Are We Sure about the Effects of the Egyptian Uprisings? A Seemingly Unrelated Regressions Approach

Abstract

Four years after the historic uprising of the Egyptians in January 2011, we aim to understand whether the Egyptian revolution has had a different impact on different sectoral investments in the economy. Using data over the 2002Q1–2014Q2 period and a seemingly unrelated regression equations (SURE) approach that allows for contemporaneous correlation across sectors of the economy, we find that the revolution's effect on sectoral investments has been adverse, on average, but heterogeneous across sectors. Results hold under a number of robustness checks.