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Financial Liberalisation and Financial Market Development: The Case of Tunisia

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Author Info

  • Aida Kammoun

    ()
    (University of Sfax, Tunisia, TUNISIE)

  • Abdelwahed Trabelsi

    ()
    (University of Tunis, Tunisia, TUNISIE)

  • Chokri Mamoghli

    ()
    (University of Carthage, Tunisia, TUNISIE)

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    Abstract

    Financial systems in developing countries are generally characterized by under-developed financial markets; they are dominated by commercial banks. This was the case of Tunisia, which, by adopting financial reforms, sought to make a dynamic financial market in order to insure a transition from credit to market economy. In this context, it appears useful to evaluate and quantify the impact of the adopted reforms on the development of Tunisian financial market. Studies that have tried to explore this subject are generally rare. They have all resorted to compare some indicators of financial market development before and after the introduction of reforms. Within the framework of this paper, we suggest using intervention models in order to quantify (measure) the importance and the nature (transitory or permanent) of the effects of each adopted reform.

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    File URL: http://www.bapress.ca/Journal-5/Financial%20Liberalisation%20and%20Financial%20Market%20Development---%20The%20Case%20of%20Tunisia%20%20%20%20%20%20By%20%20%20Aida%20Kammoun,%20et%20al%20.pdf
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    Bibliographic Info

    Article provided by Better Advances Press, Canada in its journal Review of Economics & Finance.

    Volume (Year): 1 (2011)
    Issue (Month): (November)
    Pages: 57-70

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    Handle: RePEc:bap:journl:110505

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    Related research

    Keywords: Financial reforms; Liberalization; Financial market development; Intervention models; Transitory and permanent effects;

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    References

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    1. Fry, M.J., 1996. "In favour of Financial Liberalisation," Discussion Papers 96-24, Department of Economics, University of Birmingham.
    2. Demirguc-Kunt, Asli & Levine, Ross, 1995. "Stock market development and financial intermediaries : stylized facts," Policy Research Working Paper Series 1462, The World Bank.
    3. James B. Ang & Warwick J. McKibbin, 2005. "Financial Liberalization, Financial Sector Development And Growth: Evidence From Malaysia," CAMA Working Papers 2005-05, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    4. Ranciere, Romain & Tornell, Aaron & Westermann, Frank, 2006. "Decomposing the effects of financial liberalization: Crises vs. growth," Journal of Banking & Finance, Elsevier, vol. 30(12), pages 3331-3348, December.
    5. David E. Weinstein & Yishay Yafeh, 1998. "On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan," Journal of Finance, American Finance Association, vol. 53(2), pages 635-672, 04.
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