The Changing Financial Landscape : Opportunities and Challenges for the Middle East and North Africa
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World Bank, Washington, DC
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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.
Palabras clave
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