摘要：The purpose of this study is to define the optimal threshold of financial development that might affects human
development in a panel of 13 MENA countries that are divided into two sub-samples: oil-exporting and oil-importing
countries. Results of the panel smooth transition regression (PSTR) model show that the threshold of financial
development is 0.389 in oil-exporting 0.588 for oil-importing countries. Hence, below these thresholds, financial
development acts negatively and significantly on human development and above them its effect become positive.
