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This paper analyzes the successful Egyptian stabilization experience during the 1990s, focusing on its distinctive features and contrasting them with the recent experiences of other developing countries. The key policy elements were a large fiscal adjustment, use of an exchange rate anchor that has endured for over six years, supported by prudent monetary policies, and early moves to liberalize interest and exchange markets. The outcomes included the avoidance of an output collapse despite the magnitude of fiscal adjustment; avoidance of stresses on the financial system; reversal of endemic dollarization; financial deepening at the expense of the banking system; and maintenance of external viability despite a lackluster export performance.

Banks and Banking --- Exports and Imports --- Inflation --- Macroeconomics --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Studies of Particular Policy Episodes --- Economic History: Macroeconomics --- Growth and Fluctuations: Asia including Middle East --- Fiscal Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Investment --- Long-term Capital Movements --- Price Level --- Deflation --- Banking --- International economics --- Fiscal consolidation --- Commercial banks --- Capital inflows --- Fiscal stance --- Financial institutions --- Fiscal policy --- Balance of payments --- Prices --- Banks and banking --- Capital movements --- Egypt, Arab Republic of