• Ishac Diwan


Pyramid Capitalism: Cronyism, Regulation, and Firm Productivity in Egypt. Ishac Diwan, March 2015, Paper. "Using an original database of 469 politically connected firms under the Mubarak regime in Egypt, we explore the economic effects of cronyism. Previous research has shown that cronyism is lucrative. We address numerous questions raised by this research. Do crony firms receive favorable regulatory treatment? They do: connected firms are more likely to benefit from trade protection, energy subsidies, access to land, and regulatory enforcement. Does regulatory capture account for the high value of connected..." Link