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<p>This article aims to analyze the impact of the opening of the capital account on economic performance in Tunisia while highlighting the importance of institutional factors. The empirical analysis covers the period from 1984 to 2020 and uses the Autoregressive Distributed Lag (ARDL) method. The results obtained reveal that in the short term, institutional development has a mixed impact on economic growth. On the other hand, in the long term, this impact becomes positive, while the opening of the capital account has a significantly negative effect on growth. Also, we find a bidirectional causality between economic growth and financial openness. These results allow us to deduce that the relationship between these two components could be non-linear and highlight threshold effects in terms of institutional development. This is why the Tunisian authorities must strengthen financial and institutional reforms in order to meet the prerequisites for external financial liberalization in the service of economic growth and employment.</p>

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The challenges of capital account liberalization in Tunisia (1984–2020): the importance of the institutional dimension

  • 期刊论文

  • 发表日期：

    2025年3月20日

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  • Mahdi Mnasri,
  • Niazi Kammoun,
  • Patrick Dieuaide

摘要

This article aims to analyze the impact of the opening of the capital account on economic performance in Tunisia while highlighting the importance of institutional factors. The empirical analysis covers the period from 1984 to 2020 and uses the Autoregressive Distributed Lag (ARDL) method. The results obtained reveal that in the short term, institutional development has a mixed impact on economic growth. On the other hand, in the long term, this impact becomes positive, while the opening of the capital account has a significantly negative effect on growth. Also, we find a bidirectional causality between economic growth and financial openness. These results allow us to deduce that the relationship between these two components could be non-linear and highlight threshold effects in terms of institutional development. This is why the Tunisian authorities must strengthen financial and institutional reforms in order to meet the prerequisites for external financial liberalization in the service of economic growth and employment.