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International financial integration of Mediterranean economies : A bird’s-eye view

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  • Peeters, Marga
  • Sabri, Nidal Rachid

Abstract

In light of the unprecedented developments in the financial sectors of developed economies in the years 2008-2009 and in view of the current political Arab upheaval, this paper reviews the pros and cons of financial integration of the South-Mediterranean region. Our analyses includes Morocco, Algeria, Tunisia, Libya, Egypt, Palestine, Jordan, Lebanon and Syria. It focuses on financial integration indicators, as well as financial stability, and compares the South-Mediterranean region with other regions worldwide.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38081.

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Date of creation: 27 Mar 2012
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Handle: RePEc:pra:mprapa:38081

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Keywords: financial integration; international finance; financial stability; international capital flows; stock exchanges; bond markets; cross-border banking; exchange rates;

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References

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  1. Luigi Guiso & Tullio Jappelli & Mario Padula & Marco Pagano, 2004. "Financial Market Integration and Economic Growth in the EU," CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy 118, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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  3. Sebnem Kalemli-Ozcan & Elias Papaioannou & José-Luis Peydró, 2009. "What Lies Beneath the Euro's Effect on Financial Integration: Currency Risk, Legal Harmonization, or Trade?," NBER Working Papers 15034, National Bureau of Economic Research, Inc.
  4. Neeltje van Horen & Stijn Claessens, 2012. "Foreign Banks," IMF Working Papers 12/10, International Monetary Fund.
  5. Sabri, Nidal Rachid & Peeters, Marga & Abulaben, Diama K., 2012. "The impact of exchange rate volatility on trade integration among North and South Mediterranean countries," MPRA Paper 38080, University Library of Munich, Germany.
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  8. Kar, Muhsin & Nazlıoğlu, Şaban & Ağır, Hüseyin, 2011. "Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis," Economic Modelling, Elsevier, Elsevier, vol. 28(1), pages 685-693.
  9. Marga Peeters, 2011. "Modelling unemployment in the presence of excess labour supply," Journal of Economics and Econometrics, Economics and Econometrics Research Institute (EERI), Brussels, Economics and Econometrics Research Institute (EERI), Brussels, vol. 54(2), pages 58-92.
  10. Lane, Philip R. & Schmukler, Sergio L., 2007. "The international financial integration of China and India," Policy Research Working Paper Series 4132, The World Bank.
  11. Rob Gregory & Christian Henn & Brad Mcdonald & Mika Saito, 2010. "Trade And The Crisis: Protect Or Recover," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 1(02), pages 165-181.
  12. De la Torre, Augusto & Levy Yeyati, Eduardo & Schmukler, Sergio L., 2002. "Financial globalization : unequal blessings," Policy Research Working Paper Series 2903, The World Bank.
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  15. Juliane Brach, 2006. "Ten Years after: Achievements and Challenges of the Euro-Mediterranean Economic and Financial Partnership," GIGA Working Paper Series 36, GIGA German Institute of Global and Area Studies.
  16. Marga PEETERS, 2011. "The Changing Pattern in International Trade and Capital Flows of the Gulf Cooperation Council Countries in Comparison with other Oil-Exporting Countries," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, ScientificPapers.org, vol. 1(7), pages 29, December.
  17. Arize, A. C., 1995. "Trade flows and real exchange-rate volatility: an application of cointegration and error-correction modeling," The North American Journal of Economics and Finance, Elsevier, Elsevier, vol. 6(1), pages 37-51.
  18. Kar, Muhsin & NazlIoglu, Saban & AgIr, Hüseyin, 2011. "Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis," Economic Modelling, Elsevier, Elsevier, vol. 28(1-2), pages 685-693, January.
  19. Arize, A. C., 1997. "Foreign trade and exchange-rate risk in the G-7 countries: Cointegration and error-correction models," Review of Financial Economics, Elsevier, Elsevier, vol. 6(1), pages 95-112.
  20. Garry J. Schinasi, 2004. "Defining Financial Stability," IMF Working Papers 04/187, International Monetary Fund.
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Cited by:
  1. Sabri, Nidal Rachid & Peeters, Marga & Abulaben, Diama K., 2012. "The impact of exchange rate volatility on trade integration among North and South Mediterranean countries," MPRA Paper 38080, University Library of Munich, Germany.
  2. Peeters, Marga, 2012. "Asymmetric demographic pressure in South-Mediterranean versus North-Mediterranean economies and its impact on international gross capital flows," MPRA Paper 39635, University Library of Munich, Germany.

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