This edition of the Business Barometer reports the results of a stratified sample of 200 public and private firms. The survey covers their assessment of economic growth and the results of their operations in terms of their production, sales, inventories, prices, wages, employment and investment over the last six months of 2000. It also summarizes […]
Abstract: This paper surveys possible monetary policy options for emerging market countries. As the paper does not seek to enter into the fix versus flex debate, it only considers monetary policy options for countries with a flexible exchange rate. After making the point that the conduct of monetary policy requires a nominal anchor and surveying […]
Abstract: This paper addresses the new-orthodox view that the choice of exchange rate regime has been hollowed out to a choice between the two corner solutions of firmly fixed and more or less freely floating exchange rates. While conceding that both these regimes have an advantage over intermediate regimes in terms of being less vulnerable […]
Abstract: This paper reviews globalization and financial crisis over the past 120 years. By examining the evidence on the incidence and depth of financial crises (currency crises, banking crises and twin crises) across four regimes from 1880 to the present, the study demonstrates that crises in emerging markets are more frequent today than during the […]
Abstract: This paper reviews the existing evidence on the origins of banking crises, provides new results on the impact of government bank ownership on financial stability, and discusses policy options that can prevent and mitigate the consequences of banking crises. We find that government ownership of banks increases the likelihood and fiscal cost of crises, […]
Abstract: In light of the crises that occurred in East Asia, Eastern Europe and South America in recent years, this paper argues that the most realistic option for the majority of emerging and developing countries is to adopt a regime that entails substantial exchange rate flexibility, or a “floating” rate. The paper refutes the reasons […]
Abstract: Recognizing the bearing of taxation on the cost of capital and investment behavior, this paper attempts to measure the overall impact of business income taxation on domestic marginal investments in Egypt. The paper uses a computerized model developed by Dunn and Pellechio (1990) to measure the Marginal Effective Tax Rate (METR) on capital. The […]
Abstract: With increased globalization, accelerated technical change and the growing demand for higher quality modern products, many traditional small and medium sized enterprises (SME), in developing countries face closure or very difficult upgrading. Even modern SMEs in developed countries face very difficult competitive challenges in the emerging setting. This paper ultimate aim is to lay […]
Abstract: Rapid changes in the global economic environment have led to new challenges and opportunities for firms in the MENA region. In response to these developments, this paper briefly reviews how MENA countries have fared in the global economy and outlines the challenges and opportunities arising from these global changes. The paper starts by reviewing […]
Abstract: This paper is based on the premise that private sector development is of crucial importance to the future development of MENA countries. It demonstrates the degree to which various institutional constraints, in general, and impediments to dispute resolution, in particular, reduce the competitiveness of private firms in the MENA region by increasing transaction costs. […]