International Journal of Economics and Financial Issues
Climate change is undoubtedly one of the long-term challenges confronting humanity across the glo... more Climate change is undoubtedly one of the long-term challenges confronting humanity across the globe. Most of the economies have taken serious initiatives that support reduce greenhouse gas emissions as well as accelerate financial flows to clean and sustainable projects. This study investigates the influence of green financing on environmental sustainability – represented by climate change mitigation- in Egypt from 1990 to 2021. Augmented Dickey–Fuller (ADF), Phillip-Peron (PP) unit root tests and Quantile Autoregressive Distribute Lag (QARDL) Model were employed for empirical estimates. Results reveal that green financing is negatively associated with greenhouse gas emissions. It is also worth noting that research and development (R&D) investment promotes environmental sustainability, while population growth hinders it. Moreover, economic growth does not play a vital role in climate change. There are still many fences to green finance that need to be addressed. It is recommended t...
International Journal of Business & Economic Development, 2016
The Middle East and North Africa (MENA) is an economically diverse region that includes countries... more The Middle East and North Africa (MENA) is an economically diverse region that includes countries with a common heritage, at various stages of economic development, with vastly different endowment of natural resources and accounts for 6% of the world total population. Despite undertaking economic reforms in many countries, and having considerable success in achieving macroeconomic stability, the region's economic performance in the past 30 years has been below its potential. Some countries that pursued reforms, such as Egypt, Jordan, Morocco, and Tunisia, enjoyed the region's most rapid growth rates, but due to the political instability and turbulences they are still lagged behind. The purpose of this study is to empirically investigate the impact of globalization in MENA region on the economic performances. This study uses a panel data covers the period 2001–2014 for Gulf Cooperation Council (GCC) and non- Gulf Cooperation Council (non-GCC) MENA countries and employs Genera...
Egypt has passed through different development stages, followed different exchange rate regime at... more Egypt has passed through different development stages, followed different exchange rate regime at each, ranging from fixed to floating. This study tries to examine empirically how Central Bank of Egypt actions influence exchange rate volatility using generalized autoregressive conditional heteroscedasticity (1,1) model under Gaussian normal distribution, considering monthly observations of Egyptian Pound against US Dollar, spanning the period from 2003 after the adoption of floating exchange rate regime till 2014. The model includes three exogenous variables as they can contribute to the exchange rate volatility; interest rate differentials, trade balance and official reserves. Results show the presence of volatility clustering but this volatility shocks are not so quite persistent. Central Bank actions impacted exchange rate volatility positively through interest rate, and negatively through reserves amount. Finding solutions to trade deficits to encourage exports and tackle down i...
Proceedings of the 45th International Academic Conference, London
Financial Inclusion is critical for the competitiveness, employment creation, and for raising inc... more Financial Inclusion is critical for the competitiveness, employment creation, and for raising incomes and reducing poverty. There is limited literature investigating the specific relationship between financial inclusion and monetary policy transmission. Central bank of Egypt (CBE) has launched three initiatives to support development and achievement of financial inclusion. They include an initiative to support financing small-and medium-sized enterprises (SMEs), another to support the tourism sector, in addition to a real estate financing initiative for medium-and low-income individuals. To explore the relationship between financial inclusion and monetary policy transmission in Egypt for the period of 2000 to 2017, it is proposed to use the principal component analysis (PCA) method to assign the weight of factors in financial inclusion index (by comprising selected indicators of financial development in a single index). And VECM approach to examine financial inclusion and monetary policy transmission, Granger Causality tests, and basic trend analyses, to explore empirically the relationship between financial inclusion indicators and monetary policy. The paper is arranged in sections. After the introduction, section II presents literature survey on links between financial inclusion and the goals of monetary policy, and presents stylized facts about financial inclusion in Egypt. Section III discusses the methodology of analysis. In section IV, results of econometric estimations are presented. Section V summarizes the paper with policy implications.
The Middle East and North Africa (MENA) is an economically diverse region that includes countries... more The Middle East and North Africa (MENA) is an economically diverse region that includes countries with a common heritage, at various stages of economic development, with vastly different endowment of natural resources and accounts for 6% of the world total population. Despite undertaking economic reforms in many countries, and having considerable success in achieving macroeconomic stability, the region's economic performance in the past 30 years has been below its potential. Some countries that pursued reforms, such as Egypt, Jordan, Morocco, and Tunisia, enjoyed the region's most rapid growth rates, but due to the political instability and turbulences they are still lagged behind. The purpose of this study is to empirically investigate the impact of globalization in MENA region on the economic performances. This study uses a panel data covers the period 2001–2014 for Gulf Cooperation Council (GCC) and nonGulf Cooperation Council (non-GCC) MENA countries and employs Generali...
Egypt has passed through different development stages, followed different exchange rate regime at... more Egypt has passed through different development stages, followed different exchange rate regime at each, ranging from fixed to floating. This study tries to examine empirically how Central Bank of Egypt actions influence exchange rate volatility using generalized autoregressive conditional heteroscedasticity (1,1) model under Gaussian normal distribution, considering monthly observations of Egyptian Pound against US Dollar, spanning the period from 2003 after the adoption of floating exchange rate regime till 2014. The model includes three exogenous variables as they can contribute to the exchange rate volatility; interest rate differentials, trade balance and official reserves. Results show the presence of volatility clustering but this volatility shocks are not so quite persistent. Central Bank actions impacted exchange rate volatility positively through interest rate, and negatively through reserves amount. Finding solutions to trade deficits to encourage exports and tackle down i...
International Journal of Economics and Financial Issues
Climate change is undoubtedly one of the long-term challenges confronting humanity across the glo... more Climate change is undoubtedly one of the long-term challenges confronting humanity across the globe. Most of the economies have taken serious initiatives that support reduce greenhouse gas emissions as well as accelerate financial flows to clean and sustainable projects. This study investigates the influence of green financing on environmental sustainability – represented by climate change mitigation- in Egypt from 1990 to 2021. Augmented Dickey–Fuller (ADF), Phillip-Peron (PP) unit root tests and Quantile Autoregressive Distribute Lag (QARDL) Model were employed for empirical estimates. Results reveal that green financing is negatively associated with greenhouse gas emissions. It is also worth noting that research and development (R&D) investment promotes environmental sustainability, while population growth hinders it. Moreover, economic growth does not play a vital role in climate change. There are still many fences to green finance that need to be addressed. It is recommended t...
International Journal of Business & Economic Development, 2016
The Middle East and North Africa (MENA) is an economically diverse region that includes countries... more The Middle East and North Africa (MENA) is an economically diverse region that includes countries with a common heritage, at various stages of economic development, with vastly different endowment of natural resources and accounts for 6% of the world total population. Despite undertaking economic reforms in many countries, and having considerable success in achieving macroeconomic stability, the region's economic performance in the past 30 years has been below its potential. Some countries that pursued reforms, such as Egypt, Jordan, Morocco, and Tunisia, enjoyed the region's most rapid growth rates, but due to the political instability and turbulences they are still lagged behind. The purpose of this study is to empirically investigate the impact of globalization in MENA region on the economic performances. This study uses a panel data covers the period 2001–2014 for Gulf Cooperation Council (GCC) and non- Gulf Cooperation Council (non-GCC) MENA countries and employs Genera...
Egypt has passed through different development stages, followed different exchange rate regime at... more Egypt has passed through different development stages, followed different exchange rate regime at each, ranging from fixed to floating. This study tries to examine empirically how Central Bank of Egypt actions influence exchange rate volatility using generalized autoregressive conditional heteroscedasticity (1,1) model under Gaussian normal distribution, considering monthly observations of Egyptian Pound against US Dollar, spanning the period from 2003 after the adoption of floating exchange rate regime till 2014. The model includes three exogenous variables as they can contribute to the exchange rate volatility; interest rate differentials, trade balance and official reserves. Results show the presence of volatility clustering but this volatility shocks are not so quite persistent. Central Bank actions impacted exchange rate volatility positively through interest rate, and negatively through reserves amount. Finding solutions to trade deficits to encourage exports and tackle down i...
Proceedings of the 45th International Academic Conference, London
Financial Inclusion is critical for the competitiveness, employment creation, and for raising inc... more Financial Inclusion is critical for the competitiveness, employment creation, and for raising incomes and reducing poverty. There is limited literature investigating the specific relationship between financial inclusion and monetary policy transmission. Central bank of Egypt (CBE) has launched three initiatives to support development and achievement of financial inclusion. They include an initiative to support financing small-and medium-sized enterprises (SMEs), another to support the tourism sector, in addition to a real estate financing initiative for medium-and low-income individuals. To explore the relationship between financial inclusion and monetary policy transmission in Egypt for the period of 2000 to 2017, it is proposed to use the principal component analysis (PCA) method to assign the weight of factors in financial inclusion index (by comprising selected indicators of financial development in a single index). And VECM approach to examine financial inclusion and monetary policy transmission, Granger Causality tests, and basic trend analyses, to explore empirically the relationship between financial inclusion indicators and monetary policy. The paper is arranged in sections. After the introduction, section II presents literature survey on links between financial inclusion and the goals of monetary policy, and presents stylized facts about financial inclusion in Egypt. Section III discusses the methodology of analysis. In section IV, results of econometric estimations are presented. Section V summarizes the paper with policy implications.
The Middle East and North Africa (MENA) is an economically diverse region that includes countries... more The Middle East and North Africa (MENA) is an economically diverse region that includes countries with a common heritage, at various stages of economic development, with vastly different endowment of natural resources and accounts for 6% of the world total population. Despite undertaking economic reforms in many countries, and having considerable success in achieving macroeconomic stability, the region's economic performance in the past 30 years has been below its potential. Some countries that pursued reforms, such as Egypt, Jordan, Morocco, and Tunisia, enjoyed the region's most rapid growth rates, but due to the political instability and turbulences they are still lagged behind. The purpose of this study is to empirically investigate the impact of globalization in MENA region on the economic performances. This study uses a panel data covers the period 2001–2014 for Gulf Cooperation Council (GCC) and nonGulf Cooperation Council (non-GCC) MENA countries and employs Generali...
Egypt has passed through different development stages, followed different exchange rate regime at... more Egypt has passed through different development stages, followed different exchange rate regime at each, ranging from fixed to floating. This study tries to examine empirically how Central Bank of Egypt actions influence exchange rate volatility using generalized autoregressive conditional heteroscedasticity (1,1) model under Gaussian normal distribution, considering monthly observations of Egyptian Pound against US Dollar, spanning the period from 2003 after the adoption of floating exchange rate regime till 2014. The model includes three exogenous variables as they can contribute to the exchange rate volatility; interest rate differentials, trade balance and official reserves. Results show the presence of volatility clustering but this volatility shocks are not so quite persistent. Central Bank actions impacted exchange rate volatility positively through interest rate, and negatively through reserves amount. Finding solutions to trade deficits to encourage exports and tackle down i...
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Papers by Marwa Elsherif