This paper compares market emergence in the Middle and East and North African (MENA) region with other emerging markets. We first consider the main components of market emergence, including the size, depth, activity, and transparency of the market, and proceed to a descriptive analysis....

This paper studies capital market integration in Middle Eastern and North African (MENA) countries and its implications for international portfolio investment allocation. Starting with four cointegration methodologies, we significantly reject the hypothesis of a stable, long-run bivariate...