Spillover Effects among European, the US and Moroccan Stock Markets before and after the Global Financial Crisis

Belcaid, Karim; Ghini, Ahmed El

doi:10.1080/15228916.2019.1582266

Cited by 19 publications

(4 citation statements)

References 38 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…There are extensive studies regarding the COVID‐19 pandemic effects on developed and developing economies (Akhtaruzzaman, Boubaker, & Sensoy, 2021 ; Banerjee, 2021 ; Bottan et al, 2021 ; Guo et al, 2021 ; Janssens et al, 2021 ; Kansiime et al, 2021 ; Narayan et al, 2020 ). There is literature on the risk spillovers to African markets during the global financial and European debt crises (Atenga & Mougoué, 2020 ; Belcaid & El Ghini, 2019 ; Fosu, 2013 ; Gurara & Ncube, 2013 ; Sugimoto et al, 2014 ). However, there is a paucity in the literature on how risk spillovers occur from developed to developing African economies during the pandemic.…”

Section: Introductionmentioning

confidence: 99%

COVID‐19 crisis and risk spillovers to developing economies: Evidence from Africa

Akhtaruzzaman¹,

Benkraiem

Boubaker

et al. 2022

J of Intl Development

View full text Add to dashboard Cite

This study provides new evidence on how risk spillovers occur from the United States to developing economies in Africa during the COVID‐19 pandemic. The results show that downside risk exposures of African markets, financial firms and banks particularly increased during Phase I (30 January to 30 April 2020). The nature and magnitude of downside risk exposures of African financial markets were similar to those of the United States. Our results also reveal that the United States is a net transmitter of risk spillovers while Nigeria, South Africa, Egypt and Morocco are net recipients. Our conclusions offer guidance to risk managers, policymakers and investors.

show abstract

Section: Introductionmentioning

confidence: 99%

COVID‐19 crisis and risk spillovers to developing economies: Evidence from Africa

Akhtaruzzaman¹,

Benkraiem

Boubaker

et al. 2022

J of Intl Development

View full text Add to dashboard Cite

show abstract

“…The financial sector’s performance has received considerably more attention following the financial turmoil of 2007, which highlighted the relevance of capital liberalization, liquidity, and solvency for the sake of the proper functioning of the financial system. In Morocco, the uncertainty inherent in the crisis effects has had an impact on the liberalization of its financial market and thus on economic development (Belcaid & El Ghini, 2019a, b, c). The banking sector plays an essential role in financing economic activities in different segments.…”

Section: Moroccan Financial and Banking Contextmentioning

confidence: 99%

Determinants of Bank Profitability in the Context of Financial Liberalization: Evidence from Morocco

Belcaid

Al‐Faryan

2023

Business Perspectives and Research

Self Cite

View full text Add to dashboard Cite

This article aims, in the context of financial liberalization, to examine the impact of several internal and external factors in relation to the profitability of banks listed on the Moroccan stock exchange. The study uses the panel data method on a sample of the six banks with the largest market shares over the 2010–2019 period to investigate the influence of ownership structure, bank governance, capital structure, prudential regulation, and also a macroeconomic variation on bank profitability. Accordingly, the empirical results indicate a negative relationship between concentration, foreign ownership, and bank profitability. Further, high capital structure ratios, especially solvency, liquidity, and capitalization ratios appear to have an undesirable effect on the performance of Moroccan banks. In contrast, the impact of domestic institutional ownership is positive, implying that profitability is more favored by domestic ownership than by foreign ownership. Our findings also highlight the importance of independent directors and board size. Therefore, liberalizing ownership and opening up the board to the expertise of outside directors is essential for the banking sector’s development. In terms of policy implications, central banks and regulators need to ensure that banks rigorously adhere to specified leverage and fixed capital adequacy ratios while ensuring optimal liberalization for bank performance.

show abstract

“…Further evidence highlights that the regional European and GIPSI (except for Greece) transmit more shocks than they receive from other markets. Belcaid and El Ghini (2019) unveiled the spillover effects among the Moroccan, the United States and the European stock markets before and after the GFC. The study documents a significant decline in the net spillover of the Moroccan market after the crisis.…”

Section: Literature Reviewmentioning

confidence: 99%

Returns and volatility connectedness among the Eurozone equity markets

et al. 2023

View full text Add to dashboard Cite

The rising degree of integration among different countries around the world calls for the examination of cross‐country connectedness across equity markets. Moreover, the interconnection among some countries – bound by their common economic policies, treaties and agreements, such as Eurozone countries – is stronger than among others. Strong inter‐country ties may cause an intense connectedness among their financial systems. This study examines the returns and volatility connectedness among the equity markets of the Eurozone countries. Using the TVP‐VAR model, we document strong connectedness among their stock markets. The net transmitters of shocks are the most developed Eurozone stock markets, while Lithuania, Slovenia and Slovakia are among the most vulnerable to risks from the more developed Eurozone economies. Thus, for any event that triggers risk transmission across the Eurozone equity markets, equity investors in less developed countries will be more vulnerable to risks from the nine more developed economies.

show abstract

Spillover Effects among European, the US and Moroccan Stock Markets before and after the Global Financial Crisis

Cited by 19 publications

References 38 publications

COVID‐19 crisis and risk spillovers to developing economies: Evidence from Africa

COVID‐19 crisis and risk spillovers to developing economies: Evidence from Africa

Determinants of Bank Profitability in the Context of Financial Liberalization: Evidence from Morocco

Returns and volatility connectedness among the Eurozone equity markets

Contact Info

Product

Resources

About