Financial Liberalisation And Financial Market
Development: The Case Of Tunisia
Author(s)
A. Kammoun, A. Trabelsi & C. Mamoghli
Abstract
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.
Keywords: financial reforms, financial liberalization, intervention models,
transitory and permanent effects.
1 Introduction
Since 1987, Tunisian authorities, convinced by arguments which show that
liberalization can stimulate economic development and by the successful
experiences of many countries whose economic growth was rapid, have adopted
a strategy of financial and economic reforms. The overall objective of these
reforms was to create a market-based economy directed by the private sector,
while keeping more and more open to international trade and capital.
Keywords
financial reforms, financial liberalization, intervention models,
transitory and permanent effects.
Related Book
Other papers in this volume
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