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Financing Uganda'S Poverty Reduction Strategy

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  • Mwanza Nkusu
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    Abstract

    Uganda''s market-friendly development strategy and poverty reduction agenda have attracted large financial inflows, including aid. During 2000-02, concerns about a possible aid-induced Dutch disease were heightened by widening macroeconomic imbalances and an upward trend in the real effective exchange rate (REER). This paper shows that the REER remained broadly stable during a 10-year period and nontraditional exports increased remarkably, contrary to the predictions of the Dutch disease model. Also, economic growth was strong. This good performance is attributed to sound macroeconomic policies and important structural reforms, which have allowed an increased use of available production factors.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/170.

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    Length: 30
    Date of creation: 01 Sep 2004
    Date of revision:
    Handle: RePEc:imf:imfwpa:04/170

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    Keywords: Exchange rates; Economic growth; Poverty reduction; reer; exchange rate; real exchange rate; foreign exchange; real effective exchange rate; nontraditional exports; effective exchange rate; capital flows; exchange rate management; total exports; export proceeds; exchange rate depreciation; export performance; exchange rate indices; exchange rate appreciation; export orientation; real exchange rate appreciation; coffee exports; foreign exchange market; effective exchange rates; trade liberalization; agricultural exports; real exports; export competitiveness; official exchange rate; nominal exchange rate; capital account liberalization; foreign exchange sales; exchange rate appreciations; nominal effective exchange rate; value of exports; exchange rate ? pressures; diversification of exports; real exchange rate appreciations; exchange reserves; exchange sales; economic downturns; average exchange rates; foreign exchange reserves; export volumes; exchange rate policy;

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    1. C-J. Dalgaard & H. Hansen, 2001. "On Aid, Growth and Good Policies," Journal of Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 37(6), pages 17-41.
    2. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America," MPRA Paper 13843, University Library of Munich, Germany.
    3. Henrik Hansen & Finn Tarp, 2000. "Aid effectiveness disputed," Journal of International Development, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 12(3), pages 375-398.
    4. Collier, Paul, 1999. "Aid 'Dependency': A Critique," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 8(4), pages 528-45, December.
    5. Torvik, Ragnar, 2001. "Learning by doing and the Dutch disease," European Economic Review, Elsevier, Elsevier, vol. 45(2), pages 285-306, February.
    6. Nyoni, Timothy S., 1998. "Foreign Aid and Economic Performance in Tanzania," World Development, Elsevier, Elsevier, vol. 26(7), pages 1235-1240, July.
    7. Benjamin, Nancy C. & Devarajan, Shantayanan & Weiner, Robert J., 1989. "The Dutch disease in a developing country : Oil reserves in Cameroon," Journal of Development Economics, Elsevier, Elsevier, vol. 30(1), pages 71-92, January.
    8. Lensink, Robert & White, Howard, 1999. "Are there negative returns to aid?," Research Report, University of Groningen, Research Institute SOM (Systems, Organisations and Management) 99E60, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    9. Harvey, Charles, 1992. "Botswana: Is the Economic Miracle Over?," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 1(3), pages 335-68, November.
    10. Elbadawi, Ibrahim A, 1999. "External Aid: Help or Hindrance to Export Orientation in Africa?," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 8(4), pages 578-616, December.
    11. Mwanza Nkusu, 2004. "Aid and the Dutch Disease in Low-Income Countries," IMF Working Papers, International Monetary Fund 04/49, International Monetary Fund.
    12. Montiel, Peter & Reinhart, Carmen M., 1999. "Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s," Journal of International Money and Finance, Elsevier, Elsevier, vol. 18(4), pages 619-635, August.
    13. Morris Goldstein, 1998. "The Asian Financial Crisis," Policy Briefs PB98-1, Peterson Institute for International Economics.
    14. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 92(368), pages 825-48, December.
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