Egypt’s Liquid Assets and their Quarterly Structure: an Econometric Study of a Less Developed Country

Salah El-Sheikh ()
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Salah El-Sheikh: St. Francis Xavier University, Department of Economics, Postal: PO Box 5000, Antigonish, Nova Scotia, Canada, B2G 2W5, http://www.mystfx.ca/index.html

Economia Internazionale / International Economics, 2001, vol. 54, issue 3, 325-359

Abstract: Quarterly studies on LDCs asset demand are rare because of the scantiness of quarterly data especially on their national income. Made possible by the author’s own quarterly estimates of Egypt’s national income and its disaggregates, this paper examines the quarterly structure of its liquid-asset components. Based on the theoretical framework of modem monetary theory, the model used is adapted for the main features of LDCs and the specificities of Egyptian conditions, institutions and experience. In particular, the income variables are specified in a novel way to allow for Egypt’s seasonal phenomena, its urban-rural duality, and the implications of financiali repression characterizing LDCs. And the yield variables are tailored to reflect the country’s undeveloped financial markets, the peculiarities of its institutions, asset portfolios, and interest rate policies. The study produces a matrix of income, yield and adjustment elasticities that may prove helpful to policy-makers.

JEL-codes: E00 E01 E40 (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ecoint:0210

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