الفهرس 
Assessing the Impact of Uncertainty on Private Investment in Egypt: Evidence from Sample Data
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Abstract
This research studies the determinants of private investment in Egypt while accounting for uncertainty associated with financing decisions of the firm using time series analysis over the period 1982-2015. The analysis is based on Tobin{u2019}s (1969) Q-theory of investment. The empirical results of a vector error correction model (VECM) show that the value of the firm and to a lesser extent the availability of finance, whether internal or external, have a positive impact on investment. In contrast, changes in the price of capital goods exert a negative impact on investment. This can be attributed to exchange risk from financing the foreign component of investment in the form of imported capital goods mainly through bank loans. Thus, foreign exchange market reforms as adopted recently in the Egyptian economy and improvements in the trade balance are important steps towards greater stability in the pound exchange rate and hence a more favorable investment climate