Financial Sector Development in the Middle East and North Africa

October 1, 2004

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Format: Chicago

Financial Sector Development in the Middle East and North Africa, (USA: International Monetary Fund, 2004) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Commercial banks, Economic and financial statistics, Economic sectors, Financial institutions, Financial markets, Financial sector, Financial sector development, Financial services, Financial statistics

Keywords: Bank, Banking sector development, Commercial banks, Credit market, East Africa, East Asia, Financial development, Financial sector, Financial sector development, Financial statistics, Financial system, Index, Market determination, Measurement, MENA country, MENA region, Middle East, Middle East and North Africa, North Africa, Physical capital, Resource allocation, Sub-Saharan Africa, Well-developed financial system, WP

Publication Details

Pages:

52
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2004/201
Stock No:

WPIEA2004201
ISBN:

9781451874389
ISSN:

1018-5941

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