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Volume :17 Issue : 3 2010      Add To Cart                                                                    Download

Financial and Banking Development in Selected MENA Countries

Auther : Shereen A. Abdul-Al
Mohammad A. Alawin

This study examines the impact of the financial (stock market) and banking development on economic growth for a sample of selected Middle East and North African countries (MENA) during the period of 1987-2007. Financial and stock market development is measured by discretionary accruals. Bank credit ratio is used in this study as an indicator for bank development. Using the Generalized Method of Moment (GMM), the results indicate the significant role of Bank Credit Ratio in monitoring banking development. Further analysis shows that stock market is significant and positively affects economic growth; this result is consistent with other studies (Levine, 1991) which state that liquidity in stock markets ease investment in the long run, thereby improving the allocation of capital and enhancing prospects for long term growth.

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