{"id":22694,"date":"2008-12-09T07:42:00","date_gmt":"2008-12-09T07:42:00","guid":{"rendered":"https:\/\/eces.org.eg\/?p=22694"},"modified":"2024-06-11T07:50:51","modified_gmt":"2024-06-11T07:50:51","slug":"the-global-financial-crisis-and-its-implications-for-egypt","status":"publish","type":"post","link":"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/","title":{"rendered":"The Global Financial Crisis and its Implications for Egypt"},"content":{"rendered":"\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p>The world economy is currently going through a serious financial upheaval that sparked off in the United States and has spread to Europe and the rest of the world, aided by increased globalization and liberalization of the world economy. Although the crisis has already led to the collapse of influential banks and firms as well as to recession in several countries, some consider such consequences as just the tip of the iceberg and that the worst is yet to come. The purpose of this paper is to suggest ways out of the current global financial crisis. To do so, it first presents an overview of the causes and consequences of the current turbulence, followed by an assessment of the depth of the crisis and its implications for the Egyptian economy, including the financial sector, balance of payments and the state budget. In addition, the paper highlights the opportunities and challenges inherent in the crisis, and concludes with some foresight regarding its impact on the world economic system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abstract: The world economy is currently going through a serious financial upheaval that sparked off in the United States and has spread to Europe and the rest of the world, aided by increased globalization and liberalization of the world economy. Although the crisis has already led to the collapse of influential banks and firms as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":34229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"class_list":["post-22694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-working-papers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Global Financial Crisis and its Implications for Egypt - ECES<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Global Financial Crisis and its Implications for Egypt - ECES\" \/>\n<meta property=\"og:description\" content=\"Abstract: The world economy is currently going through a serious financial upheaval that sparked off in the United States and has spread to Europe and the rest of the world, aided by increased globalization and liberalization of the world economy. Although the crisis has already led to the collapse of influential banks and firms as [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"ECES\" \/>\n<meta property=\"article:published_time\" content=\"2008-12-09T07:42:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:50:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/eces.org.eg\/wp-content\/uploads\/2008\/12\/W-P-142-Ar-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1648\" \/>\n\t<meta property=\"og:image:height\" content=\"2560\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin-eces-staging\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin-eces-staging\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/\"},\"author\":{\"name\":\"admin-eces-staging\",\"@id\":\"https:\/\/eces.org.eg\/#\/schema\/person\/7981d9621302fef3e6e0a1f65d658135\"},\"headline\":\"The Global Financial Crisis and its Implications for Egypt\",\"datePublished\":\"2008-12-09T07:42:00+00:00\",\"dateModified\":\"2024-06-11T07:50:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/\"},\"wordCount\":177,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/eces.org.eg\/#organization\"},\"articleSection\":[\"Working Papers\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/\",\"url\":\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/\",\"name\":\"The Global Financial Crisis and its Implications for Egypt - ECES\",\"isPartOf\":{\"@id\":\"https:\/\/eces.org.eg\/#website\"},\"datePublished\":\"2008-12-09T07:42:00+00:00\",\"dateModified\":\"2024-06-11T07:50:51+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/eces.org.eg\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Global Financial Crisis and its Implications for Egypt\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/eces.org.eg\/#website\",\"url\":\"https:\/\/eces.org.eg\/\",\"name\":\"ECES\",\"description\":\"The Egyptian Center For Economic Studies\",\"publisher\":{\"@id\":\"https:\/\/eces.org.eg\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/eces.org.eg\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/eces.org.eg\/#organization\",\"name\":\"ECES\",\"url\":\"https:\/\/eces.org.eg\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/eces.org.eg\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/eces.org.eg\/wp-content\/uploads\/2022\/12\/eces-logo-blue-text-beside.png\",\"contentUrl\":\"https:\/\/eces.org.eg\/wp-content\/uploads\/2022\/12\/eces-logo-blue-text-beside.png\",\"width\":1794,\"height\":324,\"caption\":\"ECES\"},\"image\":{\"@id\":\"https:\/\/eces.org.eg\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/eces.org.eg\/#\/schema\/person\/7981d9621302fef3e6e0a1f65d658135\",\"name\":\"admin-eces-staging\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/eces.org.eg\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/53bfa8ab3f374bc6d5f1b8efd03ab8a47e7162e412c1b93b788f5fe73e2927fd?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/53bfa8ab3f374bc6d5f1b8efd03ab8a47e7162e412c1b93b788f5fe73e2927fd?s=96&d=mm&r=g\",\"caption\":\"admin-eces-staging\"},\"sameAs\":[\"https:\/\/eces.org.eg\"],\"url\":\"https:\/\/eces.org.eg\/en\/author\/admin-eces-staging\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Global Financial Crisis and its Implications for Egypt - ECES","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/","og_locale":"en_US","og_type":"article","og_title":"The Global Financial Crisis and its Implications for Egypt - ECES","og_description":"Abstract: The world economy is currently going through a serious financial upheaval that sparked off in the United States and has spread to Europe and the rest of the world, aided by increased globalization and liberalization of the world economy. Although the crisis has already led to the collapse of influential banks and firms as [&hellip;]","og_url":"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/","og_site_name":"ECES","article_published_time":"2008-12-09T07:42:00+00:00","article_modified_time":"2024-06-11T07:50:51+00:00","og_image":[{"width":1648,"height":2560,"url":"https:\/\/eces.org.eg\/wp-content\/uploads\/2008\/12\/W-P-142-Ar-scaled.jpg","type":"image\/jpeg"}],"author":"admin-eces-staging","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin-eces-staging","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/#article","isPartOf":{"@id":"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/"},"author":{"name":"admin-eces-staging","@id":"https:\/\/eces.org.eg\/#\/schema\/person\/7981d9621302fef3e6e0a1f65d658135"},"headline":"The Global Financial Crisis and its Implications for Egypt","datePublished":"2008-12-09T07:42:00+00:00","dateModified":"2024-06-11T07:50:51+00:00","mainEntityOfPage":{"@id":"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/"},"wordCount":177,"commentCount":0,"publisher":{"@id":"https:\/\/eces.org.eg\/#organization"},"articleSection":["Working Papers"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/","url":"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/","name":"The Global Financial Crisis and its Implications for Egypt - ECES","isPartOf":{"@id":"https:\/\/eces.org.eg\/#website"},"datePublished":"2008-12-09T07:42:00+00:00","dateModified":"2024-06-11T07:50:51+00:00","breadcrumb":{"@id":"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/eces.org.eg\/en\/the-global-financial-crisis-and-its-implications-for-egypt\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/eces.org.eg\/"},{"@type":"ListItem","position":2,"name":"The Global Financial Crisis and its Implications for Egypt"}]},{"@type":"WebSite","@id":"https:\/\/eces.org.eg\/#website","url":"https:\/\/eces.org.eg\/","name":"ECES","description":"The Egyptian Center For Economic Studies","publisher":{"@id":"https:\/\/eces.org.eg\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/eces.org.eg\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/eces.org.eg\/#organization","name":"ECES","url":"https:\/\/eces.org.eg\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/eces.org.eg\/#\/schema\/logo\/image\/","url":"https:\/\/eces.org.eg\/wp-content\/uploads\/2022\/12\/eces-logo-blue-text-beside.png","contentUrl":"https:\/\/eces.org.eg\/wp-content\/uploads\/2022\/12\/eces-logo-blue-text-beside.png","width":1794,"height":324,"caption":"ECES"},"image":{"@id":"https:\/\/eces.org.eg\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/eces.org.eg\/#\/schema\/person\/7981d9621302fef3e6e0a1f65d658135","name":"admin-eces-staging","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/eces.org.eg\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/53bfa8ab3f374bc6d5f1b8efd03ab8a47e7162e412c1b93b788f5fe73e2927fd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/53bfa8ab3f374bc6d5f1b8efd03ab8a47e7162e412c1b93b788f5fe73e2927fd?s=96&d=mm&r=g","caption":"admin-eces-staging"},"sameAs":["https:\/\/eces.org.eg"],"url":"https:\/\/eces.org.eg\/en\/author\/admin-eces-staging\/"}]}},"_links":{"self":[{"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/posts\/22694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/comments?post=22694"}],"version-history":[{"count":4,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/posts\/22694\/revisions"}],"predecessor-version":[{"id":34233,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/posts\/22694\/revisions\/34233"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/media\/34229"}],"wp:attachment":[{"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/media?parent=22694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/categories?post=22694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/tags?post=22694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}