Financial liberalization, saving, investment and growth in MENA countries
Over the last two decades MENA countries as much of the developing countries have experienced a wave of liberalization of financial sector. The purpose of this paper is three fold: to review the literature on the rationale for financial repression, examining why governments adopt financial repression policies; to examine the theoretical and empirical literature on the links between financial liberalization, savings and investment; to assess the effect of financial reforms on economic performance in the specific case of MENA countries. The paper attempts to capture the effects of both banking sector and stock market developments, focussing on Egypt, Jordan, Morocco, Tunisia and Turkey between 1970-1998.
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