Can Banks Lead the Economic Recovery of the Arab Spring?

Mahmoud Haddad () and Sam Hakim ()
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Mahmoud Haddad: University of Tennessee-Martin, Martin

No 965, Working Papers from Economic Research Forum

Abstract: We analyze the role of banks in Bahrain, Egypt, Libya, Tunisia, and Yemen, pre-and post-revolution, and find that the volume of credit they offered to the private sector was neutral to real economic growth. Supported by a recent IMF study that ranks banking regulation and supervision “poor” or “below- average” in four out of the five countries under study, we attribute the limited effectiveness of their banks to government intervention in credit allocation and pricing. Our results cast doubt on the banks’ ability to lead an economic recovery, and suggest that monetary policy alone will not be successful within the first three years.

Pages: 13
Date: 2015-11, Revised 2015-11
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