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Egypt's Growth Performance under Economic Liberalism: A Reassessment with New GDP Estimates, 1886-1945

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  • Yousef, Tarik M
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    Abstract

    The stagnation of Egyptian living standards in the first half of the 20th century has been widely presumed in economic history. However, this conventional wisdom is partially based on a fragmented body of evidence on aggregate output. In particular, no estimates of national income exist for any extended period prior to World War II. Using a money-based cointegration approach and a new measure of broad money, we exploit Egypt's intimate economic links with the U.K. to provide the first continuous estimates of GDP for the period 1886-1945. Our estimates are consistent with trends in agriculture and other stylized facts about the Egyptian economy in the late 19th and early 20th century. The empirical results provide qualified support to the conventional wisdom about Egypt's growth performance in addition to offering a detailed characterization of output cycles. Copyright 2002 by The International Association for Research in Income and Wealth.

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    Article provided by International Association for Research in Income and Wealth in its journal Review of Income & Wealth.

    Volume (Year): 48 (2002)
    Issue (Month): 4 (December)
    Pages: 561-79

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    Handle: RePEc:bla:revinw:v:48:y:2002:i:4:p:561-79

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    Cited by:
    1. Leandro Prados de la Escosura, 2011. "Human Development in Africa: A Long-Run Perspective," Working Papers 0008, European Historical Economics Society (EHES).
    2. Michael Tomz & Mark L. J. Wright, 2007. "Do countries default in “bad times”?," Working Paper Series 2007-17, Federal Reserve Bank of San Francisco.
    3. Van Leeuwen, Bas & van Leeuwen-Li, Jieli & Foldvari, Peter, 2012. "Education as a driver of income inequality in twentieth-century Africa," MPRA Paper 43574, University Library of Munich, Germany.

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