From 2008 to 2011, Egypt was hit by significant shocks, both global and country-specific. This paper assesses the impact of the resulting macroeconomic instability on the banking sector, and examines its role as a shock absorber. The Central Bank of Egypt accommodated the shocks by supplying liquidity to the market. The paper verifies a change in the fiscal regime from one in which the primary fiscal balance was used an instrument to stabilize the...
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INFORMATION
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2013/01/01
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WPS6314
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1
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1
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2013/01/01
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Disclosed
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Macroeconomic shocks and banking sector developments in Egypt
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capital outflow
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