This chapter looks at the development of contractual savings and institutional investors in Egypt, Jordan, Morocco, and Tunisia (EJMT), and their links with the development of equity markets. The chapter identifies four major potential contributions of contractual savings to capital market development as well as “impact pre-conditions” that can help them obtain. It concludes that contractual savings and institutional investors are neither necessary nor sufficient for the development of equity and bond markets. Nevertheless with certain conditions in place they can have a large impact. The presence of these conditions in EJMT are assessed.
Grais, W. and Vittas, D. (2005), "Institutional Investors, Contractual Savings and Capital Market Development in Egypt, Jordan, Morocco, and Tunisia", Neaime, S. and Colton, N.A. (Ed.) Money and Finance in the Middle East: Missed Oportunities or Future Prospects? (Research in Middle East Economics, Vol. 6), Emerald Group Publishing Limited, Bingley, pp. 43-65. https://doi.org/10.1016/S1094-5334(05)06003-6
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