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In this paper, we investigate the effects of oil price fluctuations on stock markets. Unlike previous works, which have focused largely on broad market indices (national and/or regional indices), we examine short‐term links in both mean and variance in the aggregate as well as sector by sector levels in Europe. Our findings show strong significant effects of oil price changes on European sector stock market returns and volatilities. Moreover, we show some evidence of asymmetry in the oil‐stock price relationships. However, the nature and sensitivity of the reaction of stock returns to oil price shocks change considerably across sectors.

The aim of this paper is to identify the determinants of international stock markets integration. Intuitively we selected a great number of factors linked to financial integration. Then, we developed an international asset-pricing model with time-varying degree of integration. This model is estimated for 30 countries (10 developed countries and 20 emerging countries) using panel data econometrics. In order to investigate whether the financial integration in emerging markets and that in developed markets react differently to the economic and financial innovations, we estimated the model as well jointly for all markets as separately for developed markets and emerging markets. Our results show that trade openness exerts a positive effect on financial integration across all markets, the global factors drive integration in developed markets whereas the factors related to economic and political stability affect financial integration in emerging markets.

The aim of this paper is to identify the determinants of international stock markets integration. Intuitively we selected a great number of factors linked to financial integration. Then, we developed an international asset-pricing model with time-varying degree of integration. This model is estimated for 30 countries (10 developed countries and 20 emerging countries) using panel data econometrics. In order to investigate whether the financial integration in emerging markets and that in developed markets react differently to the economic and financial innovations, we estimated the model as well jointly for all markets as separately for developed markets and emerging markets. Our results show that trade openness exerts a positive effect on financial integration across all markets, the global factors drive integration in developed markets whereas the factors related to economic and political stability affect financial integration in emerging markets.

Migration is one of the key livelihood strategies for households, especially those in low-income and middle-income regions. In this study, we investigate whether the economic level and inequality of wealth can affect inter-governorate migration in Egypt. Using gravity models and data from Population and Housing Censuses of Egypt, we are able to measure the push as well as pull effects of economic and wealth inequality levels on internal migration flows. Although there are a large number of studies on the effect of economic levels on migration, there is little if anything known about the effect of wealth inequality between the origin and destination areas on migration. We measure wealth levels using the household asset index. We find that people tend to move to governorates with high wealth levels as well as high wealth inequality. There is a positive association between wealth inequality and economic growth in Egypt. Governorates with high wealth inequality tend to experience high economic growth and therefore attract more migrants. This study's findings also suggest that unlike non-work migration, the low wealth level in origin governorates is a push factor for work migration.

AbstractThis study examines the effect of international migration in Egypt using fixed‐effect regressions and panel data from Egypt Labour Market Panel Surveys in 2006 and 2012. We find that men and people with higher education are more likely to migrate than women and people with lower education. Middle‐aged people are also more likely to migrate than young or old people. International migration does not seem to affect the overall employment of remaining members of migrant‐sending households. However, it tends to increase the self‐employed work of members of migrant‐sending households. Finally, international migration also helps migrant‐sending households increase their wealth index. Remittances are used to improve living conditions (housing) and purchase more assets and durables. This finding supports the theory as well as the policy to increase migration as a way to stabilize consumption and reduce poverty in low income countries.

Résumé Ce travail utilise les techniques récentes de coïntégration en panel et la méthode d'estimation sur pour tester l'existence d'une relation de long terme entre le prix du pétrole et le cours des actions dans les pays du Conseil de coopération du Golfe ( ccg ). Ces pays étant des acteurs majeurs du marché mondial de l'énergie, leurs marchés boursiers devraient être sensibles aux chocs affectant le prix du pétrole. En utilisant une base de données mensuelle couvrant la période allant de janvier 1996 à décembre 2007, notre étude met en évidence, d'une part, l'existence d'une relation de coïntégration entre le prix du pétrole et le cours des actions dans les pays du ccg , et, d'autre part, les estimations sur indiquent que les augmentations du prix du pétrole ont un impact positif sur les rentabilités boursières, sauf en Arabie Saoudite.