Financial Liberalization in the Middle East and North Africa: A Case Study of Experiences in Egypt, Jordan and Tunisia

Abstract:     
In this paper we analyze the achievement of the countries with regard to financial liberalization. Financial liberalization brought many new challenges many of which remain as reforms continue to be implemented. These challenges relate to the way in which monetary policy is formulated and implemented. Reforms in the financial system and in the conduct of monetary policy were part of the overall adjustment process.

The experiences of the three countries in their structural and financial adjustment efforts starting from 1990 provide a good example of the successful transformation of an economy from a heavily regulated to a market oriented one. The process has not yet completed for these three countries. Their success in implementing adjustment programs should be viewed as a foundation and the authorities should continue to precede reforms in order to achieve further improvements.

Number of Pages in PDF File: 38

Keywords: Financial Liberalization, Egypt, Jordan, Tunisia

JEL Classification: E4, E5, E6

working papers series