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Volume :26 Issue : 2 1998      Add To Cart                                                                    Download

The Saudi Stock Market and the Monetary Policy

Auther : Hamad S. AL-Bazai

 The efficiency of the Saudi Arabian stock market is investigated with respect to monetary policy. A vector auto –regressive model is used to study the sources of money and stock price fluctuations. Unit root tests indicate that all variables (LM1, LM2, LM3 AND LMI) are difference stationary and co integrated. VAR results show unidirectional   causality between LM1 and LMI, LM2 and LMI, and between LM3 and LMI. In light of these findings, it can be concluded that the Saudi stock market is inefficient with respect to monetary policy, which casts some doubt on its present role in mobilizing resources to promote economic development.

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