This paper reviews the Moroccan experience with financial reforms, suggesting that, while financial liberalisation may be an important factor in the growth process, it is not sufficient in itself to promote productive investment. Increased financial deepening in Morocco mostly benefited...

This paper explores the causality issue between financial development and economic growth in the Moroccan context over the period 1970-2000 based on Granger causality tests. The evidence presented in this paper suggests a spasmodic short-term, rather than long-term causality relationship between...