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The Egyptian Stabilization Experience

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  • Arvind Subramanian

Abstract

This paper analyzes the successful Egyptian stabilization experience during the 1990s, focusing on its distinctive features and contrasting them with the recent experiences of other developing countries. The key policy elements were a large fiscal adjustment, use of an exchange rate anchor that has endured for over six years, supported by prudent monetary policies, and early moves to liberalize interest and exchange markets. The outcomes included the avoidance of an output collapse despite the magnitude of fiscal adjustment; avoidance of stresses on the financial system; reversal of endemic dollarization; financial deepening at the expense of the banking system; and maintenance of external viability despite a lackluster export performance.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/105.

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Length: 61
Date of creation: 01 Sep 1997
Date of revision:
Handle: RePEc:imf:imfwpa:97/105

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Cited by:
  1. Gutner, Tammi, 1999. "The political economy of food subsidy reform in Egypt," FCND discussion papers 77, International Food Policy Research Institute (IFPRI).
  2. Zaki, Mokhlis Y., 2001. "IMF-Supported Stabilization Programs and their Critics: Evidence from the Recent Experience of Egypt," World Development, Elsevier, vol. 29(11), pages 1867-1883, November.
  3. Klaus-Stefan Enders, 2007. "Egypt," IMF Working Papers 07/57, International Monetary Fund.
  4. Carlos Marinheiro, 2006. "Ricardian Equivalence, Twin Deficits, and the Feldstein-Horioka puzzle in Egypt," GEMF Working Papers 2006-07, GEMF - Faculdade de Economia, Universidade de Coimbra.
  5. LĂ©once Ndikumana, 2003. "Capital Flows, Capital Account Regimes, and Foreign Exchange Rate Regimes in Africa," Working Papers wp55, Political Economy Research Institute, University of Massachusetts at Amherst.
  6. Achy, Lahcen, 2001. "Equilibrium exchange rate and misalignment In selected MENA countries," MPRA Paper 4799, University Library of Munich, Germany, revised 2001.
  7. Yamada, Toshikazu, 2008. "Sustainable Development and Poverty Reduction under Mubarak's Program," IDE Discussion Papers 145, Institute of Developing Economies, Japan External Trade Organization(JETRO).
  8. Philip Arestis, 2003. "Financial Sector Reforms in Developing Countries with Special reference to Egypt," Economic History 0307001, EconWPA.
  9. Ossama Mikhail, 2004. "Economic Freedom and The Business Cycle: The Egyptian Experience," Macroeconomics 0402002, EconWPA.

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