Publication:
Transforming Finance in the Middle East and North Africa

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dc.contributor.authorArezki, Rabah
dc.contributor.authorSenbet, Lemma W.
dc.date.accessioned2020-06-25T16:09:37Z
dc.date.available2020-06-25T16:09:37Z
dc.date.issued2020-06
dc.description.abstractThis paper argues for a transformation of finance to support the economic and social transformation of the Middle East and North Africa. The paper first documents the existing financial system in the region. The system is heavily skewed toward banking, relative to non-banking services, such as stock and corporate bond markets, with significant heterogeneity across countries. Second, the paper discusses the stance of macroeconomic policy in the region, which has had important implications for the destination, profitability, and quality of bank lending and the limited evolution of the financial system. Third, the paper explores the impact of technology on financial development, with particular attention to prospects for the development of fintechs. Entrenched incumbency of banks has limited the role of non-bank operators in fostering market contestability and fintech development. The paper is a call to the authorities and policy makers in the Middle East and North Africa to break with the status quo and business as usual. It underscores the need for a “moonshot approach” focused on establishing the foundations of a new digital economy and its role in promoting a well-functioning and inclusive financial economy to support the development needs of the region.en
dc.identifierhttp://documents.worldbank.org/curated/en/935611593023039875/Transforming-Finance-in-the-Middle-East-and-North-Africa
dc.identifier.doi10.1596/1813-9450-9301
dc.identifier.urihttps://hdl.handle.net/10986/33996
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9301
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectFINANCIAL SYSTEM
dc.subjectMACROECONOMIC POLICY
dc.subjectECONOMIC GROWTH
dc.subjectSTRUCTURAL TRANSFORMATION
dc.subjectSOCIAL TRANSFORMATION
dc.subjectBANKING
dc.subjectFINANCIAL TECHNOLOGY
dc.subjectFINTECH
dc.subjectDIGITAL ECONOMY
dc.titleTransforming Finance in the Middle East and North Africaen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleTransforming Finance in the Middle East and North Africa
okr.date.disclosure2020-06-24
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/935611593023039875/Transforming-Finance-in-the-Middle-East-and-North-Africa
okr.guid935611593023039875
okr.identifier.doi10.1596/1813-9450-9301
okr.identifier.externaldocumentum090224b087accf5f_1_0
okr.identifier.internaldocumentum32169536
okr.identifier.reportWPS9301
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/935611593023039875/pdf/Transforming-Finance-in-the-Middle-East-and-North-Africa.pdfen
okr.region.administrativeMiddle East and North Africa
okr.region.geographicalMiddle East
okr.region.geographicalNorth Africa
okr.statistics.combined3413
okr.statistics.dr935611593023039875
okr.statistics.drstats2486
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicFinance and Financial Sector Development::Financial Structures
okr.topicInformation and Communication Technologies::Digital Divide
okr.topicInformation and Communication Technologies::Information Technology
okr.unitOffice of the Chief Economist, Middle East and North Africa Region
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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