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MAHER, ZAIED
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Mathematics

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The impact of financial liberalization on private savings: The case of Maghreb countries Arabia Maher, Zaied
Quantitative Economics and Management Studies Vol. 6 No. 4 (2025)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.qems4139

Abstract

The concept of financial liberalization emerged in the early 1970s from the work of McKinnon (1973) and Shaw (1973). These authors presented financial sector liberalization as one of the ways in which financial development could positively influence economic growth. This theory was well received by international organizations (the International Monetary Fund and the World Bank). They proved that a policy of financial liberalization is essential to promote economic development. This work is based on the following assertion: financial liberalization ensures better mobilization and allocation of resources. It also ensures a better match between investment and savings. At this level, the aim of this article is to verify the effect of financial liberalization on private savings. To answer this question, we use the ordinary least squares method and the stationarity process to investigate the relationship between financial liberalization indicators and private savings in the Maghreb Arab countries over an 8-year period from 2000 to 2008. The econometric analysis showed that the economic growth achieved in Maghreb Arab countries during the study period reflected an increase in real per capita income, and also contributed to an increase in private savings.
The impact of financial liberalization on private savings: The case of Maghreb countries Arabia Maher, Zaied
Quantitative Economics and Management Studies Vol. 6 No. 5 (2025)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.qems4148

Abstract

The concept of financial liberalization emerged in the early 1970s from the seminal works of McKinnon (1973) and Shaw (1973). These authors conceptualized financial sector liberalization as a key mechanism through which financial development could enhance economic growth. Their theory was well received by international institutions such as the International Monetary Fund (IMF) and the World Bank, which later promoted financial liberalization as a cornerstone policy to stimulate development in emerging economies.According to this framework, liberalizing the financial sector facilitates more efficient mobilization and allocation of financial resources. It also strengthens the coordination between savings and investment, thereby contributing to macroeconomic stability and long-term growth. This article aims to empirically assess the impact of financial liberalization on private savings. To this end, we employ the Ordinary Least Squares (OLS) method along with stationarity tests to examine the relationship between financial liberalization indicators and private savings in Maghreb Arab countries over the 2008-2016 period. The econometric results reveal that economic growth achieved during the period was accompanied by an increase in real per capita income, which in turn positively influenced private savings levels across the region.
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