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

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 FINANCIAL LIBERALIZATION TECHNOLOGICAL CHANGE MARKET INNOVATIONS MODERNIZATION GLOBALIZATION INSTITUTIONAL CHANGE BANKING SYSTEMS MICROFINANCING CREDIT EXPANSION INSURANCE INDUSTRY MARKET PENETRATION ACCESS TO INFORMATION FINANCIAL PRODUCTS TRANSACTION COSTS INTERNATIONAL STANDARDS REGULATORY FRAMEWORK CAPITAL FLOWS FINANCIAL SERVICES WTO
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World Bank, Washington, DC
Middle East and North Africa | North Africa | Middle East
2014-05-06T16:14:37Z | 2014-05-06T16:14:37Z | 2003-05

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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