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Financial Sector Development in the Middle East and North Africa

International Monetary Fund
Authors registered in the RePEc Author Service: Ahmed Mushfiq Mobarak ()

No 04/201, 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: North Africa; Middle East; Financial development, index, measurement, Middle East and North Africa, banking, financial sector, banking sector, bank assets, bank credit, Financial Markets and the Macroeconomy, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General, Economywide Country Studies: Asia including Middle East, (search for similar items in EconPapers)
Pages: 52
Date: 2004-10-01
New Economics Papers: this item is included in nep-cba, nep-dev, nep-fin and nep-fmk
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Handle: RePEc:imf:imfwpa:04/201