التطور المالي و محدداته في منطقة الشرق الأوسط و شمال إفريقيا

Abstract EN

The purpose of this paper is to define the concept of financial development that became a major economists' preoccupation in the analysis of the relationship between financing and growth.

On this basis, the paper used data encompassing 11 countries in the Middle East and North Africa, covering six pillars affecting financial development: (1) Institutional environment through focusing on measuring financial openness, the corporate governance, level of organization and legislation and measure the efficiency of contract enforcement; (2) business environment offered by the financial system through human capital, infrastructure and starting business costs; (3) financial stability by focusing on exchange rates and sovereign debt risk; (4) the banking sector; (5) financial markets; and (6) the financing access in the countries of the study.

The obtained results shows that the Gulf countries outperform the other MENA countries in business environment index, providing favorable conditions for achieving the desired development.

The study revealed also a low financial market development according to this indicator, which indicates limited those markets to attract funds.

In the banking services, Lebanon came as the best countries of the region according to the place occupied by banks in the economy financing, while Bahrain, Kuwait, UAE and Qatar gives the best methods of financing access.