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Financial Liberalisation and Financial Market Development: The Case of Tunisia

Aïda Kammoun, Abdelwahed Trabelsi () and Chokri Mamoghli ()
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Abdelwahed Trabelsi: University of Tunis, Tunisia, TUNISIE
Chokri Mamoghli: University of Carthage, Tunisia, TUNISIE

Review of Economics & Finance, 2011, vol. 1, 57-70

Abstract: Financial systems in developing countries are generally characterized by under-developed financial markets; they are dominated by commercial banks. This was the case of Tunisia, which, by adopting financial reforms, sought to make a dynamic financial market in order to insure a transition from credit to market economy. In this context, it appears useful to evaluate and quantify the impact of the adopted reforms on the development of Tunisian financial market. Studies that have tried to explore this subject are generally rare. They have all resorted to compare some indicators of financial market development before and after the introduction of reforms. Within the framework of this paper, we suggest using intervention models in order to quantify (measure) the importance and the nature (transitory or permanent) of the effects of each adopted reform.

Keywords: Financial reforms; Liberalization; Financial market development; Intervention models; Transitory and permanent effects (search for similar items in EconPapers)
JEL-codes: G18 N27 O16 O55 (search for similar items in EconPapers)
Date: 2011
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