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Abstract
The aim of this study is comparing the performance of common stock & treasury bills, according to the central bank of Egypt and their monetary policy during the time period between “1994-2017”, using descriptive & inferential statistical methods. The Study concluded that there is a strong positive relationship between inflation rate & returns of Egyptian treasury bills, as the same relation as with floating Egyptian pound. in addition, the study found the impact of Inflation and Floating on the return of Egyptian T-bills, but don’t found this impact on the return of Egyptian common stock. Finally, the study founds the same average return but a different at variances of this return & the Coefficient of variation.
Highlights
1.1 Introduce the ProblemFinancial instruments can be classified according to the relationship between return and risk
Government securities are the least risk & return when compared with a common stock; the structure of financial assets return varies according to the financial instrument type; Egypt; in 2017 treasury bills return increased to abnormal levels, which could be explained by the influence of market imperfections on security pricing
The study concluded that the under-ground economy Inflation & stock promotes higher prices for stocks on long run and on short run while the stock market prices returns are hedges against inflation on long run only
Summary
Financial instruments can be classified according to the relationship between return and risk. Government securities are the least risk & return when compared with a common stock; the structure of financial assets return varies according to the financial instrument type; Egypt; in 2017 treasury bills return increased to abnormal levels, which could be explained by the influence of market imperfections on security pricing. The structure of the return of financial assets varies between these instruments. The return on the Treasuries has reached abnormal returns; this can be explained according to the influence of market imperfections on security pricing has long been recognized. Since the floating of foreign exchange (11/2016), Egypt witnessed foreign inflows of government debt instruments, due to the increase in local interest rates by the Central Bank of Egypt
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