This paper reviews the development experience of the Arab countries since World War II, arguing that the lack of inclusive economic and political institutions is the primary cause for the current state of underdevelopment in the region. While macroeconomic mismanagement and oil abundance are...

The Central Bank of Egypt announced the flotation of the Egyptian Pound in January 2003. Yet, the somewhat stable exchange rate raises questions about its actual role in monetary policy. This paper assesses whether exchange policy significantly changed after the float. It first applies...

The aim of this paper is twofold. The first is to empirically assess whether there has been any significant change in exchange rate determination after the announcement of the float. The second is to provide a de facto classification for Egypt’s exchange rate regime. Both contributions were...

This paper examines whether domestic inflation spikes in Egypt during 2001-2011 were primarily the result of external food price shocks. To estimate the pass-through of international food price inflation to domestic price inflation, two different methodologies are used: a two-step regression...

This paper takes stock of unorthodox expenditure procedures in CEMAC and WAEMU countries and assesses their potential fiscal impact. “Unorthodox procedures” are defined as spending practices that bypass legal provisions governing public expenditure processes and circumvent regular controls...

This paper traces the evolution of fiscal institutions of Resource Rich Arab Economies (RRAEs) over time since their pre-oil days, through the discovery of oil to their build-up of oil exports. It then identifies challenges faced by RRAEs and variations in their severity among the different...

This paper traces the evolution of fiscal institutions of Resource Rich Arab Economies (RRAEs) over time since their pre-oil days, through the discovery of oil to their build-up of oil exports. It then identifies challenges faced by RRAEs and variations in their severity among the different...