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Working Paper Series - The Global Financial Crisis and Equity Markets in Middle East Oil Exporting Countries



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The Global Financial Crisis and Equity Markets in Middle East Oil Exporting Countries


Volume : 0

No : 0

ISSN : WPS1009

Publisher : Arab Planning Institute - Kuwait

Author (s) : Ibrahim Onour 

Published Date : 1/1/2010


Contents :
This paper employs extremedownside risk measures to estimate the impact of the global financial crisis in2008/2009 on equity markets in major oil producing Middle East countries. The results in the paper indicate the spillovereffect of the global crisis varied from a country to another, but most hardlyaffected market among the group of six markets was Dubai financial market in which portfolioloss reached about 42 per cent. This indicates that Dubai debt crisis, which emerged on surfacein 2009, exacerbated the impact of the global financial crisis and prolongedthe recovery process in these markets. 

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