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Africa > Uganda

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Financial services x
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Cover IMF Working Papers
Monetary Transmission Mechanism in the East African Community: An Empirical Investigation
Mr. Hamid R Davoodi
,
S. V. S. Dixit
, and
Gabor Pinter
Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard statistical inferences, but somewhat strong when using non-standard inference methods; (ii) when MTM is present, the precise transmission channels and their importance differ across countries; and (iii) reserve money and the policy rate, two frequently used instruments of monetary policy, sometimes move in directions that exert offsetting expansionary and contractionary effects on inflation—posing challenges to harmonization of monetary policies across the EAC and transition to a future East African Monetary Union. The paper offers some suggestions for strengthening the MTM in the EAC.
Keywords:
WP; price level; contractionary monetary policy; exchange rate; central bank; money multiplier; Monetary policy; reserve money; policy rate; vector autoregressions; monetary policy shock; transmission mechanism; monetary policy authority; interest rate channel; rising prices; monetary policy transmission; Monetary base; Central bank policy rate; Vector autoregression; Credit; Exchange rates; Global
Cover IMF Working Papers
Financial Liberalization, Money Demand, and Inflation in Uganda
Mr. Jean-Claude Nachega
This paper uses cointegration analysis to investigate the empirical relationship among money, prices, income, and a vector of interest rates in Uganda from 1982 to 1998. Despite the substantial financial market liberalization that has taken place in the early 1990s, quarterly time-series data confirm that a stable relationship prevailed among real broad money, income, and domestic and foreign interest rates. The empirical results indicate income homogeneity, a strong own-rate-of-return effect, a high degree of international capital mobility and asset substitutability, and demonstrate that both domestic and foreign factors are important determinants of inflation in Uganda.
Keywords:
WP; money demand; exchange rate; treasury bill; Uganda; inflation; financial liberalization; cointegration; broad money velocity; demand function; exchange rate depreciation; velocity equation; depreciation rate; inflation process; Monetary base; Demand for money; Velocity of money; Interbank rates; Sub-Saharan Africa