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Transitional Problems from Reform to Growth: Safety Nets and Financial Efficiency in the Adjusting Egyptian Economy

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  • Mahmoud Abdel-Fadil
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    Abstract

    In recent years, considerable analytical work has been done on issues of economic reform in countries undertaking adjustment. Less attention has been devoted to the social costs of adjustment and the transitional problems during the period from reform to growth. The Egyptian economic adjustment since 1991 is a good case in point, as Egypt is facing difficult transitional problems, of both social and financial nature. The first part of this paper discusses Egypt's newly established social fund (1991), notably the adequacy of its core programmes and targeting mechanism for providing an appropriate "social safety net" in the medium term. The second part of the paper deals with Egypt's financial intermediation system, which is unable to convert large amounts of liquid savings into long-term real capital, hence increasing the time-lag between reform and growth. It is concluded that an efficient system of financial intermediation and a comprehensive social safety net are needed to ... Depuis quelques années les problèmes liés aux réformes économiques dans les pays ayant mis en oeuvre une politique d'ajustement ont fait l'objet de nombreux travaux de recherche. En revanche, les coûts sociaux de l'ajustement, ainsi que les difficultés posées par le passage de la réforme à la croissance, ont moins retenu l'attention. En Égypte par exemple, où un programme d'ajustement économique est engagé depuis 1991, cette transition est difficile, tant du point de vue social que financier. La première partie de ce document examine le fonds social récemment créé en Égypte (1991), et notamment la capacité de ses programmes de base et de ses mécanismes spécifiques à établir un système efficace de protection sociale à moyen terme. La seconde partie du document étudie le système d'intermédiation financière égyptien, qui ne parvient pas à transformer les liquidités considérables de l'épargne en capital réel à long terme, accentuant ainsi l'intervalle entre réforme et croissance ...

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    File URL: http://dx.doi.org/10.1787/267677618887
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    Bibliographic Info

    Paper provided by OECD Publishing in its series OECD Development Centre Working Papers with number 102.

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    Date of creation: Dec 1994
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    Handle: RePEc:oec:devaaa:102-en

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