Abstract
This chapter studies the properties and characteristics of the Middle East and North African (MENA) stock markets, and the prospects and implications of enhanced financial liberalization in the region. It also explores whether these markets can offer international investors unique risk and returns characteristics to diversify international and regional portfolios. Johansen co-integration tests reveal that the Gulf Cooperation Council equity markets still offer international investors the portfolio diversification potentials mainly through mutual funds, while other emerging MENA stock markets like those of Turkey, Egypt, Morocco, and to a lesser extent Jordan have matured, and are now integrated with the world financial markets.
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