Toward Understanding Financial Diplomacy: The Case of Morocco

Abstract

Due to an economic context characterized by globalization, marked by fierce competition and by the opening of markets at the international level, several opportunities and large-scale challenges arise because of this new international context. This set of circumstances has drawn increasing attention to the role of financial diplomacy in promoting savings. Generally confused with economic diplomacy, financial diplomacy represents a particular aspect of diplomacy, however it remains very little treated in research works. Aware of the importance of financial diplomacy in the insertion of its financial system at the level of international finance, Morocco has deployed remarkable efforts in this direction. Indeed, the interest given to financial diplomacy by Morocco is not new, it dates back to its independence. The structural adjustment program initiated in Morocco in 1983; was the beginning of strengthening the assistance and support relations of the IMF and the World Bank. These relations explain Morocco's interest in its financial diplomacy. Due to the lack of research work dealing with this issue, this article attempts to answer the following question: What are the illustrations and actors of financial diplomacy in Morocco to ensure its insertion in the international economy? To answer this question, this article examines the importance of Morocco's financial diplomacy in international financial relations, through an identification of diplomatic actors as well as its contribution to Morocco's debt situation.     Classification JEL:  F00, G00, F65 Paper type: Theoretical ResearchDue to an economic context characterized by globalization, marked by fierce competition and by the opening of markets at the international level, several opportunities and large-scale challenges arise because of this new international context. This set of circumstances has drawn increasing attention to the role of financial diplomacy in promoting savings. Generally confused with economic diplomacy, financial diplomacy represents a particular aspect of diplomacy, however it remains very little treated in research works. Aware of the importance of financial diplomacy in the insertion of its financial system at the level of international finance, Morocco has deployed remarkable efforts in this direction. Indeed, the interest given to financial diplomacy by Morocco is not new, it dates back to its independence. The structural adjustment program initiated in Morocco in 1983; was the beginning of strengthening the assistance and support relations of the IMF and the World Bank. These relations explain Morocco's interest in its financial diplomacy. Due to the lack of research work dealing with this issue, this article attempts to answer the following question: What are the illustrations and actors of financial diplomacy in Morocco to ensure its insertion in the international economy? To answer this question, this article examines the importance of Morocco's financial diplomacy in international financial relations, through an identification of diplomatic actors as well as its contribution to Morocco's debt situation.     Classification JEL:  F00, G00, F65 Paper type: Theoretical Researc