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Topics in Middle Eastern and African Economies
We consider the linkage between stock prices and exchange rates in four Middle East emerging markets.Theexistingevidenceonstockpricesandexchangeratestypicallyreliesonintroduction of a global market index. On thecontrary, wefind that forthe countries of our sample oil prices emergeasthedominantfactorintheaboverelationship.Whenwefocusontheextendedsamplewe do not detect evidence of cointegration between stock prices and real exchange rates, or offatcat:elrqnbw6n5cmjnfmbbaw35p6ae