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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
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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 - 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 The Macroeconomics of Scaling Up Aid
The Macroeconomics of Scaling Up Aid
Lessons from Recent Experience
Mr. Andrew Berg
,
Mr. Mumtaz Hussain
,
Mr. Shaun K. Roache
,
Ms. Amber A Mahone
,
Mr. Tokhir N Mirzoev
, and
Mr. Shekhar Aiyar

Abstract

This study analyzes key issues associated with large increases in aid, including absorptive capacity, Dutch disease, and inflation. The authors develop a framework that emphasizes the different roles of monetary and fiscal policy and apply it to the recent experience of five countries: Ethiopia, Ghana, Mozambique, Tanzania, and Uganda. These countries have often found it difficult to coordinate monetary and fiscal policy in the face of conflicting objectives, notably to spend the aid money on domestic goods and to avoid excessive exchange rate appreciation.

Keywords:
OP; nominal exchange rate; depreciation; deficit; exchange rate appreciation; terms-of-trade shock; treasury bill sale; currency depreciation; Real exchange rates; Inflation; Treasury bills and bonds; Monetary base; Africa
Cover IMF Staff Country Reports
Mauritius: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix analyzes the labor market of Mauritius. It highlights that the high level of youth unemployment in Mauritius points to deficiencies in education and training. There are also significant rigidities in the functioning of the labor market that aggravate the problem. In particular, the Mauritian labor market is highly regulated and the relevant institutions operate according to a legalistic approach in which economic criteria play a relatively minor role.
Keywords:
ISCR; CR; rate of return; money demand; firm; Mauritian rupee; net acquisition; yield; opening balance; time deposit; cash inflow; opportunity cost; Currencies; Agricultural commodities; Demand for money; Treasury bills and bonds; Caribbean