Are the Arab Maghreb countries really integratable?

Review of Financial Economics - Tập 11 - Trang 79-90 - 2002
Ali F Darrat1, Anita Pennathur1
1Department of Economics and Finance, College of Administration and Business, Louisiana Tech University, PO Box 10318, Ruston, LA 71272-0046, USA

Tóm tắt

AbstractThe main objective of this study is to assess the extent of economic and financial integration among the countries in the Arab Maghreb region. Empirical results consistently suggest that three of these countries (Algeria, Morocco, and Tunisia) do share a robust and meaningful relation binding together their macroeconomies, their financial markets, and their monetary policies, at least over the long‐term horizon. Therefore, the failure, thus far of these countries to achieve a genuine regional integration is likely caused by socio‐political factors rather than by economic or financial incompatibility. Of course, the presence of a potent long‐run relation among the three countries should motivate further efforts towards the creation of an effective regional integration. The results suggest that such efforts should start with improving the structure and the operation of the Arab Maghreb Union which, despite its current feeble status, has apparently strengthened economic and financial ties among countries in the region.

Tài liệu tham khảo

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Thông tin xuất bản

Review of Financial Economics

Tập 11

79-90

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