01835cas a2200253 a 4500 AALejournalIMF009353 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451867213 1018-5941 BD-DhAAL BD-DhAAL Billmeier, Andreas. What Drives Stock Market Development in the Middle East and Central Asia-Institutions, Remittances, or Natural Resources? / Andreas Billmeier, Isabella Massa. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (21 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students In this paper, we assess the macroeconomic determinants of stock market capitalization in a panel of 17 countries in the Middle East and Central Asia, including both hydrocarbon-rich countries and economies without sizeable natural resource wealth. In addition to traditional variables, we include an institutional variable and remittances among the regressors. We find that (i) both institutions and remittances have a positive and significant impact on market capitalization; and (ii) both regressors matter, especially in countries without significant hydrocarbon sectors; whereas (iii) in resource-rich countries, stock market capitalization is mainly driven by the oil price. Mode of access: Internet Massa, Isabella. IMF Working Papers; Working Paper ; No. 2007/157 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/157/001.2007.issue-157-en.xml IMF e-Library