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Financial Liberalization, Money Demand, and Inflation in Uganda

Author/Editor: Nachega, Jean-Claude
Authorized for Distribution: September 1, 2001
Electronic Access: Free Full Text (PDF file size is 1,305KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: 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.
Series: Working Paper No. 01/118
Subject(s): Exchange system liberalization | Uganda | Demand for money | Inflation
Author's keyword(s): Uganda | money demand | inflation | financial liberalization | cointegration
    Published:   September 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1182001   Pages:   45
    Price:   US$15.00
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