Publications and Research Papers

Refereed Papers

• "Does the Budget Deficit Crowd-Out Private Credit from the Banking Sector? The Case of Egypt" with S. Shetta, Topics in Middle Eastern and North African Economies, 16(2), September, 2014.


• "Does FDI Crowds in or out Domestic Investment? New Evidence from Emerging Economies", Modern Economy, 5(4), April 2014. Open access: http://www.scirp.org/journal/ME/


• "Investment, Trickle-down Effect and Political Changes in Egypt", Journal of Development and Economic Policies, 15(1), January 2013


• "Inward FDI in Egypt and its policy context" Columbia FDI Profiles: Vale Columbia Center for Sustainable International Investment, Columbia University, October 2011.


• "Calendar Anomalies and Stock Market Volatility in Selected Arab Stock Exchanges" with E. Tooma, Applied Financial Economics, 19(11), June 2009.


• "Economic Growth Before and After Reform: The Case of Egypt", International Journal of Applied Econometrics and Quantitative Studies, June 2007, vol. 1-4.


• "Trends and Determinants of Mergers and Acquisitions in Developing Countries in the 1990s", International Research Journal of Finance and Economics, March 2007, issue 8, pp. 16-30


• "On the Effectiveness of Monetary Policy in Egypt" Middle East Business and Economic Review, 17 (1), June 2005

Chapter in a Book

• "Egypt" in Inward and Outward FDI Country Profiles, Karl P. Sauvant, Padma Mallampally and Geralidine McAllister (eds), Vale Columbia Center on Sustainable International Investment, Columbia University, 2013


• "Egypt" with Motaz Khorshid, Heba El-Laithy and Sohair Abou El-Enein in Financing Human Development in Africa, Asia and the Middle East, Marco V. Sánchez and Rob Vos (eds), Bloomsbury Series, London, 2013


• "The Egyptian Report for Investment: Toward a Fair Distribution of Growth, 2008" with Ziad Baha El-Din el al., Board of Trustees of the General Authority for Investment and Free Zones, Egypt, 2009 (Arabic publication).


• "Public Spending, Growth, and Poverty Reduction in Egypt: A Multi-level Analysis" with Shenggen Fan, Perrihan Al-Riffai, Moataz El-Said and Bingxin Yu in Public Policy and Pverty Reduction in the Arab Region, A. Ali and S. Fan (ed), Arab Planning Institute, Kuwait, 2007.

Also published in a Refereed Working Paper Series

• DSGD Discussion Paper No. 41, International Food Policy Research Institute, Washington DC, 2006.


• "A VAR Analysis of Exchange Market Pressure: A Case Study MENA Region," with N. Erbil, Working Paper 2025, Economic Research Forum, 2002.

Published Refereed Volume

• "Measuring the Degree of Central Bank Independence in Egypt" with N. Farag, in Selected Papers from ERF 12th Annual Conference, Economic Research Forum, Cairo 2006.

Published International Reports

• Contributing author "Expanding Fiscal Space Macroeconomic Policies for Growth, Employment and Poverty Reduction in Yemen", UNDP, 2006.


• Contributing author and principal modeler "Macroeconomic Growth under Two Scenarios" Egypt Human Development Report, 2005, UNDP.

Refereed Conference Proceedings

• "Analysis of the Millennium Development Goals for Egypt - Using an Extended Economy Wide Simulation Model" with Motaz Khorshid, Hans Lofgren, Sohair Abou El-Eenein, Paper presented in the EcoMod2010 conference organized by EcoMod Network, Istanbul, Turkey, July 2010.


• "Evaluation of FDI Flows into the MENA Region", Paper presented in the Ninth Annual Conference on Regional Trade, Finance and Labor, organized by the Economic Research Forum, American University in Sharja, the United Arab Emirates, 2002


• "Can the MENA Region Catch the BOP Virus?" with P. El-Riffai Paper presented in the Sixth Annual Conference on Regional Trade, Finance and Labor, organized by the Economic Research Forum, Cairo October 1999

Work in Progress

• Does FDI Crowds in or Crowds out Domestic Investment? New Evidence from Emerging Economies. Manuscript.

Other Papers and Reports

• "Mergers and Acquisitions: The Forgotten Facet of FDI" Working paper, Economics Department, The American University in Cairo, September 2003.


• "Behind the Surge of FDI to Developing Countries in the 1990s: An Empirical Investigation" Working paper, Economics Department, The American University in Cairo, September 2003.


• "International and Regional Experience to Overcome Market Failure"Forum, 10(1), Economic Research Forum, Spring 2003


• "The Importance of the Existence of Efficient Financial Markets," Background paper to Economic Trends in the MENA Region. 1996, Cairo: Economic Research Forum. (Hardcopy not provided)


• Contributor in Egypt Economic Profile A book produced by the Ministry of Economy and International Cooperation of Egypt, Cairo Summit, 1996. (Hardcopy not provided)


• "Models of Inflation and Cost of Disinflation in Egypt." Unpublished M.A. Thesis, American University in Cairo, 1995