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Africa > Uganda

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

  • Type: Journal Issue x
  • Money supply 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 Staff Country Reports
Uganda: Second Review Under the Policy Support Instrument and Request for Modification of Assessment Criteria-Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
International Monetary Fund
Uganda’s medium-term expenditure framework (MTEF) aims at higher public savings based on spending restraint and rising domestic revenue. The Bank of Uganda (BOU) has successfully contained the one-time shocks to prices of increases in electricity tariffs and temporary sugar and diesel fuel shortages. In an environment of strong inflows, price stability remains the primary objective of monetary policy. A shallow financial sector limits Uganda’s ability to absorb foreign exchange inflows and is in itself a formidable obstacle to faster economic growth.
Keywords:
ISCR; CR; Uganda; debt; NPV; real GDP; program objective; PSI-supported program; infrastructure bottleneck; IMF's framework; debt management strategy; private sector; unwavering commitment; Monetary base; Debt sustainability; Africa; Global