Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Africa > Uganda

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

  • Type: Journal Issue x
  • Financial Aspects of Economic Integration x
  • IMF Working Papers x
Clear All Modify Search
Cover IMF Working Papers
Capital Account Openness in Low-income Developing Countries: Evidence from a New Database
Mrs. Sarwat Jahan
and
Daili Wang
The relevance of recording and assessing countries’ capital flow management measures is well-recognized, but very few studies have focused on low-income developing countries (LIDCs). A key constraint is the lack of an appropriate index to measure the openness of capital account and its change over time. This paper fills the gap by constructing a de jure index based on information contained in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. It provides an aggregate index to capture the overall openness of the capital account, and also provides a breakdown of openness for various subcategories of capital flows. The new database covers 164 countries with information on 12 types of asset categories over the period 1996–2013. The index provides the largest coverage of LIDCs among all existing indices and also provides granularity on openness across asset types, direction of flows and residency. The paper examines the link between de jure capital account openness with de facto capital flows and outlines potential applications of this database.
Keywords:
WP; Openness; liberalization; market; Capital account openness; Capital flow management measure; Financial interconnectedness; Low-income developing countries; Capital flows; openness index; capital account; frontier economy; financial market liberalization; index exercise; exchange arrangement; transaction liberalization; Capital account; Capital controls; Foreign direct investment; Capital account liberalization; Asia and Pacific; East Asia; South Asia; Sub-Saharan Africa
Cover IMF Working Papers
Capital Market Integration: Progress Ahead of the East African Community Monetary Union
Mr. Masafumi Yabara
Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in developing domestic capital markets through a regional approach, removing constraints on capital transactions and harmonizing market infrastructure. Nevertheless, empirical analysis suggests capital market integration has not deepened during the past few years in the EAC, although convergence of investment returns is taking place to some extent. Learning from the experience of the West African Economic and Monetary Union and the Association of Southeast Asian Nations, EAC countries would benefit from four actions to accelerate financial market integration: (i) further harmonize market infrastructure; (ii) strengthen regional surveillance mechanisms; (iii) encourage local currency bond issuance by multilateral financial institutions; and (iv) build the capacity of the existing regional institutions.
Keywords:
WP; EAC treasury bill market; market infrastructure; EAC capital market integration; EAC treasury bond bond market; EAC debt markets; East African Community; regional integration; monetary union; capital market; equity; stock; debt; bond; beta convergence; sigma convergence; cointegration; EAC Treasury Bill; EAC capital markets; Stock markets; Securities markets; Capital markets; Capital market integration; Treasury bills and bonds; Sub-Saharan Africa; West Africa; Global
Cover IMF Working Papers
Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa
Mr. Xavier Debrun
,
Ms. Catherine A Pattillo
, and
Mr. Paul R Masson
This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities. The model is calibrated using African data. Simulations indicate that the proposed EAC, ECOWAS, and SADC monetary unions bring about net benefits to some potential members, but modest net gains and sometimes net losses for others. Strengthening domestic macroeconomic frameworks is shown to provide some of the same improvements as monetary integration, reducing the latter’s relative attractiveness.
Keywords:
WP; central bank; monetary policy; CFA franc
Cover IMF Working Papers
Regional Integration of Stock Exchanges in Eastern and Southern Africa: Progress and Prospects
Ms. Jacqueline T Irving
This paper assesses whether regional cooperation and integration of stock exchanges in eastern and southern Africa could offer a way of overcoming impediments to the exchanges' development. The paper concludes that regional cooperation and, at a later stage, integration, if carried out at the right pace and in a pragmatic way, could improve the liquidity, efficiency, and competitiveness of these exchanges. Further progress in developing national financial markets must precede any actual moves to integrate securities markets. These exchanges could meanwhile benefit from closer cooperation, including by encouraging more crossborder listings and information/technology sharing.
Keywords:
WP; economic growth; SADC exchange; electronic trading; NSX official; illiquid market; listing requirement; market development; trading system
Cover IMF Working Papers
Regional Integration in Eastern and Southern Africa: The Cross-Border Initiative and its Fiscal Implications
Mr. Abdelrahmi Bessaha
,
Ferdinand Bakoup
, and
Mr. Luca Errico
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Keywords:
WP; trade creation; fiscal policy; sales tax; trade diversion; CBI tariff liberalization measure; revenue impact; tariff reform; import ban; import-substitution strategy; trade-weighted average tariff; tariff schedule; participating country; tariff structure; revenue loss; Consumption taxes; Imports; Tariffs; Regional integration; Duties; Southern Africa; East Africa; Africa