Over the last two decades Middle East and North African (MENA) countries like much of the developing countries have experienced a wave of liberalization of their financial sectors. There have been expectations that financial liberalization would enhance economic growth by stimulating savings and investment. The purpose of this chapter is three-folds: (1) to review the literature on the rationale for financial repression; (2) to examine the theoretical and empirical literature on the links between financial liberalization, savings, and investment; and (3) to assess empirically the effect of financial reforms on economic performance in the specific case of MENA countries.
Achy, L. (2005), "Financial Liberalization, Savings, Investment, and Growth in MENA Countries", Neaime, S. and Colton, N.A. (Ed.) Money and Finance in the Middle East: Missed Oportunities or Future Prospects? (Research in Middle East Economics, Vol. 6), Emerald Group Publishing Limited, Bingley, pp. 67-94. https://doi.org/10.1016/S1094-5334(05)06004-8
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