OUVERTURE FINANCIERE, STABILITE FINANCIERE ET CROISSANCE ECONOMIQUE : ANALYSE EN DONNEE DE PANEL SUR LES PAYS DU MAGHREB

The study of the link between financial openness, stability of the domestic financial system, and economic growth has been investigated in several theoretical and empirical studies (Gurley and Shaw 1955; McKinnon 1973; Alesina and al 1994, De Gregorio 1996, Edwards 2001; Ishii and Habermeier 2002, Buiter and Taci 2003; Eichengreen and al. 2009; Mensi and al 2010; Hassana and al 2011); their results are mixed. The main objective of this work is to empirically examine this relationship in Maghreb countries using the panel data methods (proposed by Arellano and Bond 1998) over the period 1970-2010. Results show that, under particular economic and financial conditions, financial openness allows Maghreb countries to develop rapidly their financial systems and to obtain a long-run financial stability, which can allow these economies to improve their levels of economic growth.