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AEC 2008 - Capital Mobility in North Africa


The debate over the virtues of free capital movement in North Africa raises extremely important and controversial issues. Why should these countries liberalize their capital accounts whereas the free movement of capital is a relatively recent phenomenon? Should they take the development of their financial sector into account before opening up their capital account? What policies and reforms are necessary to ensure the success of such financial liberalization? What lessons can be learned from countries that successfully pulled off their financial integration, with a view to increasing the region’s capital flows?

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