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<p>This article compares the financial policy framework of MENA countries with both advanced economies (AEs) and emerging markets and developing economies (EMDEs). The findings suggest that MENA could improve their financial regulation frameworks by adopting floating exchange rate regimes and less fiscal austerity during financial crises. The MENA have adopted much tighter mortgage LTV limits and capital requirements for financial institutions since 1990. However, the MENA adopted fewer loan restrictions, stress tests and systemic requirements than AEs. Finally, the MENA could approach the AEs by adopting higher financial openness and lower capital controls restrictions.</p>

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Evolution of the financial policy framework in the Middle East and North Africa over the last 35 years

  • 期刊论文

  • 发表日期：

    2025年6月4日

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  • Carlos Madeira

摘要

This article compares the financial policy framework of MENA countries with both advanced economies (AEs) and emerging markets and developing economies (EMDEs). The findings suggest that MENA could improve their financial regulation frameworks by adopting floating exchange rate regimes and less fiscal austerity during financial crises. The MENA have adopted much tighter mortgage LTV limits and capital requirements for financial institutions since 1990. However, the MENA adopted fewer loan restrictions, stress tests and systemic requirements than AEs. Finally, the MENA could approach the AEs by adopting higher financial openness and lower capital controls restrictions.