Egypt's Growth Performance under Economic Liberalism: A Reassessment with New GDP Estimates, 1886-1945

摘要: The stagnation of Egyptian living standards in the first half 20th century has been widely presumed economic history. However, this conventional wisdom is partially based on a fragmented body evidence aggregate output. In particular, no estimates national income exist for any extended period prior to World War II. Using money-based cointegration approach and new measure broad money, we exploit Egypt's intimate links with U.K. provide continuous GDP 1886-1945. Our are consistent trends agriculture other stylized facts about economy late 19th early century. empirical results qualified support growth performance addition offering detailed characterization output cycles.