Financial access and stability : a road map for the Middle East and North Africa / Roberto R. Rocha with Zsofia Arvai and Subika Farazi.

Format:

Book

Author/Creator:

Rocha, Roberto Rezende.

Contributor:

Árvai, Zsófia.

Farazi, Subika.

World Bank.

Series:

MENA development report

Language:

English

Subjects (All):

Finance--Middle East.

Finance.

Finance--Africa, North.

Financial institutions--Middle East.

Financial institutions.

Financial institutions--Africa, North.

Banks and banking--Middle East.

Banks and banking.

Banks and banking--Africa, North.

North Africa.

Middle East.

Physical Description:

xxvi, 334 pages : illustrations (some color) ; 26 cm.

Place of Publication:

Washington, D.C. : World Bank, [2011]

Summary:

This report from the World Bank examines the financial development in the Middle East and North Africa (MENA) region and ways to expand access to more diversified, competitive, and inclusive financial systems, particularly in light of the political turmoil of early 2011. The report argues that MENA's financial systems contributed to the turmoil by failing to provide affordable access to finance to large parts of the enterprise and household sectors. It reviews the main causes of unsatisfactory growth and employment performance, the region's broader growth agenda and role of financial development, and the size and structure of the financial systems, showing how most are excessively bank-based and undiversified, as well as outlining indicators showing that access outcomes have been poor in comparison to other regions. It then outlines a roadmap for expanding access to small and medium enterprise, consumer, micro, housing, and investment finance, with reforms in financial infrastructure, including credit reporting systems, collateral regimes, and insolvency regimes; banking regulation to improve competition and preserve financial stability; and in promoting the development of nonbanking institutions, markets, and instruments such as the insurance and pension sectors and government debt markets. No index is included. Annotation ©2011 Book News, Inc., Portland, OR (booknews.com)

Contents:

Overview 1

Main Objectives and Structure of This Report 1

The Region's Weak Growth and Employment Performance and Its Main Causes 2

The Region's Long-Run Growth Agenda and the Role of the Financial Sector 5

The Region's Excessively Bank-Based and Undiversified Financial Systems 7

Large Banking Systems but Poor Access Outcomes 9

Main Factors Limiting Access to Finance in the Region 12

A Roadmap for Expanding Access and Preserving Stability 15

Notes 33

References 33

Chapter 1 Introduction 35

The Main Lessons of the Global Financial Crisis for the Middle East and North Africa 35

The Fragile Recovery and Long-Run Financial Development Agenda 36

Main Objectives and Approach of the Report 43

Building Blocks of the Report 44

Structure of the Report 45

Notes 45

References 46

Chapter 2 The Impact of the Global Financial Crisis and Regional Political Instability on Regional Financial Systems 47

Impact on Regional Equity and Bond Markets 48

Impact on Regional Banking Systems 52

Challenges to the Fragile Credit and Output Recovery 61

Notes 64

References 64

Chapter 3 The Size and Structure of Regional Financial Systems 67

A Bird's Eye View of Mena's Financial Systems 67

International Comparison of Financial Systems 75

Notes 93

References 94

Chapter 4 Do Financial Systems in the Region Provide Access? 95

Enterprise-Level Indicators of Access 96

Bank-Level Indicators of Access 99

Microcredit Outreach 109

Access to Other Financial Services 110

Notes 113

References 114

Chapter 5 Main Factors Limiting Acces 117

Main Factors Hindering Access to Finance 118

Policy Interventions to Expand Access: Have They Been Effective? 126

Summing Up 135

Notes 138

References 138

Chapter 6 Financial Infrastructure 141

Credit Reporting Systems 143

Collateral Regimes 149

Insolvency Regimes 155

Notes 157

References 157

Chapter 7 The Banking System: The Challenge of Expanding Access to Finance While Preserving Stability 159

Structure of Mena Banking Systems 159

Performance of Banking Systems 168

Resilience of Banking Systems 173

Main Regulatory and Supervisory Issues 178

Notes 191

References 191

Chapter 8 Why Have Nonbank Financial Institutions Not Developed in the REgion? 193

The Insurance Sector 194

Pension Funds 201

Mutual Funds 203

Leasing 208

Factoring 211

Notes 213

References 213

Chapter 9 Capital Markets 215

Fixed-Income Markets 216

Equity Markets 227

Notes 236

References 236

Chapter 10 An Agenda for Financial Development with Financial Stability 239

Main Elements of the Proposed Agenda 239

First Things First: Strengthening Financial Infrastructure 242

Strengthening Bank Competition 246

Developing Nonbanking Financial Institutions 247

Developing Capital Markets 256

Improving the Provision of Long-Term Finance 263

Improving the Effectiveness of Policy Interventions 265

The Financial Stability Agenda 268.

Notes:

Includes bibliographical references.

ISBN:

9780821388358

0821388355

9780821388563

0821388568

OCLC:

729574278