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Africa > Uganda

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
  • Financial services x
  • General Financial Markets: General (includes Measurement and Data) x
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Cover IMF Working Papers
Monetary Policy Implementation and Volatility Transmission along the Yield Curve: The Case of Kenya
Mr. Emre Alper
,
Mr. R. Armando Morales
, and
Mr. Fan Yang
This paper analyzes the degree to which volatility in interbank interest rates leads to volatility in financial instruments with longer maturities (e.g., T-bills) in Kenya since 2012, year in which the monetary policy framework switched to a forward-looking approach, relative to seven other inflation targeting (IT) countries (Ghana, Hungary, Poland, South Africa, Sweden, Thailand, and Uganda). Kenya shows strong volatility transmission and high persistence similar to other countries in transition to a more forward-looking monetary policy framework. These results emphasize the importance of a strong commitment to an interbank rate as an operational target and suggest that the central bank could reduce uncertainty in short-term yields significantly by smoothing out the overnight interest rates around the policy rate.
Keywords:
WP; Kenya; rate; Monetary policy implementation; inflation targeting; volatility transmission; interbank rate; overnight rate; headline inflation; inflation objective; money market rate; monetary policy Analysis Unit; interbank rate corridor; inflation target range; interbank market rate; overnight market interest rate; inflation modeling; inflation expectation; Interbank rates; Central bank policy rate; Yield curve; Treasury bills and bonds; Monetary policy frameworks; Africa; Global; interest rate volatility; policy rate change; interbank rate series; year inflation expectation
Cover Policy Papers
Enhancing Financial Sector Surveillance in Low-Income Countries - Financial Deepening and Macro-Stability
International Monetary Fund
This paper aims to widen the lens through which surveillance is conducted in LICs, to better account for the interplay between financial deepening and macro-financial stability as called for in the 2011 Triennial Surveillance Review. Reflecting the inherent risk-return tradeoffs associated with financial deepening, the paper seeks to shed light on the policy and institutional impediments in LICs that have a bearing on the effectiveness of macroeconomic policies, macro-financial stability, and growth. The paper focuses attention on the role of enabling policies in facilitating sustainable financial deepening. In framing the discussion, the paper draws on a range of conceptual and analytical tools, empirical analyses, and case studies.
Keywords:
PP; LIC bank; LIC financial systems; LIC government; financial activity; government securities market; underdeveloped financial systems; market friction; debt management; market player; market stability; price discovery; interest rate; market development; Financial sector; Credit; Securities markets; Global
Cover Policy Papers
Enhancing Financial Sector Surveillance in Low-Income Countries - Case Studies
International Monetary Fund
This supplement presents ten case studies, which highlight the roles of targeted policies to facilitate sustainable financial deepening in a variety of country circumstances, reflecting historical experiences that parallel a range of markets in LICs. The case studies were selected to broadly capture efforts by countries to increase reach (e.g., financial inclusion), depth (e.g., financial intermediation), and breadth of financial systems (e.g., capital market, cross-border development). The analysis in the case studies highlights the importance of a balanced approach to financial deepening. A stable macroeconomic environment is vital to instill consumer, institutional, and investor confidence necessary to encourage financial market activity. Targeted public policy initiatives (e.g., collateral, payment systems development) can be helpful in removing impediments and creating infrastructure for improved market operations, while ensuring appropriate oversight and regulation of financial markets, to address potential sources of instability and market failures. 
Keywords:
PP; FX market; central bank; interest rate; banking sector; foreign currency; financial market; government bond; exchange rate; Securities markets; Commercial banks; Insurance; Government securities; Baltics; Africa; Global; West Africa; Caribbean
Cover IMF Working Papers
Assessing Bank Competition within the East African Community
Sarah Sanya
and
Matthew Gaertner
This paper is an empirical analysis of competitiveness in the banking system of four out of the five East African Community (EAC) countries2. The results show that the degree of competition is low due to a combination of structural and socio-economic factors. By way of preview, the analysis ranks the countries in terms of banking sector competitiveness in the following order: Kenya, Tanzania, Uganda and Rwanda.
Keywords:
WP; return on assets; concentration ratio; EAC country; bank competition; East African Community; Competition; Banking; Financial sector; H-statistic; Lerner Index; bank regulation; bank performance indicator; EAC banking systems; bank freedom; banks output; Commercial banks; Foreign banks; Credit; Africa
Cover Sub-Saharan Africa
Sub-Saharan Africa
Financial Sector Challenges
Ms. Catherine A Pattillo
,
Ms. Anne Marie Gulde
,
Mr. Kevin J Carey
,
Ms. Smita Wagh
, and
Mr. Jakob E Christensen

Abstract

Financial sectors in low-income sub-Saharan Africa (SSA) are among the world's least developed. In fact, assets in most low-income African countries are smaller than those held by a single medium-sized bank in an industrial country. The absence of deep, efficient financial markets seriously challenges policy making, hinders poverty alleviation, and constrains growth. This book argues that building efficient and sound financial sectors in SSA countries will improve Africa's economic prospects. Based on a review of the key features of financial systems, it discusses the main obstacles and challenges that financial structures pose for SSA economies and recommends steps that could address major shortcomings in implementing the reform agenda.

Keywords:
BOOK; bank; SSA bank; financial market imperfection; lending; development bank; renewed reform effort; credit information indices; Commercial banks; Financial sector; Credit; Stock markets; Africa; Sub-Saharan Africa; Southern Africa; credit constraint; survey evidence; portfolio diversification