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 […]
Abstract:There is a broad recognition that civil service reforms in developing countries have been less than successful in the past, as they tended to focus on downsizing and procedural changes without radically changing the outmoded incentives system. Drawing on the incentives literature, this paper argues that the success of reforms in the future is conditional […]
Abstract:The purpose of this paper is threefold: (i) to assess the effectiveness, efficiency and equity of public expenditure on education, health and food subsidy programs in Egypt, (ii) to broadly analyze reform approaches of these sectors, and (iii) to make policy recommendations for Egypt accordingly. The paper shows that the Egyptian government is committed to […]
Abstract:This paper provides an overview of the channels through which the structure of public debt can affect macroeconomic performance. Its objective is to provide an analysis of factors influencing the optimal composition of the public debt, and to establish some general guidelines for public debt management in emerging economies.The paper offers several principles for managing […]
Abstract:This paper provides an assessment of concluding free trade agreements between Egypt and the US; and Morocco and the US. It starts with an analysis of what makes each pair of countries good candidates for concluding an FTA, followed by an estimation of the likely benefits to the parties involved. The paper concludes that an […]
Abstract:International trading rules are undergoing significant changes that will reshape the future of trade in textiles and clothing. These changes include the abolishment of the quota system by 2005; China’s accession to the WTO; emergence of new tools of protectionism; growth of intra-regional trade within trading blocs; and the increasing role of global commodity chains. […]
Abstract:After decades of extensive use of protection to promote industrialization in developing countries, the tide has been reversed in recent years. Egypt is no exception. The paper addresses the questions: How far did trade liberalization go in Egypt? What is the impact of trade liberalization on protection in Egyptian industries over the past decade? And […]
Abstract:The slowdown of the Egyptian economy over the last few years and the floatation of the pound in January 2003 stimulated a debate over the effectiveness of monetary policy in activating the economy. This paper contributes to this debate by focusing on monetary policy transmission mechanisms and addressing the following questions: Was there a bubble […]
Abstract:Over the last 50 years, many developing countries have turned to tourism as a possible engine for economic growth and Egypt is no exception. However, despite its obvious economic benefits, tourism is generally considered a highly volatile industry that is prone to frequent internal and external shocks leading to downturns in activity.This paper examines the […]