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Forecasting the money multiplier and the control of money supply in Egypt

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  • Mokhlis Zaki

Abstract

This article investigates whether money supply control through the multiplier‐monetary base framework is possible in Egypt. It was found that such a procedure would not have been possible between 1952 and 1990 when the financial needs of the Egyptian government dictated changes in high‐powered money. It was found that the ‘aggregate’ forecasting approach of the money multiplier provided satisfactory results, while the ‘component’ method did not. It is argued that changes in policy since 1991 would provide for better control over the monetary base and greater predictability of the money multiplier.

Suggested Citation

  • Mokhlis Zaki, 1995. "Forecasting the money multiplier and the control of money supply in Egypt," Journal of Development Studies, Taylor & Francis Journals, vol. 32(1), pages 97-111.
    • Handle: RePEc:taf:jdevst:v:32:y:1995:i:1:p:97-111
    DOI: 10.1080/00220389508422403
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    Cited by:

    1. Prakash Kumar Shrestha Ph.D., 2013. "An Empirical Analysis of Money Supply Process in Nepal," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 25(2), pages 17-42, October.
    2. Prakash Kumar Shrestha, Ph.D., 2013. "An Empirical Analysis of Money Supply Process in Nepal," NRB Economic Review, Nepal Rastra Bank, Economic Research Department, vol. 25(2), pages 17-42, October.
    3. Mr. Alexei P Kireyev, 2001. "Financial Reforms in Sudan: Streamlining Bank Intermediation," IMF Working Papers 2001/053, International Monetary Fund.
    4. Muhammad Arshad Khan, 2010. "Testing of money multiplier model for Pakistan: does monetary base carry any information?," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 9, pages 1-20, February.
    5. Gabriel Di Bella & Mr. David Hauner, 2005. "How Useful is Monetary Econometrics in Low-Income Countries? T+L3104he Case of Money Demand and the Multipliers in Rwanda," IMF Working Papers 2005/178, International Monetary Fund.
    6. Asad Jan & Mansoor Saleem & Aqeel Ahmad & Arshad Riaz, 2013. "Disaggregate Analysis of Broad Money and Outlook of Key Monetary Aggregates," SBP Working Paper Series 58, State Bank of Pakistan, Research Department.
    7. Polster, Rainer & Gottschling, Andreas, 1999. "Stability issues in German money multiplier forecasts," Research Notes 99-8, Deutsche Bank Research.

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