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Les Conditions préalables au succès de la libéralisation financière: application aux pays du Maghreb et du Machrek

Abstract : In three parts, this thesis evaluated the results and the chances for the successful financial liberalization in MENA countries. In this research we observed that the financial repression had negative impacts on the financial development system and the economic growth. But in facts, the financial liberalization did not respect the directives of the theory of liberalization. Liberalization was entirely followed in the Middle East, but was progressively made in the North Africa. In addition, the stages of the reforms didn't not follow in a clear order. Economic stabilization was often accompanied by other reforms such as the introduction of indirect instruments of monetary control (Morocco, Tunisia) or the fast liberalization of the interest rates (Egypt, Jordan). In the same way, the banking restructuring was applied at the same time as the introduction of the supervision rules or the development of the monetary market. The imperfections observed in the reforms didn't allow to reach the results predicted at the beginning of the reforms. These results showed that there are no measures to be applied to all the countries. Economic, legal, and political situations are so different from one country to another that the success of a given policy can differ extremely. Thus, it would be more interesting in the analysis of the methods of financial reforms to focus on the individual characteristics of a country in order to explain better the choice and the change made. The effect of external factors on the success or failure of the reforms is another track to be exploited. In the same way, the domestic factors such as the change of the political regimes and/or the spending patterns, the education level exert an obvious impact. To restrict our research to the only economic factors induced by the reforms is on our point view a narrow approach analysis. The social, political and psychological factors influence also the organisation of reforms in developing countries. The explanatory elements of methodologies of the reforms within the MENA as well as the analysis of the results may lead the subject to its greater depth.
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Submitted on : Tuesday, January 24, 2012 - 4:12:14 PM
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  • HAL Id : tel-00662644, version 1



Nawel Bentahar. Les Conditions préalables au succès de la libéralisation financière: application aux pays du Maghreb et du Machrek. Economies et finances. Université d'Auvergne - Clermont-Ferrand I, 2005. Français. ⟨NNT : 2005CLF10282⟩. ⟨tel-00662644⟩



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