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Economic Freedom and the Business Cycle: The Egyptian Experience

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Author Info
Ossama Mikhail (University of Central Florida)

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Abstract

Most studies that emphasize and encourage the shift towards a less regulated and financially open system rest on the premise of a prosperous growth prospect. Accordingly, interests have focused on growth models as a framework to understand and to analyze the effects of economic freedom. This paper investigates the short-run characteristics of economic freedom. Using a stochastic general equilibrium framework, it is argued that economic reforms tend to ease periods of recession, increase welfare and alleviate the burden of unemployment. Calibrated to the Egyptian economy, the model is simulated and the (robust) relationship between economic reforms and the business cycle is investigated.

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Publisher Info
Article provided by Berkeley Electronic Press in its journal Review of Middle East Economics and Finance.

Volume (Year): 3 (2007)
Issue (Month): 1 ()
Pages: 1
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Handle: RePEc:bep:rmeecf:3:2007:1:1

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Related research
Keywords: Business cycles Egypt economic freedom Washington consensus

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References listed on IDEAS
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