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Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries

Author

Listed:
  • Juan Sole
  • Gabriel Sensenbrenner
  • Amor Tahari
  • J. E. J. De Vrijer
  • Marina Moretti
  • Patricia D Brenner
  • Abdelhak S Senhadji

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.

Suggested Citation

  • Juan Sole & Gabriel Sensenbrenner & Amor Tahari & J. E. J. De Vrijer & Marina Moretti & Patricia D Brenner & Abdelhak S Senhadji, 2007. "Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries," IMF Working Papers 07/125, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:07/125
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    References listed on IDEAS

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    1. Gene M. Grossman (ed.), 1996. "Economic Growth," Books, Edward Elgar Publishing, volume 0, number 553.
    2. 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.
    3. International Monetary Fund, 2006. "Tunisia; Financial System Stability Assessment Update," IMF Staff Country Reports 06/448, International Monetary Fund.
    4. Mohsin S. Khan & Abdelhak S Senhadji, 2000. "Financial Development and Economic Growth; An Overview," IMF Working Papers 00/209, International Monetary Fund.
    5. 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.
    6. World Bank & International Monetory Fund, 2001. "Developing Government Bond Markets : A Handbook," World Bank Publications, The World Bank, number 13865, August.
    7. Zsófia Árvai, 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.
    8. Michael Sturm & Nikolaus Siegfried, 2005. "Regional monetary integration in the member states of the Gulf Cooperation Council," Occasional Paper Series 31, European Central Bank.
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    Citations

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    Cited by:

    1. Belhadj, Aam & Eggoh, Jude, 2010. "Co-movements Of Business Cycles In The Maghreb: Does Trade Matter?," MPRA Paper 35778, University Library of Munich, Germany.
    2. 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.
    3. Tatom, John, 2007. "Is Tax Policy Retarding Growth in Morocco?," MPRA Paper 6011, University Library of Munich, Germany.
    4. Soumia Zenasni, 2015. "Recent Trends in Regional Financial Integration and Trade Liberalization in Maghreb Countries: A Multivariate Threshold Autoregressive Analysis," FIW Working Paper series 145, FIW.
    5. 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.
    6. Samargandi, Nahla & Kutan, Ali M., 2016. "Private credit spillovers and economic growth: Evidence from BRICS countries," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 44(C), pages 56-84.
    7. World Bank, 2008. "Middle East and North Africa Economic Developments and Prospects, 2008 : Regional Integration for Global Competitiveness," World Bank Other Operational Studies 12949, The World Bank.
    8. 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.

    More about this item

    Keywords

    Financial integration; Financial sector reform; Financial systems; Economic reforms; Globalization; Maghreb Countries; banking; financial sector; foreign exchange; financial markets; financial system;

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