Abstract:The purpose of this paper is to assess the efficiency of Egypt’s bankruptcy system, identify and analyze the main reasons for its inefficiency and offer specific proposals for bankruptcy reform. Its merit lies in focusing on market exit – a fundamental feature of a well functioning market economy that has remained largely unexplored in Egypt.The […]
Abstract:This paper examines the implications of the recent EU enlargement for the Egyptian economy with regards to trade, capital inflows, and labor migration. The novelty of the study lies in that it analyzes all three dimensions of the economic relations, whereas the majority of other studies focus mainly on trade or investment, and only briefly […]
Abstract:This paper analyzes the causes and ramifications of excessive civil service employment in Egypt and makes recommendations for future reforms. It attributes the problem to past policies, which combined guaranteed government employment for all graduates of intermediate and higher education together with free schooling for all. These policies led to an excessive demand for education, […]
Abstract:This paper assesses the sustainability of public debt in Egypt in light of fiscal trends in recent years. It analyzes the key fiscal variables underlying recent growth in public debt, explores whether this debt is structural or cyclical, and simulates the debt-output trajectory based on different assumptions in key macroeconomic variables. The paper draws four […]
Abstract: There is growing consensus on the importance of investment as a determinant for economic growth. However, the relationship between public and private investment was and is still debatable in several developed and developing countries. The situation in Egypt is no exception. While some economists view public and private investments as competitive, others consider them […]
Abstract:This paper contributes to the ongoing debate about formalization in Egypt and makes the case for adopting reforms to integrate the informal sector into the mainstream economy. It first attempts to explain why Egyptian entrepreneurs choose to stay informal, and then assesses the likely welfare impact of formalization on different economic agents using a partial […]
Abstract:This paper analyzes the pension system in Egypt, with the purpose of making a set of proposals for reform, taking into account the interests of employees, pensioners, and the national economy. The paper finds that although the current pension system has many advantages and is not facing financial difficulties, there is a need to increase […]
Abstract:This paper assesses the effectiveness of Egypt’s budgetary institutions in achieving long-term fiscal sustainability in light of growing literature. The paper finds that while the budgetary process in Egypt is clearly-defined and its rules are closely followed, there is a need for several reforms. These include imposing limits on public expenditure, shifting from yearly to […]
Abstract:This paper reviews some key fiscal sustainability issues in developing and emerging countries. It concludes, first, that the discussion of fiscal sustainability should be focused on the consolidated state budget, including all present and future contingent claims. Second, it points out that the safe level of the net public debt-to-GDP ratio is lower in countries […]
Abstract:This paper surveys the recent literature on fiscal sustainability with particular focus on emerging market countries. It discusses the main elements that differentiate emerging market countries from industrial countries and then discusses how probabilistic models can help to evaluate fiscal sustainability in an uncertain environment. Based on this discussion, the paper uses Egypt to illustrate […]