Monetary policy, exchange rates and stock prices in the Middle East region

A structural vector autoregressive model is employed to investigate the impact of monetary policy and real exchange rate shocks on the stock market performance of Kuwait, Oman, Saudi Arabia, Egypt and Jordan. In order to identify the structural shocks both short run and long run restrictions are applied. Unlike previous literature the contemporaneous interdependence between the financial variables are left unrestricted to give a more accurate depiction of the relationships. The heterogeneity of the results reflect the different monetary policy frameworks and stock market characteristics of these countries. Mainly, monetary policy and the real exchange rate shocks have a significant short run impact on the stock prices of the countries that apply a relatively more independent monetary policy and flexible exchange rates.

Adaptive-threshold region merging via path scanning

Region merging algorithms commonly produce results that are seen to be far below the current commonly accepted state-of-the-art image segmentation techniques. The main challenging problem is the selection of an appropriate and computationally efficient method to control resolution and region homogeneity. In this paper we present a region merging algorithm that includes a semi-greedy criterion and an adaptive threshold to control segmentation resolution. In addition we present a new relative performance indicator that compares algorithm performance across many metrics against the results from human segmentation. Qualitative (visual) comparison demonstrates that our method produces results that outperform existing leading techniques.