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Financial Sector Development in the Middle East and North Africa

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  • International Monetary Fund

Abstract

Based on data collected on a wide range of financial sector indicators, new indices of financial development for countries in the Middle East and North Africa (MENA) are constructed, encompassing six themes: development of the monetary sector and monetary policy, banking sector development, nonbank financial development, regulation and supervision, financial openness, and institutional quality. The paper finds that the degree of financial development varies across the region. Some countries have relatively well-developed banking sectors and regulatory and supervisory regimes. However, across the region, more needs to be done to reinforce the institutional environment and promote nonbank financial sector development. Based on a subset of indicators, the MENA region is found to compare favorably with a few other regions, but it ranks far behind the industrialized countries and East Asia.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/201.

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Length: 52
Date of creation: 01 Oct 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/201

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Citations

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Cited by:
  1. Ahmed Alouani, 2008. "Financial Reforms in the MENA Region, a Comparative Approach: The Case of Tunisia, Algeria, Morocco and Egypt," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(3), pages 369-381, September.
  2. Abu-Bader, Suleiman & Abu-Qarn, Aamer S., 2008. "Financial development and economic growth: The Egyptian experience," Journal of Policy Modeling, Elsevier, Elsevier, vol. 30(5), pages 887-898.
  3. Weshah Razzak, . "An Empirical Glimpse on MSEs Four MENA Countries," API-Working Paper Series 0909, Arab Planning Institute - Kuwait, Information Center.
  4. REY, Serge, 2005. "Convergence réelle et convergence nominale dans les Pays de la région MENA
    [Real and nominal convergence amongst MENA countries]
    ," MPRA Paper 30206, University Library of Munich, Germany.
  5. Mustapha K. Nabli & Rabah Arezki, 2012. "Natural Resources, Volatility, and Inclusive Growth," IMF Working Papers 12/111, International Monetary Fund.
  6. Mohamed El hedi Arouri & Christophe Rault, 2009. "On the Influence of Oil Prices on Stock Markets: Evidence from Panel Analysis in GCC Countries," CESifo Working Paper Series 2690, CESifo Group Munich.
  7. Rabah Arezki & Mustapha K. Nabli, 2012. "Natural Resources, Volatility, and Inclusive Growth: Perspectives from the Middle East and North Africa," OxCarre Working Papers, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford 086, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  8. Ludvig Söderling & Hanan Morsy & Martin Petri & Martin Hommes & Manal Fouad & Wojciech Maliszewski, 2007. "Public Debt and Fiscal Vulnerability in the Middle East," IMF Working Papers 07/12, International Monetary Fund.
  9. Khan, Arshad & Qayyum, Abdul & Sheikh, Saeed, 2005. "Financial Development and Economic Growth: The Case of Pakistan," MPRA Paper 2145, University Library of Munich, Germany, revised 2005.
  10. Ben Naceur, Samy & Ghazouani, Samir & Omran, Mohammed, 2008. "Does stock market liberalization spur financial and economic development in the MENA region?," Journal of Comparative Economics, Elsevier, vol. 36(4), pages 673-693, December.
  11. Marashdeh, Hazem, 2005. "Stock Market Integration in the MENA Region: An Application of the ARDL Bounds Testing Approach," Economics Working Papers, School of Economics, University of Wollongong, NSW, Australia wp05-27, School of Economics, University of Wollongong, NSW, Australia.
  12. Mohamed El Hedi Arouri & Christophe Rault, 2010. "Les effets des fluctuations du prix du pétrole sur les marchés boursiers dans les pays du Golfe," Working Papers, HAL hal-00507825, HAL.
  13. Ludvig Söderling & Domenico Fanizza, 2006. "Fiscal Determinants of Inflation," IMF Working Papers 06/216, International Monetary Fund.
  14. Mohamed El Hedi Arouri & Duc Khuong Nguyen, 2010. "Time-varying characteristics of cross-market linkages with empirical application to Gulf stock markets," Managerial Finance, Emerald Group Publishing, Emerald Group Publishing, vol. 36(1), pages 57-70, January.
  15. Ayadi, Rym & Arbak, Emrah & Ben-Naceur, Sami & De Groen, Willem Pieter, 2013. "Determinants of Financial Development across the Mediterranean," CEPS Papers, Centre for European Policy Studies 7770, Centre for European Policy Studies.
  16. Angela González Arbeláez & Laura Capera, . "Un índice de bancarización para Colombia," Temas de Estabilidad Financiera, Banco de la Republica de Colombia 064, Banco de la Republica de Colombia.
  17. Kumar, Ronald/R, 2011. "Role of Trade, Aid, Remittances and Financial Development in Pakistan," MPRA Paper 38871, University Library of Munich, Germany.
  18. El Mekkaoui de Freitas, Najat & Abdelkhalek, Touhami & Arestoff, Florence & Couppey-Soubeyran, Jézabel & Mage-Bertomeu, Sabine, 2008. "L'épargne des ménages au Maroc : une évaluation macroéconomique et microéconomique," Economics Papers from University Paris Dauphine, Paris Dauphine University 123456789/401, Paris Dauphine University.

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