This paper utilizes data for African countries to analyze the extent to which financial development affects the dynamics of the relationship between exchange rate flexibility and economic growth. The findings indicate that financial development exerts a positive influence on the relationship...

This paper argues for a transformation of finance to support the economic and social transformation of the Middle East and North Africa. The paper first documents the existing financial system in the region. The system is heavily skewed toward banking, relative to non-banking services, such as...