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Monetary policy and economic growth in Uganda: an empirical investigation

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  • Enock Nyorekwa Twinoburyo
  • Nicholas M. Odhiambo

Abstract

This study examines the impact of monetary policy on economic growth in Uganda during the period from 1983 to 2014. Using the newly developed ARDL bounds testing approach, the empirical results of this study show that money supply has a positive significant impact on economic growth, both in the short run and in the long run. However, interest rates were found to have a positive impact on economic growth only in the short run. In the long run they were found to have no significant impact on economic growth. Overall, monetary policy matters for economic growth but there is a need for further reforms aimed at the development of the financial sector as well as improvement in monetary and fiscal policy coordination.

Suggested Citation

  • Enock Nyorekwa Twinoburyo & Nicholas M. Odhiambo, 2017. "Monetary policy and economic growth in Uganda: an empirical investigation," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 9(3), pages 199-212.
    • Handle: RePEc:ids:ijsuse:v:9:y:2017:i:3:p:199-212
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    Cited by:

    1. Samson Edo & Oluwatoyin Matthew & Ifeoluwa Ogunrinola, 2022. "Foreign Development Assistance and Macroeconomic Policy Stance: The Underlying Levers of Growth in Emerging SSA Countries," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 20(4 (Winter), pages 353-374.
    2. Md Mahbub Alam & Md Nazmus Sadekin & Rabiul Islam & Syed Moudud-Ul-Huq, 2022. "Effect of Deficit Financing on Economic Growth in Bangladesh: Cointegration and VECM Approach," FIIB Business Review, , vol. 11(2), pages 174-188, June.

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