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Africa > Uganda

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

  • Type: Journal Issue x
  • Financial Aspects of Economic Integration x
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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 The Quest for Regional Integration in the East African Community
The Quest for Regional Integration in the East African Community
Mr. Paulo Drummond
,
Mr. S. K Wajid
, and
Mr. Oral Williams

Abstract

The countries in the East African Community (EAC) are among the fastest growing economies in sub-Saharan Africa. The EAC countries are making significant progress toward financial integration, including harmonization of supervisory arrangements and practices and the modernization of monetary policy frameworks. This book focuses on regional integration in the EAC and argues that the establishment of a time table for the eliminating the sensitive-products list and establishing a supranational legal framework for resolving trade disputes are important reforms that should foster regional integration.

Keywords:
BOOK; East African Community; monetary policy; country; market; EAC country; financial market; convergence criteria; EAC member states; market infrastructure; Monetary unions; Exchange rates; Real exchange rates; Currencies; Stock markets; Global; Sub-Saharan Africa; West Africa; East Africa; Africa; EAC region; EAC banking systems; resident representative; Exchange rate flexibility
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
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