The Impact of Issuing Treasury Bills on Private Investment in Egypt
The study aims to verify the hypothesis that the treasury bills crowding out private investment in obtaining credit
from the Egyptian capital market, the study use the methodology of the co-integration and Error Correction Model (ECM) to
test this hypothesis in the short and long run. It found that after conducting analysis that the treasury bills crowding out
private investment in the short run, and integrates with it in the long run. The study concluded by a number of
recommendations as depending on appropriate policies: monetary policy, fiscal policy, and investment policy, first, to
stimulate domestic savings, second, development of the treasury bills market, and draw in the framework of banking policy
to decrease the phenomenon of "lazy banking" on Egypt .
Keywords- private investment, treasury bills, lazy banking, Egypt.