Many developing countries are resource-constrained – that is, they are running a current account deficit. The deficit in the current account indicates that aggregate demand exceeds aggregate supply. Alternatively, domestic investment cannot be financed using national savings, necessitating...

The study has considered determinants of financial sector development in the MENA region. We explore a wide range of macroeconomic, fiscal and institutional factors in order to assess their relevance as determinants of financial development in MENA countries. A first interesting result is that...