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The Changing Financial Landscape : Opportunities and Challenges for the Middle East and North Africa

Economists have come to acknowledge that finance matters for development more, and in more ways than had been recognized for a long time. Changes in the financial services industry are providing immense possibilities for economic development. Grais...

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Bibliographic Details
Main Authors: Grais, Wafik, Kantur, Zeynep
Language:English
en_US
Published: World Bank, Washington, DC 2014
Subjects:
AGRICULTURE
BANKING SECTOR
BANKING SYSTEM
BANKING SYSTEMS
BOND MARKETS
BONDS
BORROWING
CAPITAL BASE
CAPITAL FLOWS
CAPITAL MOBILITY
CAPITALIZATION
CENTRAL BANK
CENTRAL BANKS
COMMERCIAL BANKS
CONSOLIDATION
CONSUMERS
CONTAGION
CONTRACTUAL SAVINGS
DEBT
DEPOSITS
DERIVATIVES
DEVELOPMENT POLICIES
DISINTERMEDIATION
ECONOMIC DEVELOPMENT
ECONOMIC PERFORMANCE
ECONOMICS
ECONOMISTS
EMERGING MARKETS
EXCHANGE RATE
EXCHANGE RATES
FACE VALUE
FACTORING
FINANCIAL DEREGULATION
FINANCIAL INDUSTRY
FINANCIAL INSTITUTIONS
FINANCIAL INTERMEDIARIES
FINANCIAL INTERMEDIATION
FINANCIAL LIBERALIZATION
FINANCIAL MARKETS
FINANCIAL SECTOR
FINANCIAL SERVICES
FINANCIAL STABILITY
FINANCIAL SYSTEMS
FOREIGN BANKS
FOREIGN COMPETITION
FOREIGN ENTRY
GDP
GLOBALIZATION
GROWTH RATE
HOUSING
HOUSING FINANCE
HUMAN CAPITAL
INCOME
INFORMATION ASYMMETRIES
INSTITUTIONAL CHANGE
INSURANCE
INSURANCE AGENTS
INSURANCE COMPANIES
INTEREST RATE
INTEREST RATES
ISLAMIC BANKING
LABOR MOBILITY
LEGISLATION
LENDING PRACTICES
LIQUIDATION
LIQUIDITY
LONG TERM ASSETS
MACROECONOMIC STABILITY
MARKET ECONOMIES
MARKET LIBERALIZATION
MERGERS
MONETARY POLICIES
MONOPOLIES
MORTGAGE BACKED SECURITIES
MORTGAGE MARKETS
MORTGAGES
MUTUAL FUNDS
PENSION FUNDS
POLICY MAKERS
PORTFOLIOS
PRIVATE BANKS
PRIVATIZATION
PRUDENTIAL REGULATIONS
PUBLIC FINANCE
PUBLIC POLICY
REGULATORY FRAMEWORK
RISK MANAGEMENT
SAVINGS
SECURITIES
SECURITIZATION
SMALL BUSINESS
SPECIALIZED BANKS
STATE INTERVENTION
STOCK EXCHANGES
STOCK MARKETS
SUBSIDIARIES
SUPERVISORY AGENCIES
TAXATION
TECHNOLOGICAL CHANGE
TELECOMMUNICATIONS
TRANSACTION COSTS
TREASURY BILLS
UNIVERSAL BANKING
UNIVERSAL BANKS
VALUE ADDED
VENTURE CAPITAL
WELFARE GAINS
WTO FINANCIAL SERVICES
FINANCIAL DEVELOPMENT
MARKET INNOVATIONS
MODERNIZATION
MICROFINANCING
CREDIT EXPANSION
INSURANCE INDUSTRY
MARKET PENETRATION
ACCESS TO INFORMATION
FINANCIAL PRODUCTS
INTERNATIONAL STANDARDS
WTO
Online Access:http://documents.worldbank.org/curated/en/2003/05/2360831/changing-financial-landscape-opportunities-challenges-middle-east-north-africa
http://hdl.handle.net/10986/18188
Description
Summary:Economists have come to acknowledge that finance matters for development more, and in more ways than had been recognized for a long time. Changes in the financial services industry are providing immense possibilities for economic development. Grais and Kantur present a framework to help understand the changes occurring in the financial landscape. They also attempt to lay out the opportunities and the challenges the Middle East and Northern Africa region faces in light of these changes. The framework views financial development as a two-way, continuous, and dynamic interaction between, on the one hand, three driving forces shaping the industry and, on the other hand, four stylized dimensions of financial services. These driving forces jointly modify the financial landscape and are at the same time influenced by the effects of these changes. The three driving forces are financial liberalization, technological changes, and market innovation in response to demands for financial services. The four dimensions of financial services that are altered by the forces at play are disintermediation, institutionalization, modernization, and globalization. The authors provide a strategic perspective on the opportunities and challenges the profound changes in the financial industry bring to the Middle East and North Africa region, its policymakers, and market participants.

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