Abstract

The Financial sector is considered to be the cornerstone and the essential character of the economic activity in any country either the developed or the developing countries. The progressive role of this sector continued because of the nature of its components which represent the vital artery of the economic activities whether of the banking systems or the financial markets. However, the financial market, for its work mechanism, distinguishes from the financial sector institutions because it is the axis where all the financial activities and the other performances of the national economy rotate around its orbit. The banking institutions is the most important elements that the financial market depends on in the initial market issues operations ; while the contractual institutions , besides the stockholding companies and individuals, are of the most essential and most notable effective elements in the secondary currency markets. We can say that the development of the financial market means the development of financial sector of the whole country, and then finding an essential base represents the nucleus from which the developing process and the aimed economical progress emerged. Because of the financial market is a financial institution in which its functions progresses through considering it as a system by which the local and foreign capitals are gathered to fund and manage the developing investments of the state. Therefore the Arab countries ,the study sample, which their financial markets are indicated in the data base center of the Arab Monetary Fund, care to make the developing aim of their financial markets is to be in the front of the aims of which these markets has been established.

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The article was added to IASJ on 2012-06-30

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