Financial Liberalization, Money Demand, and Inflation in Uganda, Issues 2001-2118

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International Monetary Fund, African Department, Sep 1, 2001 - Demand for money - 45 pages
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This paper uses cointegration analysis to investigate the empirical relationship among money, prices, income, and a vector of interest rates in Uganda from 1982 to 1998. Despite the substantial financial market liberalization that has taken place in the early 1990s, quarterly time-series data confirm that a stable relationship prevailed among real broad money, income, and domestic and foreign interest rates. The empirical results indicate income homogeneity, a strong own-rate-of-return effect, a high degree of international capital mobility and asset substitutability, and demonstrate that both domestic and foreign factors are important determinants of inflation in Uganda.

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Contents

Introduction
3
Conclusions and Policy Implications
20
Tables
36
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