IDEAS home Printed from https://ideas.repec.org/a/eee/glofin/v65y2025ics1044028325000286.html
   My bibliography  Save this article

The impact of financial crises on industrial growth in the Middle East and North Africa

Author

Listed:
  • Madeira, Carlos

Abstract

Using country-industry panel data between 1980 until 2019, I estimate the causal effects of financial crises, with total impact given by the sum of a direct effect on all industries and an external finance dependence channel. Currency crises have the worst impact of all types of crises across all countries. Financial crises of all types are substantially worse for the MENA economies. For MENA, there is a manufacturing growth reduction of 2.8 %, 6 % and 1.2 % during banking, currency and sovereign debt crises. There is substantial heterogeneity across the MENA, with Morocco, Iraq and Israel experiencing a much stronger impact from all types of financial crises.

Suggested Citation

  • Madeira, Carlos, 2025. "The impact of financial crises on industrial growth in the Middle East and North Africa," Global Finance Journal, Elsevier, vol. 65(C).
    • Handle: RePEc:eee:glofin:v:65:y:2025:i:c:s1044028325000286
    DOI: 10.1016/j.gfj.2025.101101
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1044028325000286
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.gfj.2025.101101?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    Financial crises; Banking crises; Growth; External finance dependence; Credit frictions;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:glofin:v:65:y:2025:i:c:s1044028325000286. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620162 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.