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Africa > Uganda

You are looking at 1 - 10 of 17 items for :

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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 Policy Papers
Macroeconomic Developments and Prospects For Low-Income Countries—2024
International Monetary Fund
and
World Bank
The outlook for Low-Income Countries (LICs) is gradually improving, but they face persistent macroeconomic vulnerabilities, including liquidity challenges due to high debt service. There is significant heterogeneity among LICs: the poorest and most fragile countries have faced deep scarring from the pandemic, while those with diversified economies and Frontier Markets are faring better. Achieving inclusive growth and building resilience are essential for LICs to converge with more advanced economies and meet the Sustainable Development Goals (SDGs). Building resilience will also be critical in the context of a more shock-prone world. This requires both decisive domestic actions, including expanding and better targeting Social Safety Nets (SSNs), and substantial external support, including adequate financing, policy advice, capacity development and, where needed, debt relief. The Fund is further stepping up its support through targeted policy advice, capacity building, and financing.
Keywords:
Low-Income Countries; Heterogeneity; Debt vulnerability; Resilience building; Inclusive growth towards SDGs; Financing needs and external support; Social Safety Nets; poverty rate; means testing; poverty gap; aggregate poverty gap; SSNS spending; prospects in low-income countries; poverty threshold exit poverty; reform scenario; transparency policy; FAD financing tool; financial support; Poverty reduction; Household consumption; Inflation; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Rwanda: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper revisits Rwanda’s options to create fiscal space to meet long-term development challenges. It examines strategies and options for a credible and comprehensive domestic revenue mobilization. The paper analyzes the driving factors of past reform successes and use an original dataset to highlight the benefits of implementing comprehensive tax reforms over selective reforms. The paper concludes that selective measures tend to yield protracted loss of revenue while measures implemented comprehensively lead to increases in revenue in the medium term. This stresses the need for an integrated approach to fiscal policy reform coordination to maximize long-term revenue benefits. For Rwanda, a comprehensive strategy for increasing tax revenues by adjusting rates, broadening the domestic tax base, improving tax compliance, and curbing tax evasion is the way forward. The strategy should shift higher tax burden from low-income households to higher income wealth cohorts with the view to advancing distributional fairness against growing inequality.
Keywords:
climate agenda; NDC financing; monetary policy transmission; financing option; implementation framework; Climate finance; Natural disasters; Central bank policy rate; Value-added tax; Global; Africa; Sub-Saharan Africa
Cover IMF Working Papers
How Persistent are Climate-Related Price Shocks? Implications for Monetary Policy
Alain N. Kabundi
,
Mr. Montfort Mlachila
, and
Jiaxiong Yao
Climate change is likely to lead to more frequent and more severe supply and demand shocks that will present a challenge to monetary policy formulation. The main objective of the paper is to investigate how climate shocks affect consumer prices in a broad range of countries over a long period using local projection methods. It finds that the impact of climate shocks on inflation depends on the type and intensity of shocks, country income level, and monetary policy regime. Specifically, droughts tend to have the highest overall positive impact on inflation, reflecting rising food prices. Interestingly, floods tend to have a dampening impact on inflation, pointing to the predominance of demand shocks in this case. Over the long run, the dominant monetary policy paradigm of flexible inflation targeting faced with supply-induced climate shocks may become increasingly ineffective, especially in LIDCs. More research is needed to find viable alternative monetary policy frameworks.
Keywords:
climate change; monetary policy; monetary policy models; food price inflation drought; monetary policy paradigm; supply and demand shock; IMF working paper 22/207; IT country; Natural disasters; Inflation; Monetary policy frameworks; Global; Caribbean
Cover IMF Staff Country Reports
Uganda: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
E. inflation outlook; Core CPI inflation; neutral rate; climate change event; parameter value; Natural disasters; Climate change; Inflation; Infrastructure; Monetary stance; Global; Sub-Saharan Africa
Cover Regional Economic Outlook, October 2020, Sub-Saharan Africa
Regional Economic Outlook, October 2020, Sub-Saharan Africa
A Difficult Road to Recovery
International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is struggling to navigate an unprecedented health and economic crisis—one that, in just a few months, has jeopardized decades of hard-won development gains and upended the lives and livelihoods of millions.

Keywords:
reopening; recovery; crisis; pandemic; recession; REO; financing gap; commodity-exporting country; policy mix; governance reform; policy challenge
Cover Regional Economic Outlook, October 2020, Sub-Saharan Africa
Regional Economic Outlook, October 2020, Sub-Saharan Africa
A Difficult Road to Recovery
International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is struggling to navigate an unprecedented health and economic crisis—one that, in just a few months, has jeopardized decades of hard-won development gains and upended the lives and livelihoods of millions.

Keywords:
reopening; recovery; crisis; pandemic; recession; REO; financing gap; commodity-exporting country; policy mix; governance reform; policy challenge