Abstract :
The objective of this study is to investigate empirically the progress of financial development of MENA countries before and after financial system reforms. In order to fulfill this task, we represented the evolution of some development indicators, and then constructing a “global index of financial development” referring to the methodology of Demirguc-Kunt & Levine (1996) and Audrey Chouchane Verdier (2004) by using database of the “world bank” and the “international monetary fund” for the period (1980-2012).
Due to the lack of database about the other countries for all the period (1980-2012), our sample has been reduced to four countries (Algeria, Tunisia, Egypt and Morocco). Also, these countries hold some shared characteristics that allow us to make interesting comparisons. Our results show some heterogeneity in the progress of the “global index of financial development” for these countries. Morocco has recorded the best results after 2005.
Keywords: MENA, Financial Development Indicators, Global Index of Financial Development, Financial Liberalization.