By Mongi Boughzala, D. Cobham

This quantity assesses the present country of play for heart East and North African nations, within the mild of wider paintings on inflation concentrating on, and offers classes from the evolution of economic coverage in Europe.

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A. w "' "' . :!! "' >. 0 ::J 0 e 0 "' "'(U •t: Q) >. 6 Bank capitalisation in Mediterranean countries Note: *Data from latest IMF Article IV report. Euro area: median figure. Source: Sturm and Sauter (2010), complemented with recent IMF country re ports. actually translate into increased inflation, and therefore the intended monetary policy tightening may not have the desired effects on prices. In that sense, just as monetary policy may be constrained by public sector solvency considerations ('fiscal dominance'), 19 one could arguably speak of 'financial dominance' when banking sector weaknesses reduce the option s for central banks to tighten policy.

Are Financial Markets Ready? 23 banking sectors, in particular Bahrain, Lebanon and Jordan. The strong role of banks in these countries reflects largely idiosyncratic factors, such as the development of financial centres (Bahrain and Lebanon), the role of banks in the financing of high public deficits (Lebanon) and the strong deposit growth from the diaspora (Lebanon). Banks in MENA economies usually pursue relatively conventional business models. This can be seen by comparing banking sector assets with broad money: if the amount of total banking sector assets is close to broad money, this suggests a limited diversification of banking sector funding sources away from conventional deposits.

Access of firms to stock markets is relatively limited, even though in the cases of Morocco and Tunisia the number of listed companies has increased gradually over recent years. 14 Moreover, equity tends to be held by a small number of shareholders and turnover is limited in comparison with advanced economies or major emerging market economies, thereby limiting the potential wealth effects that may arise from stock market fluctuations. 15 Foreign exchange markets are relatively underdeveloped in the MENA region, due to prevailing exchange restrictions, limited exchange rate flexibility in most countries, and the heavy role of central banks in controlling supply and demand for foreign exchange.

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