The indicators refer to a significant drop down in the Egyptian securities market performance during the period from 1999 to 2003.The total issues declined from LE 55.6 billion in 1999 or 17% of GDP and 146.7% of gross saving to LE 18.5 billion in 2003 and or 4.6% of GDP and 31.5% of gross...

The purpose of this paper is to review the performance of the monetary policy in Egypt during (1997-2003).Many salient economic lows and decrees were promulgated, such as the law NO 88/2003 on the central bank of Egypt(CBE),the banking system and currency. Also the decree on liberalizing the...

This paper analyzes the performance of the Arab stock market during the period (1994-2003).Data of the Arab monetary fund (AMF) indicates that Arab stock market performance become stronger during the period under review. The AMF indicator jumped by 40.9% reaching 141.9 point in 2003,the highest...

Capital account liberalization and exchange rate regime choice, what scope for flexibility in Tunisia? The adoption by Tunisia of structural reforms of its economy in a context of gradual opening since 1986, had allowed the instauration in January 1993 of the convertibility of its current...

The recent debates over discriminatory versus uniform-price auctions in the UK and elsewhere have revealed an incomplete understanding of the limitations of some popular auction models when applied to real-world electricity markets. This has led certain regulatory authorities to prefer...

In a Bayesian game players play an unknown game. Before the game starts some players may receive a signal regarding the specific game actually played. Typically, information structures that determine different signals, induce different equilibrium payoffs.In zero-sum games the equilibrium payoff...

This paper characterizes interim efficient mechanisms for public good production and cost allocation in a two-type environment with risk neutral, quasi-linear preferences and fixed size projects, where the distribution of the private good, as well as the public goods decision, affects social...

We study the issue of project choice when a risk-averse agent must choose whether to invest in two projects of the same type (focus) or of different types (diversification). Projects of the same type are subject to common type-specific shocks. Hence focusing is more risky within each period, but...

We show that, in repeated common interest games without discounting, strong `perturbation implies efficiency' results require that the perturbations must include strategies which are `draconian' in the sense that they are prepared to punish to the maximum extent possible. Moreover, there is a...

This paper examines the question of the extent to which it is true that any equilibrium that is quasi-perfect in any extensive form game having a given normal form is necessarily proper. If one fixes not only the equilibrium in question but also a a sequence of completely mixed strategies...