Financial Sector Development in the Middle East and North Africa

53 Pages Posted: 9 Feb 2006

See all articles by Susan Creane

Susan Creane

International Monetary Fund (IMF) - Middle East and Central Asia Department

Ahmed Mushfiq Mobarak

Yale School of Management; Yale University - Cowles Foundation

Rishi Goyal

International Monetary Fund (IMF)

Randa Sab

International Monetary Fund (IMF) - Middle East and Central Asia Department

Date Written: October 2004

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: Financial development, index, measurement, Middle East and North Africa

JEL Classification: E44, E50, G20, O16, O53

Suggested Citation

Creane, Susan and Mobarak, Ahmed Mushfiq and Goyal, Rishi and Sab, Randa, Financial Sector Development in the Middle East and North Africa (October 2004). IMF Working Paper No. 04/201. Available at SSRN: https://ssrn.com/abstract=879026

Susan Creane (Contact Author)

International Monetary Fund (IMF) - Middle East and Central Asia Department ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Ahmed Mushfiq Mobarak

Yale School of Management ( email )

135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
203-432-5787 (Phone)

HOME PAGE: http://mba.yale.edu/faculty/profiles/mobarak.shtml

Yale University - Cowles Foundation

Box 208281
New Haven, CT 06520-8281
United States

Rishi Goyal

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Randa Sab

International Monetary Fund (IMF) - Middle East and Central Asia Department ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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