Financial Sector Development in the Middle East and North Africa

International Monetary Fund

No 2004/201, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; financial system; MENA country; bank; MENA region; Financial development; index; measurement; Middle East and North Africa; resource allocation; banking sector development; physical capital; market determination; credit market; well-developed financial system; Financial sector development; Financial sector; Commercial banks; Financial statistics; Middle East; North Africa; East Africa; Sub-Saharan Africa; East Asia (search for similar items in EconPapers)
Pages: 52
Date: 2004-10-01
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Citations: View citations in EconPapers (48)

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