Abstract: Privatization is perceived as the cornerstone of Egypt’s economic reform program. This paper presents an overview of the challenges that the privatization program has encountered so far and means of tackling them. It discusses the political and legal constraints to privatization, taking into consideration the role of the different actors that are involved in […]
Abstract: The paper examines the behavior of stock returns in the Egyptian stock exchange, the efficiency of the market in pricing securities, and the relationship between returns and conditional volatility. GARCH(p,q)-M models estimated for the four best known daily indices indicate significant departures from the efficient market hypothesis; the tendency for returns to exhibit volatility […]
Abstract: This paper analyzes Egypt’s trade policy reforms since 1980 to evaluate the general openness of the economy. Changes in tariffs, additional taxes and subsidies, non-tariff barriers and the exchange rate system are surveyed as indicators of liberalization trends in the economy. The analysis extends beyond the status quo and considers the future of trade […]
Abstract: It is widely acknowledged that Egypt’s stabilization program has been highly successful. Stabilization, albeit necessary, is not sufficient to accelerate growth. Egypt needs to foster greater investment (including foreign direct investment) to achieve the envisaged high-growth scenario. While the tax burden is only a part of the investment climate, it plays a crucial role […]
Building on the success of the first issue, the Barometer seeks to provide and analyze real-side economic data on the current state of Egypt’s industrial sector. For each issue ECES conducts a survey of industrial firms in Egypt to evaluate their business and economic expectations in the coming six months. In this second survey, conducted […]
Abstract: After decades of state domination of economic activity, many governments around the world are increasingly relying on the private sector to foster economic growth. Starting from the premise that it takes a competitive business environment to ensure greater and more efficient private sector participation in economic growth, this paper assesses both the macro and […]
Abstract: This paper analyzes two problems with tax administration in Egypt: tax evasion and taxpayers’ high transaction costs in tax payment. The paper evaluates the magnitude of each problem in a comparative cross-country context. Empirical analysis suggests that tax evasion in Egypt is consistent, to a great extent, with the country’s economic and institutional conditions. […]
Abstract: Engendering capital market growth is essential to bring the Egyptian stock market out of its slump and ensure sustainable economic growth. A short-term plan should revive domestic and international demand for shares by controlling the supply of financial securities and enhancing the quality of issues. Pricing of shares, improving market capitalization and liquidity, enhancing […]
Abstract: The state of development of nonbank financial intermediaries (NBFIs) is a good indicator of the financial system’s development as a whole. NBFIs include all the financial institutions which are not classified as commercial banks. Such institutions have the common characteristic of mobilizing savings and facilitating the financing of different activities, but they do not […]
The results of the new ECES survey of industrial expectations, Industrial Barometer, paint a promising picture for the Egyptian manufacturing sector in the coming six months Most indicators of current business activity in the manufacturing sector, relative to the previous six months, reflect continued growth in the overall economy, with the public sector generally more […]