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The purpose of this paper is to examine the effects of the current global crisis on the integration and co‐movements of selected Islamic stock markets.

Time series techniques of cointegration were used over the period spanning from February 15, 2006 to December 31, 2008. In order to explore changes in the stock market integration and co‐movement, following Majid and Kassim, we divide the period of analysis into two periods, namely the pre‐crisis period (February 15, 2006‐July 25, 2007) and during crisis period (July 26, 2007‐December 31, 2008).

No evidence was found of cointegration among the Islamic stock markets in both periods. Accordingly, the 2007 subprime crisis does not seem to affect the long‐run co‐movements among the Islamic stock markets.

The Islamic stock markets provide opportunity for the potential benefits from international portfolio diversification, even after the subprime crisis. The prohibition of riba, gharar and maysir is one of the plausible reasons of no cointegration in the Islamic stock markets.

Using the Islamic stock indices, to the best of the authors' knowledge, goes clearly beyond the existing literature on the subject matter.

The purpose of this paper is to explore the determinants of international reserves in Algeria using economic growth and real effective exchange rate variables. The paper used quarterly data from 1985Q1 to 2014Q4.

The study employs autoregressive distributed lag (ARDL) approach known as the bounds testing method. The ARDL technique works well for small sample studies also. The current study assesses the influence of economic growth and real effective exchange rates on international reserves in Algeria by evaluating both short-run and long-run dynamics.

The study establishes a long-run relationship between international reserves, economic growth and real effective exchange rate. It also reveals that economic growth has a positive impact on international reserves while real effective exchange rate shows a negative effect.

This paper tries to provide a complete picture of the determinants of international reserves in Algeria. Foreign trade policy makers of Algeria can use the model estimated here to draw pertinent policies regarding international reserves.