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Causes, Measures and Impact of State Intervention: The Financial Sector and the Egyptian Example

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  • Mahmoud Mohieldin

    (Ministry of Investment)

Abstract

This paper discusses the reasons for state intervention in the financial sector in Egypt and analyzes major tools of intervention such as setting ceilings on interest rates, imposing high reserve requirements, developing directed credit schemes and intervention in the portfolio composition of banks, in addition to the extraction of revenues from inflation tax. The main consequences of state intervention in the financial sector are investigated, including the thriving of informal finance, the rising use of inflation hedges, currency substitution and capital flight. The paper also discusses the structural and institutional problems of the banking system and securities market in Egypt, caused primarily by repressive state intervention.

Suggested Citation

  • Mahmoud Mohieldin, 1995. "Causes, Measures and Impact of State Intervention: The Financial Sector and the Egyptian Example," Working Papers 9507, Economic Research Forum, revised 04 Jun 1995.
    • Handle: RePEc:erg:wpaper:9507
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    Cited by:

    1. Deabes, Tosson, 2005. "The middle way between flexible and fixed exchange rates," MPRA Paper 1992, University Library of Munich, Germany.
    2. Mahmoud Mohieldin & Sahar Nasr, 2003. "Bank Privatization in Egypt," Working Papers 0325, Economic Research Forum, revised Sep 2003.

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