According to the World Bank income group classification, Egypt is a lower-middle
In this study, data were extracted from World Bank Financial Development and structure
Marwa A. Elsherif, The Macrotheme Review 4(3), Spring 2015
75
Dataset
6
, World Development Indicators
7
and International Financial Statistics databases
8
. It is
important to analyze financial development in Egypt across time, focusing only on an individual
year could result in incorrect judgment of relative performance as they could be affected by short-
term particular turns of financial development due to business cycle effects or policy changes.
The scope of the sample time span helps reduce the risk that results are heavily influenced by
macroeconomic circumstances of particular years.
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