القوى الدافعة الدافعة لتكامل الأسواق المالية : دراسة قياسية لمجموعة من دول غرب المتوسط (مصر، تونس، المغرب)‎

Abstract EN

This study aims at investigating the determinants of integration financial markets among a group of western Mediterranean countries (Egypt, Tunisia, and Morocco) during the period 2010-2018.

It was measured the degree of conditional correlation between each financial markets using the DCC-GARCH model, and the bound test of go-integration from ARDL model was used to study the determinants of integration of each financial market: macroeconomics, the characteristics of financial market, and international variable.

The DCC-GARCH model showed an important correlation between financial markets.

The bound test showed that the determinants of integration between Cairo and Casablanca are the rate of export coverage import, the capitalization and number of transactions.

While the determinants of integration between the Tunisia and Casablanca are the effective real exchange rate, the coverage rate, the capitalization and the international variables.

Finally, the determinants of integration between Cairo and Tunisia is the effective exchange rate.