ERSAPEconomic Reform and Structural Adjustment Programme (Egypt)
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Figure (1) captures these main changes in the Egyptian exchange rate policy as reflected by the sharp turning point of the nominal exchange rate with the implementation of the ERSAP and till the end of the nineties.
Other dummy variables accounting for either the domestic or the global contexts - like the Economic Reform and Structural Adjustment Program in 1991 (ERSAP), or the Global Financial Crisis in 2008, were also examined in different model specifications.
After ERSAP implementation, the current account switched from deficit to surplus in 1990 due to the rise in unrequited transfers and revenues from tourism.
All these factors intensify the negative effects of ERSAP on women in the labor market.
Interestingly, the improvements in wages follow the developments of the ERSAP program.(2)
Egypt got its ERSAP program running with some zeal only within the last couple of years, after a switch in prime ministers and cabinet officials in early 1994.
This corresponds to the start of Egypt's ERSAP program and Egypt's beneficial international financial situation due to the Gulf war.
In a meticulous analysis of the effects of economic reform and structural adjustment programs (ERSAPs), Heba Nassar finds such reforms intensify female vulnerability in the Egyptian market.