Financial Sector Development in the Middle East and North Africa

By Susan Creane, A. M. Mobarak, Rishi Goyal, Randa Sab. Social Science Research Network, 2004

126 citations recorded by the source corpus.

Based on data collected on a wide range of financial sector indicators, new indices of financial development for countries in the Middle East and North Africa (MENA) are constructed, encompassing six themes: development of the monetary sector and monetary policy, banking sector development, nonbank financial development, regulation and supervision, financial openness, and institutional quality. The paper finds that the degree of financial development varies across the region. Some countries have relatively well-developed banking sectors and regulatory and supervisory regimes. However, across the region, more needs to be done to reinforce the institutional environment and promote nonbank financial sector development. Based on a subset of indicators, the MENA region is found to compare favorably with a few other regions, but it ranks far behind the industrialized countries and East Asia.

Subfields: Accounting, Finance, Information Systems

View Paper: https://www.semanticscholar.org/paper/7072cd40af9f8ad263a83b7e46c58422817bc548

Citations in the corpus

• Institutions and corporate capital structure in the MENA region (2016, unknown): “Only a handful of countries, such as theGCC countries, have relatively developed and efficient bank sectors (Creane et al., 2004).”
• Does stock market liberalization spur financial and economic development in the MENA region (2008, unknown): “But more efforts are needed in order to reinforce the institutional environment and promote non-bank financial sector development (Creane et al., 2004).”
• Bank risk and performance in the MENA region: The importance of capital requirements (2016, unknown): “Yet, this region is still ranked far behind the industrialized countries (Creane et al., 2004).”