Narrow Your Choices

Refine By Type

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Africa > Uganda

You are looking at 1 - 10 of 474 items for :

  • Financial Economics x
Clear All
Cover FinTech Notes
Tokenization and Financial Market Inefficiencies
Itai Agur
,
German Villegas Bauer
,
Tommaso Mancini-Griffoli
,
Maria Soledad Martinez Peria
, and
Brandon Tan
Most financial assets are digital today. Tomorrow, they may be tokenized. Tokenization implies recording and transferring assets on a widely shared and trusted digital ledger that can be programmed. Interest in tokenization is strong and experiments abound, but what are the consequences of this new trend for financial markets? This note introduces a taxonomy and a conceptual framework centered on market inefficiencies to evaluate this question. Some inefficiencies could decline across the asset life cycle. Others would remain, however, and new ones could emerge. Issuing, servicing, and redeeming assets might involve fewer intermediaries and thus become cheaper. The costs of trading assets may also decrease as tokenization lowers some counterparty risks and search frictions and offers flexibility in settlement. Additionally, greater competition among brokers could lower transaction fees. However, tokenization may amplify shocks if it induces institutions to become more interconnected and hold lower liquidity buffers or higher leverage, potentially jeopardizing financial stability. Programs themselves may introduce new risks related to strings of contingent contracts or faulty code. While competition may grow among financial intermediaries, the provision of market infrastructure could become more concentrated due to network effects.
Keywords:
Tokenization; central banks; asset lifecycle; financial markets; financial asset market friction; B. market infrastructure investment externality; financial market inefficiency; IMF Library; Note 2025/001; D. knowledge externality; Bonds; Smart contracts; Securities markets; Liquidity; Blockchain and DLT; Global
Cover IMF Working Papers
Aggregate Shocks and the Formation of Preferences and Beliefs
Paola Giuliano
and
Antonio Spilimbergo
A growing body of work has shown that aggregate shocks affect the formation of preferences and beliefs. This article reviews evidence from sociology, social psychology, and economics to assess the relevance of aggregate shocks, whether the period in which they are experienced matters, and whether they alter preferences and beliefs permanently. We review the literature on recessions, inflation experiences, trade shocks, and aggregate non-economic shocks including migrations, wars, terrorist attacks, pandemics, and natural disasters. For each aggregate shock, we discuss the main empirical methodologies, their limitations, and their comparability across studies, outlining possible mechanisms whenever available. A few conclusions emerge consistently across the reviewed papers. First, aggregate shocks impact many preferences and beliefs, including political preferences, risk attitudes, and trust in institutions. Second, the effect of shocks experienced during young adulthood is stronger and longer lasting. Third, negative aggregate economic shocks generally move preferences and beliefs to the right of the political spectrum, while the effects of non-economic adverse shocks are more heterogeneous and depend on the context.
Keywords:
trade shock; inflation experience; effect of shock; economic shock; beliefs to the right; Economic recession; Natural disasters; Migration; Inflation; Global; Europe
Cover IMF Staff Country Reports
Statment by Mr. Willie Nakunyada and Mr. Mawek Tesfaye Mengistu on Uganda Executive Board Meeting on September 6, 2024
International Monetary Fund. African Dept.

1. Our Ugandan authorities appreciate the constructive engagement with staff and share the thrust of staff's assessment of economic developments and key policy priorities.
Keywords:
monetary policy stance; BoU's monetary policy committee; Financial sector stability; Structural reforms; Inclusive growth; Fiscal consolidation; Global
Cover IMF Working Papers
E-Money and Monetary Policy Transmission
Zixuan Huang
,
Amina Lahreche
,
Mika Saito
, and
Ursula Wiriadinata
E-money development has important yet theoretically ambiguous consequences for monetary policy transmission, because nonbank deposit-taking e-money issuers (EMIs) (e.g., mobile network operators) can either complement or substitute banks. Case studies of e-money regulations point to complementarity of EMIs with banks, implying that the development of e-money could deepen financial intermediation and strengthen monetary policy transmission. The issue is further explored with panel data, on both monthly (covering 21 countries) and annual (covering 47 countries) frequencies, over 2001 to 2019. We use a two-way fixed effect estimator to estimate the causal effects of e-money development on monetary policy transmission. We find that e-money development has accompanied stronger monetary policy transmission (measured by the responsiveness of interest rates to the policy rate), growth in bank deposits and credit, and efficiency gains in financial intermediation (measured by the lending-to-deposit rate spread). Evidence is more pronounced in countries where e-money development takes off in a context of limited financial inclusion. This paper highlights the potential benefits of e-money development in strengthening monetary policy transmission, especially in countries with limited financial inclusion.
Keywords:
Monetary policy transmission; banks; nonbank financial institutions; e-money; panel data; e-money development; e-money issuer; e-money intensity; E-Money intensity; Financial inclusion; Central bank policy rate; Deposit rates; Bank credit; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. African Dept.

IMF Country Report No. 23/229

Keywords:
monetary policy stance; fiscal policy tightening; inflation projection; IMF arrangement; transparency policy; Financial sector stability; Inflation; Revenue mobilization; Global
Cover Policy Papers
The Central Bank Transparency Code—Findings Of The Pilot Reviews
International Monetary Fund. Monetary and Capital Markets Department

This paper reports to the Executive Board on the outcomes of the Central Bank Transparency Code (CBT) pilot reviews. The pilot CBT reviews helped central banks evaluate their transparency practices and strengthen dialogue with external stakeholders. The CBT pilots provided valuable information on the resources required for the reviews going forward. Staff will continue to offer CBT reviews to the rest of the membership. The staff will report back to the Board in FY2026 on the progress of the CBT reviews and an update to the Code following five years of implementation.

Keywords:
CBT review; transparency practice; undertaking self-assessment; CBT web portal; reaction function; Central bank transparency; Central bank governance
Cover Policy Papers
The Central Bank Transparency Code—Findings Of The Pilot Reviews
International Monetary Fund. Monetary and Capital Markets Department
This paper reports to the Executive Board on the outcomes of the Central Bank Transparency Code (CBT) pilot reviews. The pilot CBT reviews helped central banks evaluate their transparency practices and strengthen dialogue with external stakeholders. The CBT pilots provided valuable information on the resources required for the reviews going forward. Staff will continue to offer CBT reviews to the rest of the membership. The staff will report back to the Board in FY2026 on the progress of the CBT reviews and an update to the Code following five years of implementation.
Keywords:
CBT review; transparency practice; central bank Transparency Code; CBT Pilots; guidance note; Central bank transparency; Financial sector stability; Central bank autonomy; Financial Sector Assessment Program; Central bank accountability; Western Hemisphere; Global; Middle East and Central Asia
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. Monetary and Capital Markets Department
Keywords:
governance arrangements of the Bank of Uganda; supervisory activity; BOU ELA; policy deliberation; BOU's initiative; Lender of last resort; Central bank transparency
Cover IMF Staff Country Reports
Uganda: Central Bank Transparency Code Review
International Monetary Fund. Monetary and Capital Markets Department
This paper on Uganda discusses Central Bank Transparency Code Review. The Bank of Uganda (BOU) is implementing transparency practices that are broadly aligned with the good practices for central banks. The BOU continues to improve communication of its monetary policy framework in a transparent manner, but there is room to enhance transparency by disclosing policy deliberations. The BOU has improved macroprudential policies and the analytical framework aimed at mitigating systemic risks, but decisions leading to macroprudential actions are not explained. The anti-corruption legal framework in Uganda applies to the BOU, however no details are disclosed in the public domain as to how it is applied and enforced with respect to the BOU. The BOU should consider compiling and developing a policy on confidentiality that includes the reasons underlying the choices it has made on disclosure or nondisclosure. The mission found that BOU’s transparency practices largely conform to various dimensions of transparency as information is disseminated through several channels.
Keywords:
BOU website; BOU communications policy; transparency practice; BOU endeavor; BOU transparency; BOU department; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Revenue administration transparency and accountability; Macroprudential policy; International reserves; Global
Cover IMF Staff Country Reports
Statement by Mr. Nakunyada, Executive Director, Mr. Ubisse, Alternate Executive Director, Mr. Essuvi, Senior Advisor to Executive Director, and Ms. Basutli, Advisor to Executive Director on Uganda January 17, 2023
International Monetary Fund. African Dept.

1. Our Ugandan authorities appreciate the constructive dialogue with staff during the combined second and third reviews under the Extended Credit Facility (ECF) arrangement. They broadly share staff’s appraisal and policy priorities.

Keywords:
headline inflation; inflation consultation clause; leadership code regulation; ECF program; Liquidity requirements; Social assistance spending; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global