أثر الدين العام على التضخم عبر قناتي سعر الصرف وعرض النقود: دراسة قياسية للاقتصاد المصري

الملخص EN

The study used time series data for the Egyptian economy for the period from 1990 to 2020 to verify the existence of a direct impact of the accumulation of public debt on the inflation rate.

as well as verifying the existence of an indirect effect through the effect of public debt, both internal and external, on the exchange rate and money supply, and the effect of these two variables on the inflation rate in Egypt.

the results indicated the inability to statistically verify the existence of the direct effect.

while the significance of the presence of the indirect effect through the two channels was verified.

it was also verified that the ratio of the public budget deficit to the gross domestic product has a significant positive effect on the inflation rate, which means that the fiscal theory of the price level is achieved.

the study recommends paying attention to treating the problem of public debt accumulation at the beginning.

it also recommends a combination of fiscal and monetary policy to combat inflation.