This paper provides a broad survey of the economic situation in nine Mediterranean Partner Countries, and assesses the impact of the Euro-Mediterranean association agreements. The starting point of the analysis is the observation that overall economic performance of the region has been...

This paper discusses the different functions that capital markets and banks have in economic development, and it reviews the debate about marketbased vs. bank-based financial systems. Using data for a sample of 40 countries over the period 1975-98, the paper then shows that variation in both...