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Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries

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Author Info

  • Juan Sole
  • Gabriel Sensenbrenner
  • Amor Tahari
  • J. E. J. De Vrijer
  • Marina Moretti
  • Patricia D Brenner
  • A. Senhadji Semlali

Abstract

A healthy and dynamic financial sector is essential to achieving high and sustainable economic growth in the Maghreb region-Algeria, Libya, Mauritania, Morocco, and Tunisia. Financial integration within the Maghreb region will help deepen financial markets, increase their efficiency, and enhance the resilience of economies to shocks. It can also play a catalyst role for the global financial integration of the Maghreb region. This paper provides an overview of the financial systems, takes stock of the reform effort and highlights the challenges ahead, and examines the prospects for financial integration in the five Maghreb countries.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/125.

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Length: 57
Date of creation: 01 May 2007
Date of revision:
Handle: RePEc:imf:imfwpa:07/125

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Keywords: Financial systems; Economic reforms; banking; financial sector; foreign exchange; financial markets; financial system; financial services; banking system; banking law; banking supervision; international standards; stock exchange; bond; financial intermediation; macroeconomic stability; equity markets; financial stability; financial intermediaries; banking sector; financial institutions; financial contracts; banking systems; financial market; money market; money markets; prudential regulation; bank entry; bond markets; bonds; flexible exchange rate; consolidated supervision; stock market; foreign exchange market; connected lending; bank board; hedge; borrowing cost; interbank market; reserve requirements; domestic financial systems; financial resources; portfolio investment; international financial markets; bank supervision; bank law; bank balance sheets; automated clearing house; banking activities; accounting framework; bank risk; financial instability; bank soundness; equity market; financial backup facilities; level playing field; domestic financial markets; domestic bond; bank privatization; loan classification; government bond; government bonds; local bond markets; bank for international settlements; investment bank; interbank money markets; local bond; banking operations; international finance; international finance corporation; check processing; clearing house; financial statements; bank deposits; private bank; stock markets; government bond markets; developing government bond markets; internal audit; interbank money market; bank borrowing; bank governor; bank credits; bank margins; macroeconomic stabilization; equity capital; derivative markets; bond offering; bank market; bank governance; banking sector assets; financial instruments; settlement risk; clearinghouse; hedging instruments; domestic bonds; bank governors; bank managers; excess liquidity; flexible exchange rates; banking practices; interest rate controls; bank charter; financial policies; bank debt; hedging; bank laws; bond market; bank loans; denominated bonds; stock exchanges; credit risk management; large public enterprises; banking regulations; bank liquidity; international banks; bank acts; savings scheme; bank privatizations; financial market development; mortgage lending; money market instruments; banking reform; bank services; bank credit; domestic financial system; bank officers; bank capital; banking services; moral hazard; bank mergers; corporate bond; monetary authority; bank dividends; derivative; bond financing; banking regulation; bank licensing; restrictions on capital account transactions; corporate bonds; financial regulation; stock corporations; banking industry; direct financing; bank ownership; interest rate policy; automated teller; state bank; bank performance; banking assets; loan concentration; accounting treatment; developing government bond;

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References

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  1. Mohsin S. Khan & A. Senhadji Semlali, 2000. "Financial Development and Economic Growth," IMF Working Papers 00/209, International Monetary Fund.
  2. Raghuram G. Rajan, 1998. "The past and future of commercial banking viewed through an incomplete contract lens," Proceedings, Federal Reserve Bank of Cleveland, issue Aug, pages 524-550.
  3. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934 Elsevier.
  4. Zsófia Ãrvai, 2005. "Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States," IMF Working Papers 05/213, International Monetary Fund.
  5. World Bank & International Monetory Fund, 2001. "Developing Government Bond Markets : A Handbook," World Bank Publications, The World Bank, number 13865, October.
  6. International Monetary Fund, 2006. "Tunisia," IMF Staff Country Reports 06/448, International Monetary Fund.
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Cited by:
  1. Soumia Zenasni & Abderrezak Benhabib, 2013. "Capital Account Liberalization and Economic Growth in Developing Economies: An Empirical Investigation," Global Financial Markets Working Paper Series 40-2012, Friedrich-Schiller-University Jena.
  2. World Bank, . "Middle East and North Africa Economic Developments and Prospects, 2008 : Regional Integration for Global Competitiveness," World Bank Other Operational Studies 12949, The World Bank.
  3. Ayadi, Rym & Arbak, Emrah & De Groen, Willem Pieter, 2013. "Convergence and Integration of Banking Sector Regulations in the Euro-Mediterranean area," CEPS Papers 7853, Centre for European Policy Studies.
  4. International Monetary Fund, 2008. "Can Regional Cross-Listings Accelerate Stock Market Development? Empirical Evidence From Sub-Saharan Africa," IMF Working Papers 08/281, International Monetary Fund.

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