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Financial Sector Development in the Middle East and North Africa

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Author Info
Rishi Goyal
A. Mushfiq Mobarak
Susan Creane
Randa Sab

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

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Length: 52 pages
Date of creation: 02 Nov 2004
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Handle: RePEc:imf:imfwpa:04/201

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Keywords: Financial Sector ; Middle East ; Africa ; Development ;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Marashdeh, Hazem, 2005. "Stock Market Integration in the MENA Region: An Application of the ARDL Bounds Testing Approach," Economics Working Papers wp05-27, School of Economics, University of Wollongong, NSW, Australia. [Downloadable!]
  2. 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 CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  3. Martin Petri & Ludvig Söderling & Wojciech Maliszewski & Hanan Morsy & Manal Fouad & Martin Hommes, 2007. "Public Debt and Fiscal Vulnerability in the Middle East," IMF Working Papers 07/12, International Monetary Fund. [Downloadable!]
  4. 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. [Downloadable!]
    Other versions:
  5. Ludvig Söderling & Domenico Fanizza, 2006. "Fiscal Determinants of Inflation: A Primer for the Middle East and North Africa," IMF Working Papers 06/216, International Monetary Fund. [Downloadable!]
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