Financial Liberalisation And Financial Market Development: The Case Of Tunisia

The economies of developing countries that are in debt are generally characterized by under-developed financial markets. ‘A stylized fact about financial systems in developing countries is that they are dominated by commercial banks’ (Fry, In Favour if financial liberalization, 1996). This was true...

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Bibliographic Details
Published inWIT Transactions on Ecology and the Environment Vol. 102
Main Authors Kammoun, A, Trabelsi, A, Mamoghli, C
Format Journal Article
LanguageEnglish
Published Southampton W I T Press 01.01.2007
Subjects
Developing countries
Economic models
LDCs
Market economies
Markets
Securities markets
Tunisia
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ISSN1746-448X
1743-3541
DOI10.2495/SDP070722

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Summary:The economies of developing countries that are in debt are generally characterized by under-developed financial markets. ‘A stylized fact about financial systems in developing countries is that they are dominated by commercial banks’ (Fry, In Favour if financial liberalization, 1996). This was true of Tunisia, that by adopting financial reforms, it sought to make a dynamic financial market in order to insure a transition from credit to market economy. In this context, it appears useful to evaluate and quantify the impact of the adopted reforms on the development of the Tunisian financial market. Few studies have tried to explore this subject and they have all resorted to compare certain indicators of financial market development before and after the introduction of reforms. Within the framework of this paper, we suggest using intervention models in order to quantify (measure) the importance and the nature (transitory or permanent) of the effects of each adopted reform.
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ISSN:1746-448X
1743-3541
DOI:10.2495/SDP070722