Prerequisites for financial integration : empirical evidence from North African countries

الملخص EN

This paper examines the preconditions for the successful financial integration of North African countries from 1995 to 2017.

The results of the GMM show that financial development and the opening of the capital account attract capital flows, the opening of the current account attracts only foreign direct investment, portfolio investments are not dependent on the opening of the current account and the exchange rate regime, the real effective exchange rate has a significant negative effect on foreign direct investment, and the real interest rate has a significant negative impact on foreign direct investment and portfolio investment