What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter?

Abstract The main objective of this study is to empirically determine which factors are related to the development of local-currency bond market (LCBM) in Saudi Arabia over the period 1990–2019. Using ARDL modeling, the results reveal long-run cointegrating relationships between LCBM capitalization...
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Autor*in:	Boukhatem, Jamel [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2021

Schlagwörter:	Bond market development Macroeconomic and financial factors Institutional framework ARDL bounds test

Anmerkung:	© The Author(s) 2021

Übergeordnetes Werk:	Enthalten in: Future Business Journal - New York, NY : Springer Nature, 2015, 7(2021), 1 vom: 11. Dez.
Übergeordnetes Werk:	volume:7 ; year:2021 ; number:1 ; day:11 ; month:12

Links:	Volltext

DOI / URN:	10.1186/s43093-021-00110-8

Katalog-ID:	SPR04578275X

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spelling	10.1186/s43093-021-00110-8 doi (DE-627)SPR04578275X (SPR)s43093-021-00110-8-e DE-627 ger DE-627 rakwb eng Boukhatem, Jamel verfasserin (orcid)0000-0002-0185-4134 aut What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter? 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s) 2021 Abstract The main objective of this study is to empirically determine which factors are related to the development of local-currency bond market (LCBM) in Saudi Arabia over the period 1990–2019. Using ARDL modeling, the results reveal long-run cointegrating relationships between LCBM capitalization and macroeconomic, financial, and institutional factors. Unlike institutional ones, macroeconomic and financial factors seem to matter more in developing LCBM in the short run. However, in the long run, larger economic size more government spending, low inflation levels, broader and deeper banking system, higher bureaucratic quality, and better investment profile, all play a crucial role in the determination of Saudi LCBM. Policy implications include measures toward sound macroeconomic fundamentals, broad and deep banking system, efficient stock market, and high-quality governance institutions. Bond market development (dpeaa)DE-He213 Macroeconomic and financial factors (dpeaa)DE-He213 Institutional framework (dpeaa)DE-He213 ARDL bounds test (dpeaa)DE-He213 Enthalten in Future Business Journal New York, NY : Springer Nature, 2015 7(2021), 1 vom: 11. Dez. (DE-627)837953758 (DE-600)2837528-2 2314-7210 nnns volume:7 year:2021 number:1 day:11 month:12 https://dx.doi.org/10.1186/s43093-021-00110-8 kostenfrei Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 7 2021 1 11 12
allfields_unstemmed	10.1186/s43093-021-00110-8 doi (DE-627)SPR04578275X (SPR)s43093-021-00110-8-e DE-627 ger DE-627 rakwb eng Boukhatem, Jamel verfasserin (orcid)0000-0002-0185-4134 aut What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter? 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s) 2021 Abstract The main objective of this study is to empirically determine which factors are related to the development of local-currency bond market (LCBM) in Saudi Arabia over the period 1990–2019. Using ARDL modeling, the results reveal long-run cointegrating relationships between LCBM capitalization and macroeconomic, financial, and institutional factors. Unlike institutional ones, macroeconomic and financial factors seem to matter more in developing LCBM in the short run. However, in the long run, larger economic size more government spending, low inflation levels, broader and deeper banking system, higher bureaucratic quality, and better investment profile, all play a crucial role in the determination of Saudi LCBM. Policy implications include measures toward sound macroeconomic fundamentals, broad and deep banking system, efficient stock market, and high-quality governance institutions. Bond market development (dpeaa)DE-He213 Macroeconomic and financial factors (dpeaa)DE-He213 Institutional framework (dpeaa)DE-He213 ARDL bounds test (dpeaa)DE-He213 Enthalten in Future Business Journal New York, NY : Springer Nature, 2015 7(2021), 1 vom: 11. Dez. (DE-627)837953758 (DE-600)2837528-2 2314-7210 nnns volume:7 year:2021 number:1 day:11 month:12 https://dx.doi.org/10.1186/s43093-021-00110-8 kostenfrei Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 7 2021 1 11 12
allfieldsGer	10.1186/s43093-021-00110-8 doi (DE-627)SPR04578275X (SPR)s43093-021-00110-8-e DE-627 ger DE-627 rakwb eng Boukhatem, Jamel verfasserin (orcid)0000-0002-0185-4134 aut What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter? 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s) 2021 Abstract The main objective of this study is to empirically determine which factors are related to the development of local-currency bond market (LCBM) in Saudi Arabia over the period 1990–2019. Using ARDL modeling, the results reveal long-run cointegrating relationships between LCBM capitalization and macroeconomic, financial, and institutional factors. Unlike institutional ones, macroeconomic and financial factors seem to matter more in developing LCBM in the short run. However, in the long run, larger economic size more government spending, low inflation levels, broader and deeper banking system, higher bureaucratic quality, and better investment profile, all play a crucial role in the determination of Saudi LCBM. Policy implications include measures toward sound macroeconomic fundamentals, broad and deep banking system, efficient stock market, and high-quality governance institutions. Bond market development (dpeaa)DE-He213 Macroeconomic and financial factors (dpeaa)DE-He213 Institutional framework (dpeaa)DE-He213 ARDL bounds test (dpeaa)DE-He213 Enthalten in Future Business Journal New York, NY : Springer Nature, 2015 7(2021), 1 vom: 11. Dez. (DE-627)837953758 (DE-600)2837528-2 2314-7210 nnns volume:7 year:2021 number:1 day:11 month:12 https://dx.doi.org/10.1186/s43093-021-00110-8 kostenfrei Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 7 2021 1 11 12
allfieldsSound	10.1186/s43093-021-00110-8 doi (DE-627)SPR04578275X (SPR)s43093-021-00110-8-e DE-627 ger DE-627 rakwb eng Boukhatem, Jamel verfasserin (orcid)0000-0002-0185-4134 aut What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter? 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s) 2021 Abstract The main objective of this study is to empirically determine which factors are related to the development of local-currency bond market (LCBM) in Saudi Arabia over the period 1990–2019. Using ARDL modeling, the results reveal long-run cointegrating relationships between LCBM capitalization and macroeconomic, financial, and institutional factors. Unlike institutional ones, macroeconomic and financial factors seem to matter more in developing LCBM in the short run. However, in the long run, larger economic size more government spending, low inflation levels, broader and deeper banking system, higher bureaucratic quality, and better investment profile, all play a crucial role in the determination of Saudi LCBM. Policy implications include measures toward sound macroeconomic fundamentals, broad and deep banking system, efficient stock market, and high-quality governance institutions. Bond market development (dpeaa)DE-He213 Macroeconomic and financial factors (dpeaa)DE-He213 Institutional framework (dpeaa)DE-He213 ARDL bounds test (dpeaa)DE-He213 Enthalten in Future Business Journal New York, NY : Springer Nature, 2015 7(2021), 1 vom: 11. Dez. (DE-627)837953758 (DE-600)2837528-2 2314-7210 nnns volume:7 year:2021 number:1 day:11 month:12 https://dx.doi.org/10.1186/s43093-021-00110-8 kostenfrei Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 7 2021 1 11 12
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author	Boukhatem, Jamel
spellingShingle	Boukhatem, Jamel misc Bond market development misc Macroeconomic and financial factors misc Institutional framework misc ARDL bounds test What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter?
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topic_title	What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter? Bond market development (dpeaa)DE-He213 Macroeconomic and financial factors (dpeaa)DE-He213 Institutional framework (dpeaa)DE-He213 ARDL bounds test (dpeaa)DE-He213
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title	What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter?
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title_full	What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter?
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title_sort	what drives local currency bond market development in saudi arabia: do macroeconomic and institutional factors matter?
title_auth	What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter?
abstract	Abstract The main objective of this study is to empirically determine which factors are related to the development of local-currency bond market (LCBM) in Saudi Arabia over the period 1990–2019. Using ARDL modeling, the results reveal long-run cointegrating relationships between LCBM capitalization and macroeconomic, financial, and institutional factors. Unlike institutional ones, macroeconomic and financial factors seem to matter more in developing LCBM in the short run. However, in the long run, larger economic size more government spending, low inflation levels, broader and deeper banking system, higher bureaucratic quality, and better investment profile, all play a crucial role in the determination of Saudi LCBM. Policy implications include measures toward sound macroeconomic fundamentals, broad and deep banking system, efficient stock market, and high-quality governance institutions. © The Author(s) 2021
abstractGer	Abstract The main objective of this study is to empirically determine which factors are related to the development of local-currency bond market (LCBM) in Saudi Arabia over the period 1990–2019. Using ARDL modeling, the results reveal long-run cointegrating relationships between LCBM capitalization and macroeconomic, financial, and institutional factors. Unlike institutional ones, macroeconomic and financial factors seem to matter more in developing LCBM in the short run. However, in the long run, larger economic size more government spending, low inflation levels, broader and deeper banking system, higher bureaucratic quality, and better investment profile, all play a crucial role in the determination of Saudi LCBM. Policy implications include measures toward sound macroeconomic fundamentals, broad and deep banking system, efficient stock market, and high-quality governance institutions. © The Author(s) 2021
abstract_unstemmed	Abstract The main objective of this study is to empirically determine which factors are related to the development of local-currency bond market (LCBM) in Saudi Arabia over the period 1990–2019. Using ARDL modeling, the results reveal long-run cointegrating relationships between LCBM capitalization and macroeconomic, financial, and institutional factors. Unlike institutional ones, macroeconomic and financial factors seem to matter more in developing LCBM in the short run. However, in the long run, larger economic size more government spending, low inflation levels, broader and deeper banking system, higher bureaucratic quality, and better investment profile, all play a crucial role in the determination of Saudi LCBM. Policy implications include measures toward sound macroeconomic fundamentals, broad and deep banking system, efficient stock market, and high-quality governance institutions. © The Author(s) 2021
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title_short	What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter?
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