Abstract

The controversy over the relationship between the financial and real economic sphere was ambiguous. Many studies showed a positive relationship between these two spheres whereas others presented the perfectly opposed thesis. On the basis of data relating to 11 MENA countries, observed during the period 1995-2011 and by using the GMM method of the dynamic panel, the result showed that there is a positive relation between the financial development and economic growth. This relationship and more intense for the role of the MENA financial system.