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Volume :17 Issue : 4 1989      Add To Cart                                                                    Download

Fiscal Deficit and Monetary Policy in Egypt

Auther : Fathi Kh. EL-Khadrawi

This paper examines systematically the relationship between monetary policy objectives and the Central Bank financing of the government budget deficit. To study this, a reaction function of the Egyptian monetary authorities is estimated for the period 1961 to 1985. In addition to the economic goals of monetary policy, fiscal deficit is included in the reaction function to elucidate the effects of fiscal policy on monetary base. The main finding is that fiscal policy has played a prominent role in determining not only how monetary policy is conducted but also the end to which this policy is aimed. This means that an independent monetary policy action is not an option. Hence, reducing fiscal deficit and/or mobilizing internal resources are of paramount importance for effective monetary policy.

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