I Introduction
Author: Mr. Howard Handy
Language:
English
Keywords:
OP; exchange rate; rate; enterprise; price inflation; inflation expectation; liberalization of interest rates; world market share; exchange rate peg; Inflation; Trade policy; Exchange rates; Structural reforms

Abstract

By the standards of recent experience with economic stabilization, Egypt in the 1990s is a remarkable success story. Determined macroeconomic policy, together with some favorable external developments, has brought much reduced inflation, led to improved public Finances, a stable currency, and a strengthened banking system, together with a sound balance of payments position. On the heels of a severe contraction in 1991/92–1992/93, given yearly population growth of over 2 percent, there is now increasing evidence of renewed private sector confidence manifested in rising investment, accelerating growth, and increased incomes.1

Within Same Series

Other IMF Content

Other Publishers Content

Cover Egypt
Egypt
Beyond Stabilization. Toward a Dynamic Market Economy
Author: Mr. Howard Handy
ISBN:
9781557757203
ISSN:
0251-6365
Publication Date:
01 May 1998
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557757203.084
Pages:
95

  • Ali Sonia M. Richard H. Adams, Jr. 1996 “The Egyptian Food Subsidy System: Operation and Effects on Income Distribution,” World Development Vol. 24 (November) pp. 1777–91

    • Search Google Scholar
    • Export Citation

  • Alonso-Gamo Patricia Susan Fennell, and Sakr Khaled 1997 “Adjusting to New Realities: MENA, The Uruguay Round, and the EU-Mediterranean Initiative,” IMF Working Paper 97/5 Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Barro,Robert, 1995, “Inflation and Economic Growth,” Quarterly Bulletin, Bank of England Vol. 35 (May), pp. 166–76.

  • David B. Gordon 1983. “A Positive Theory of Monetary Policy in a Natural Rate Model,” Journal of Political Economy, Vol. 91 (August), pp. 589–610

    • Search Google Scholar
    • Export Citation

  • Berthelemy, Jean-Claude, and Aristomene Varoudakis 1996 Financial Development Policy and Growth Paris: Development Center of the Organization for Economic Cooperation and Development).

    • Search Google Scholar
    • Export Citation

  • Bisat Amer Mohamed A El-Erian, and Mahmoud E Gamal 1997 “Arab Economies Savings and Investment: Lessons from the Past and Torchlights for the Future”Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Mongelli Francesco P. 1996 “Investment and Growth in the Middle East and North Africa,” IMF Working Paper 96/124 Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Bisat, Amer, Mohamed A. El-Erian, and Thomas Hel-bling 1997 “Growth. Investment and Saving in the Arab Economies,” IMF Working Paper 97/85 Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Bruno Michael, and William Easterly 1995 Inflation, Crisis and Long-Run Growth, National Bureau of Economic Research Working Paper Series, No. 5209 (August)

    • Search Google Scholar
    • Export Citation

  • Calvo, Guillermo, Leonardo Lciderman, and Carmen M. Reinhart, 1993 “Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors,” Staff Papers, International Monetary Fund Vol. 40 March 1993 pp. 108–51

    • Search Google Scholar
    • Export Citation

  • Cardiff, Patrick W. forthcoming, “Poverty and Inequality in Egypt,” Research in Middle East Economies Vol. 2 Cairo: Middle East Economic Association

    • Search Google Scholar
    • Export Citation

  • Clark Peter 1994, Exchange Rales and Economic Fundamentals: A Framework for Analysis, IMF Occasional Paper No. 115 Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Edwards, Sebastian 1989, Real Exchange Rales, Devaluation and Adjustment: Exchange Rale Policy in Developing Countries Cambridge, Massachussets: MIT Press

    • Search Google Scholar
    • Export Citation

  • 1994, “Real and Monetary Determinants of Real Exchange Rate Behavior; Theory and Evidence from Developing Countries,” Ch. 4 in Estimating Equilibrium Exchange Rales, ed. Williamson John Washington: Institute for International Economics 1994

    • Search Google Scholar
    • Export Citation

  • Elbadawi, Ibrahim A., 1994, “Estimating Long-Run Equilibrium Real Exchange Rates,” Ch. 5 in Estimating Equilibrium Exchange Rates, ed. John Williamson Washington: Institute for International Economics, 1994

    • Search Google Scholar
    • Export Citation

  • Fischer, Stanley, 1993, “The Role of Macroeconomic Factors in Growth” Journal of Monetary Economics, Vol.32 (December) pp. 485–512

    • Search Google Scholar
    • Export Citation

  • 1996 “Central Banking: The Challenges Ahead, Maintaining Price Stability,” Finance Development, Vol. 33 (December) pp. 34–37

  • Francois, Joseph, and 1995 “Assessing the Uruguay Round,” paper presented at a World Bank conference on the Uruguay Round and Developing Countries, January 1995.

    • Search Google Scholar
    • Export Citation

  • Frankel, Jeffrey, 1993, On Exchange Rates Cambridge, Massachussets: MIT Press

  • Frenkel Jacob A., and Assaf Razin 1982, Fiscal Policies and the World Economy Cambridge, Massachussets: MIT Press

  • Galal, A, 1996 “Savings and Privatization,” Egyptian Centre For Economic Studies (ECES), Working Paper No.8 Cairo, Egypt: ECES

  • Goldin, Ian, and Emmanuel van der Mensbrugghe, 1995, “The Uruguay Round: An Assessment of Economy-Wide and Agricultural Reforms,” paper presented at a World Bank conference on the Uruguay Round and Developing Countries, January 1995

    • Search Google Scholar
    • Export Citation

  • Goldstein M., and J. Frenkel, 1996 Functioning of the International Monetary System Washington: International Monetary Fund

  • Guitian Manuel and Saleh M. Nsouli, 1996 Currency Convertibility in the Middle East and North Africa Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Handoussa, Heba, 1990, “Egypt’s Investment Strategy, Policies, and Performance Since the Infttah,” Investment Policies in the Arab Countries, by El-Naggar Said Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Hansen, Bent, and Karim Nashashibi 1975, Egypt, a special conference series on Foreign Trade Regimes and Economic Development Vol. 4 New York: National Bureau of Economic Research

    • Search Google Scholar
    • Export Citation

  • Havrylyshyn, Oleh, 1997 A Global Integration Strategy for Mediterranean Countries: Open Trade and Market Reforms Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Hertel,Thomas, and others, 1995, “Liberalizing Manufactures Trade in a Changing World Economy,” paper presented at a World Bank conference on the Uruguay Round and Developing Countries, January 1995.

    • Search Google Scholar
    • Export Citation

  • 1996, Growth, Globalization and the Gains from the Uruguay Round Washington: World Bank

  • Ikram, Khaled 1980 Egypt: Economic Management in a Period of Transition Washington: Johns Hopkins University Press for the World Bank

  • International Monetary Fund 1994 Official Financing for Developing Countries, World Economic and Financial Surveys Washington International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • 1996 World Economic Outlook, World Economic and Financial Surveys Washington October

  • Marty, Alvin L., and Daniel L. Thornton, 1995, “Is There a Case for ‘Moderate’ Inflation?” Federal Reserve Bank of St. Louis Review, Vol. 77 July/August pp. 27 37

    • Search Google Scholar
    • Export Citation

  • Mongardini, Joannes, 1998 “Estimating Egypt’s Equilibrium Real Exchange Rate,” IMF Working Paper 98/5 Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Pesaran M., Hashem, and Bahram Pesaran, 1996, Working with Microfii 4.0: Interactive Econometric Analysis Cambridge, England: Camfit Data Limited

    • Search Google Scholar
    • Export Citation

  • Pesaran, M. Hashem, and Yongcheol Shin, 1995, “An Autoregressive Distributed Lag Modeling Approach to Cointcgration Analysis,” DAE Working Paper No. 9514 Cambridge, England: Department of Applied Economics, University of Cambridge, February

    • Search Google Scholar
    • Export Citation

  • Quirk Peter, and Owen Evans, 1995 Capital Account Convertibility: Review of Experience and Implications for IMF Policies, IMF Occasional Paper No. 131 Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Ramaswamy, Ramana, 1997, “Monetary Frameworks: Is There a Preferred Option for the European Central Bank?” IMF Paper on Policy Analysis and Assessment 97/6 Washington: International Monetary Fund June

    • Search Google Scholar
    • Export Citation

  • Sarel, Michael, 1996 “Nonlinear Effects of Inflation on Economic Growth,” Staff Papers, International Monetary Fund, Vol. 43 March pp. 199–215

    • Search Google Scholar
    • Export Citation

  • 1997 “Growth and Productivity in ASEAN Countries,” IMF Working Paper 97/97 Washington: International Monetary Fund

  • Schadler Susan, Maria Carkovic, Adam Bennett, and Robert Kahn, 1993 Recent Experiences with Surges in Capital Inflows, IMF Occasional Paper No. 108 Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Selody, Jack, 1990, “The Goal of Price Stability: A Review of the Issues,” Bank of Canada Technical Report, No. 54 May

  • Shiells, Clinton, Arvind Subramanian, and Peter Ui-monem “Effects of the Uruguay Round on Egypt and Morocco,” IMF Working Paper 96/7 Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Stein, Jerome L., 1995 “The Fundamental Determinants of the Real Exchange Rate of the U.S. Dollar Relative to Other G-7 Currencies,” IMF Working Paper 95/81 Washington International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Subramanian, Arvind, 1997 “The Egyptian Stabilization Experience: An Analytical Retrospective,” IMF Working Paper 97/105 Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Tsikata, Tsidi, 1998, “Aid Effectiveness: A Survey of Recent Empirical Literature,” IMF Paper on Policy Analysis and Assessment 98/1 Washington: International Monetary Fund

    • Search Google Scholar
    • Export Citation

  • Wijnberger, Sweder van, 1986, “Aid, Export Promotion and the Real Exchange Rate: An African Dilemma,” World Bank DRD Discussion Papers, Washington: World Bank

    • Search Google Scholar
    • Export Citation

  • Williamson, John, ed. 1994 Estimating Equilibrium Exchange Rates Washington: Institute for International Economics