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This paper aimed to analyze the determinants of financial stability in MENA over the period from 2000 to 2021. The study found evidence of the positive impacts of GDP growth and bank concentration on financial stability in MENA. Conversely, political uncertainty was emphasized as a crucial factor that significantly harms financial stability. On the other hand, financial stability was signaled to positively affect governance in the MENA region.

This paper aims to analyze the determinants of financial integration in the MENA region over the period from 2007 to 2021. Different de jure and de factor indicators of international financial integration, including the Chinn-Ito Capital Account Openness Index (KAOPEN), net FDI inflows to GDP, and the foreign bank ownership index by Panizza (2024), are used in the analysis of international integration levels. Results show that despite the progress made by MENA countries in the enactment of regulations reinforcing financial openness, this was not reflected in terms of real increases in foreign capital flows to the region. However, the results emphasize the significant positive role played by financial development in boosting the international financial integration of MENA. On the other hand, no impacts of economic growth or governace on promoting the international financial integration in MENA are found. At the same time, international financial integration does not have a significant impact on supporting economic growth or enhancing governance in the region.