization; and (ii) both regressors matter, especially in countries without significant hydrocarbon sectors; whereas (iii) in resource-rich countries, stock market capitalization is mainly driven by the oil price.

Author : Ms. Pritha Mitra
Publisher : International Monetary Fund
Page : 51 pages
File Size : 44,6 Mb
Release : 2016-03-22
Category : Business & Economics
ISBN : 9781513595450

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Avoiding the New Mediocre by Ms. Pritha Mitra Pdf

Raising the Middle East and Central Asia’s long-term growth prospects is critical for meeting the region's pressing need for jobs and higher living standards.