أثر تقلبات أسعار الصرف على الأسواق المالية : دراسة إحصائية لبعض الأسواق المتقدمة و النامية خلال السداسي الأول من سنة 2015

الملخص EN

The exchange rate plays a key role in any economy.

It is used in facilitating and developing foreign trade, getting the equilibrium of the balance of payments and raising the competitiveness of the economy, and so on, especially in the current international environment characterised by overwhelming economic openness, financial liberalization, and lifting of barriers on goods, services and capital.

In this context, this paper addresses the issue of exchange rate fluctuations and their impact on the financial markets.

In contrast to common belief, tests show that the Arab currencies, consisting the sample, are stable during our study period, making them independent of the development of Arab financial markets in most cases, and therefore did not have any impact on these markets.

And thus, in tandem with the collapse of oil prices, the Euro against the Dollar, and the political instability in the whole region during the first half of 2015.

Finally, and for comparison purposes, the study also demonstrates that there is a stronger influence of the major currencies in the world, i.e., the dollar and the euro, on developed financial markets.