Intro -- Contents -- Acknowledgments -- Introduction -- 1. The Political Economy of Financial Crises -- 2. Information and Crises -- 3. Crises and the Middle Class -- 4. What Happens after Crises -- 5. Financial Intermediaries and the Demand for Change -- 6. Governments and the Demand for Reform...

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...

While it is clear that financial depth and economic diversity are prerequisites for the realisation of growth and development objectives, heterogeneous factors that determines financial development remains imperfectly understood. This ambiguity in the structural relations between varied...