Emerging Equity Markets in Middle Eastern Countries PDF Download

Author: Mr.Manmohan S. Kumar
Publisher: International Monetary Fund
ISBN: 1451852665
Category : Business & Economics
Languages : en
Pages : 52

View

Book Description
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: Mr.Hamid R Davoodi
Publisher: International Monetary Fund
ISBN: 9781589062290
Category : Business & Economics
Languages : en
Pages : 44

View

Book Description
The Middle East and North Africa (MENA) is an economically diverse region. Despite undertaking economic reforms in many countries, and having considerable success in avoiding crises and achieving macroeconomic stability, the region’s economic performance in the past 30 years has been below potential. This paper takes stock of the region’s relatively weak performance, explores the reasons for this out come, and proposes an agenda for urgent reforms.

Author: Henry T. Azzam
Publisher: Routledge
ISBN: 1136883819
Category : Social Science
Languages : en
Pages : 313

View

Book Description
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: Mr.Saíd El-Naggar
Publisher: International Monetary Fund
ISBN: 9781557753328
Category : Business & Economics
Languages : en
Pages : 312

View

Book Description
This volume, edited by Said El-Naggar, is the fifth in a series of seminars dealing with economic issues of particular importance to the Arab countries. Held in Manama, Bahrain, in February 1993, it covered topics pertaining to economic development of the Arab countries in the nineties. The seven papers that were presented comprised economic reform in the Arab countries, including particularly structural issues; investment policies and capital flows; inter-Arab labor movements; environment and development; development of human resources; and European economic integration. An overview of the topics is presented by the seminar moderator, Said El-Naggar.

Author: Lu’ayy Minwer Al-Rimawi
Publisher: Kluwer Law International B.V.
ISBN: 9041141928
Category : Law
Languages : en
Pages : 376

View

Book Description
This first book of its kind discusses in particular the role of investor protection as regards disclosure when issuers are offering securities to the public, with full descriptions of the securities markets and stock exchanges in seventeen Arab jurisdictions. In two interrelated parts it examines both the regional macroeconomic matrix and a detailed case study (that of Jordan) in order to analyse the development and characteristics of an Arab regulatory model. Among the important issues and topics arising in the course of the analysis are the following: relevance of international regulatory standards to Arab securities markets; mandatory versus voluntary securities disclosure; the fundamentals of the Islamic financial system, role of riba and gharar, nature and impact of Shari’a’s unquantifiable juridical risks on the modus operandi of Arab securities markets; macroeconomic adjustment policies and structural adjustment programmes in several Arab countries; recent economic and Arab capital markets impact in the wake of the ‘Arab Spring’; extent of different countries’ reliance on Shari’a as a constitutional source; constitutional challenges to the imposition of interest; the need for the positive law to compel securities disclosure under Shari’a; shareholders’ remedies when suing for fraud or negligent misstatements; liability for misleading or inaccurate disclosure (under the general law of the UK and a selected Arab jurisdiction); prospectus liability under the statutory regime of the UK and an Arab regulatory regime; bars to rescission of contract: Comparative UK and Shari'a aspects; and Arab, UK regulatory agencies' enforcement, prosecutorial, administrative and civil remedies. The author closely examines various instruments deployed for conveying securities disclosure and dissemination of information, and looks extensively at relevant rulings as enunciated by an Arab court of cassation. He then constructs a model of an effective securities disclosure regime in order to provide better investor protection for shareholders under Shari’a. 'Among the strengths of Dr Lu’ayy Minwer Al-Rimawi’s book is the fact that at all times he adopts a comparative approach, not only as between different Arab systems, but also with an appreciation of the legal position in the UK and the European Union and elsewhere’ [The Hon. Mr Justice Sir William Blair Q.C., High Court Judge in the UK and Chairman of the Qatar Financial Centre Regulatory Tribunal]. As the first in-depth discussion of the regulation of Arab capital markets in English, with an eye to international standards and the policy issues involved – and with attention focused on the central question of how the law can properly protect investors – this book will commend itself to all those with an interest in securities markets in the Arab world.

Author: Ms.Sena Eken
Publisher: International Monetary Fund
ISBN: 9781557755650
Category : Business & Economics
Languages : en
Pages : 60

View

Book Description
This paper provides an economic overview of the very diverse countries within the large geographical area. It highlights the economic challenges and opportunities facing the MENA region, the policies pursued by the countries in the region, and the outlook for the external environment. The paper concludes with eight policy recommendations.

Author: Mr.Serkan Arslanalp
Publisher: International Monetary Fund
ISBN: 1484326547
Category : Business & Economics
Languages : en
Pages : 50

View

Book Description
This paper proposes an approach to track US$1 trillion of emerging market government debt held by foreign investors in local and hard currency, based on a similar approach that was used for advanced economies (Arslanalp and Tsuda, 2012). The estimates are constructed on a quarterly basis from 2004 to mid-2013 and are available along with the paper in an online dataset. We estimate that about half a trillion dollars of foreign flows went into emerging market government debt during 2010–12, mostly coming from foreign asset managers. Foreign central bank holdings have risen as well, but remain concentrated in a few countries: Brazil, China, Indonesia, Poland, Malaysia, Mexico, and South Africa. We also find that foreign investor flows to emerging markets were less differentiated during 2010–12 against the background of near-zero interest rates in advanced economies. The paper extends some of the indicators proposed in our earlier paper to show how the investor base data can be used to assess countries’ sensitivity to external funding shocks and to track foreign investors’ exposures to different markets within a global benchmark portfolio.

Author: Adam Hanieh
Publisher: Cambridge University Press
ISBN: 1108429149
Category : Business & Economics
Languages : en
Pages : 315

View

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

Author: Oliver S. Kratz
Publisher: Springer Science & Business Media
ISBN: 058530811X
Category : Business & Economics
Languages : en
Pages : 210

View

Book Description
Frontier Emerging Equity Markets Securities Price Behavior and Valuation uses the Russian example to illustrate the intricate mechanics of frontier emerging equity market analysis. Frontier markets are those equity markets that do not benefit from the same degree of securities transparency and information dissemination as future emerging markets. In many cases, frontier equity markets are those which have been created almost literally overnight, without the infrastructure and institutional readiness of the nations in which they are located. During the 1990s, frontier emerging markets have formed a new investment asset class which requires a very different set of valuation metrics from mature emerging markets. In developing a multi-stage approach to the understanding and valuing of such markets, this book uses the case of the Russian frontier equity market to illustrate topics such as the relationship between equity market infrastructure and valuation during the `genesis' period of an emerging financial market; evolving market efficiency; and the crucial role of depository receipt programs in the development of these markets. Further, this book develops the first comprehensive framework for valuing a frontier equity market. The role of equity risk premium, as it affects early dynamic equity valuation, is also covered in order to illuminate important drivers of securities price performance. The book closes by discussing the philology of the frontier market valuation debate, in which every market participant is an important purveyor of information and a contributor to the final valuation dimension of equities. The main asset used to present the empirical concepts is a complete research database drawn from actual frontier market investing, which previously had been unavailable to academic researchers. As an active institutional asset management professional at a major Wall Street investment firm, the author marries academic theories, such as market efficiency and market segmentation, to the real world of high stakes and high risk frontier market investing. This book illustrates the applicability and, in some cases, the uselessness of financial theory when applied to this new and rising asset class. It opens the discussion of equity valuation theory for an environment where many conventional rules of asset price determination need to be rewritten. As the first research-level monograph exclusively dedicated to frontier emerging equity market analysis, it offers a unique dual perspective on how academic financial research finds it a complementary and sometimes antagonistic counterpart of real-life investment decision-making. This book can help both professional investors and students of finance to understand frontier equity market valuation and development.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781557757128
Category : Business & Economics
Languages : en
Pages : 60

View

Book Description
This volume comprises two separate papers on key structural aspects of the reform process in the Gulf Cooperation Council countries. The first paper addresses issues related to financial intermediation and reform in the context of the evolving economic environment in the GCC countries. The second discusses the labor market challenges and policy issues in the GCC countries and their implications for the Middle East and North Africa (MENA) region.