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Measuring Financial Barriers Among East African Community Countries

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  • Yi David Wang
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    Abstract

    This paper seeks to quantify existing financial barriers among East African Community (EAC) member countries based on analysis of each member country’s foreign exchange market. The primary contribution of this paper is the generation of an aggregate measure of financial barriers for the three relatively more advanced members (Kenya, Uganda, and Tanzania) using forward foreign exchange and interbank interest rate data. Its empirical results, which are corroborated by other evidence such as the levels of development of the financial markets and restrictions on capital flows, suggest that Kenya is the EAC’s most financially open country, followed by Uganda, and then Tanzania. The fact that the three countries exhibit different degrees of financial openness suggests that financial integration in the EAC region has a way to go.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/194.

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    Length: 26
    Date of creation: 01 Aug 2010
    Date of revision:
    Handle: RePEc:imf:imfwpa:10/194

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    Related research

    Keywords: Bank rates; foreign exchange; exchange rates; financial integration; exchange rate; foreign exchange market; forward exchange; exchange markets; foreign exchange markets; exchange arrangements; exchange restrictions; forward exchange rates; financial markets; spot exchange rates; foreign exchange contracts; foreign exchange rate; exchange rate regime; capital flows; exchange auctions; forward exchange rate; spot exchange rate; capital markets; foreign exchange auctions; official exchange rate; market exchange rate; exchange risk; international financial markets; international trade; exchange rate risks; dollar exchange rates; exchange rate policy; foreign exchange rate policy; foreign exchange risk; foreign exchange rates; currency swaps; forward cover; exchange rate risk; exchange rate flexibility; external trade; international finance; economic integration;

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    Cited by:
    1. Albert Mafusire & Zuzana Brixiova, 2012. "Working Paper 156 - Macroeconomic Shock Synchronization in the East African Community," Working Paper Series 432, African Development Bank.

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