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Interest Rates and Foreign Capital in Egypt Under British Occupation

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  • Hansen, Bent

Abstract

My archival studies in Egyptian banks reveal that nominal interest rates charged by foreign financial capital in Egypt fell strongly as compared with European rates throughout the period 1882–1914. Interest differentials declined by 2 to 2 ½ percent. This is explained by the increasing confidence of European investors with British occupation and policies. To explain the large inflow of financial capital after 1900 a sharp decline in real interest rates, related to the upsurge of agricultural prices, is posited. The case offers interesting parallels to present-day problems of excessive indebtedness in Third World countries.

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  • Hansen, Bent, 1983. "Interest Rates and Foreign Capital in Egypt Under British Occupation," The Journal of Economic History, Cambridge University Press, vol. 43(4), pages 867-884, December.
    • Handle: RePEc:cup:jechis:v:43:y:1983:i:04:p:867-884_03
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    Cited by:

    1. Flandreau, Marc & Zumer, Frederic & Accominotti, Olivier & Rezzik, Riad, 2008. "Black Man?s Burden: Measured Philanthropy in the British Empire, 1880-1913," CEPR Discussion Papers 6811, C.E.P.R. Discussion Papers.

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