Recherchers economiques manageriales
Volume 16, Numéro 1, Pages 829-848
2022-06-03
Prerequisites For Financial Integration: Empirical Evidence From North African Countries
Authors : Bouzayani Rajab . Kaddachi Hayet . Mohamed Sghaier Imen .
Abstract
This paper examines the preconditions for the financial integration of North African countries over the period 1995 to 2017. The results of the GMM econometric technique are; financial development and the opening of the capital account are the most explanatory factors of FDI and portfolio investment. Financial development and the KAOPEN Index have a positive and statistically significant effect on FDI and portfolio investment, the opening of the current account positively affects FDI. Portfolio investment does not depend on the opening of the current account and the exchange rate regime. The real effective exchange rate has a negative and statistically significant effect on FDI, the real interest rate has a negative and statistically significant effect on capital flows.
Keywords
Foreign direct investment ; portfolio investment ; dynamic panel data ; GMM
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