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Africa > Uganda

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Macroeconomics and Monetary Economics x
  • Stock exchanges x
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Cover IMF Working Papers
How Effective is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence
Ms. Prachi Mishra
and
Mr. Peter J Montiel
This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to come away from this review with much confidence in the strength of monetary transmission in such countries. We distinguish between the "facts on the ground" and "methodological deficiencies" interpretations of the absence of evidence for strong monetary transmission. We suspect that "facts on the ground" are an important part of the story. If this conjecture is correct, the stabilization challenge in developing countries is acute indeed, and identifying the means of enhancing the effectiveness of monetary policy in such countries is an important challenge.
Keywords:
WP; price level; aggregate demand; bond market; central bank; monetary aggregate; monetary policy; exchange rate; interest rate; banks; institutions; developing countries; bank lending channel; regime indicator; nominal exchange rate; lending rate; Bank credit; Securities markets; Stock markets; Exchange rate arrangements; Exchange rates; Sub-Saharan Africa; Central and Eastern Europe; Central Asia; Middle East; North Africa
Cover IMF Working Papers
The Impact of the Regional Cross-Listing of Stocks on Firm Value in Sub-Saharan Africa
Olatundun Janet Adelegan
This paper examines the impact of regional cross-listing on stock prices. The sample consists of sub- Saharan African firms that have cross-listed during the period 1992-2008. Using event study methodology, the study finds positive abnormal returns around the date of the regional cross-listing of stocks. The positive announcement period effect, together with the normal post cross-listing performance, shows that regional cross-listing increases firm value. Overall, this provides evidence that firms benefit from listing outside their home market and need to be taken into consideration by SSA country authorities as they seek a regional approach to stock market development. Thus, policy makers of both the countries of primary listing (home country) and secondary listing (host country) need the right policy handles to conceptualize, facilitate and steer regional cross-listing efforts by firms. Through complementary policy-based efforts, policy makers can set the stage for regional cross-listings and harness the numerous related benefits.
Keywords:
WP; company; stock market; listing
Cover IMF Working Papers
Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges
Charles Komla Adjasi
and
Charles Amo Yartey
This paper examines the economic importance of stock markets in Africa. It discusses policy options for promoting the development of the stock market in Africa. The results of the paper show that the stock markets have contributed to the financing of the growth of large corporations in certain African countries. An econometric investigation of the impact of stock markets on growth in selected African countries, however, finds inconclusive evidence even though stock market value traded seem to be positively and significantly associated with growth. African stock exchanges now face the challenge of integration and need better technical and institutional development to address the problem of low liquidity. Preconditions for successful regional approaches include the harmonization of legislations such as bankruptcy and accounting laws and a liberalized trade regime. Robust electronic trading systems and central depository systems will be important. Further domestic financial liberalization such as steps to improve the legal and accounting framework, private sector credit evaluation capabilities, and public sector regulatory oversight would also be beneficial.
Keywords:
WP; economic growth; external finance; stock market; banking sector
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