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Evidence on the demand for money function in Uganda

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  • Policy Analyst - UNICEF Zimbabwe
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    Abstract

    The paper provides an empirical analysis of the demand for money function in Uganda. It argues that monetary policy: based on monetarist views of the dynamics of a less developed economy is, to say the least, ineffective in regulating the economy. An error correction model is used to examine the character of the demand for money – in particular if it is stable in order for traditional monetary policy to be effective. The evidence on Uganda suggests that the demand for money function is unstable and hence, monetary policy needs to be used in conjunction with other policies to achieve the goal of economic stabilisation and adjustment.

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    Bibliographic Info

    Paper provided by EconWPA in its series Development and Comp Systems with number 0210005.

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    Date of creation: 30 Oct 2002
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    Handle: RePEc:wpa:wuwpdc:0210005

    Note: Type of Document - Word; prepared on PC; to print on HP;
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    Web page: http://128.118.178.162

    Related research

    Keywords: Error correction mechanism; demand for money; monetary policy; development policy in Uganda;

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    1. Arestis, Philip & Basu, Santonu, 2004. "Financial globalisation and regulation," Research in International Business and Finance, Elsevier, vol. 18(2), pages 129-140, June.
    2. Philip Arestis & Kevin McCauley & Malcolm Sawyer, 2000. "An Alternative Stability Pact for the European Union," Macroeconomics 0004043, EconWPA.
    3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    4. David F. Hendry, 2013. "Econometric Modelling: The ‘Consumption Function’ In Retrospect," Scottish Journal of Political Economy, Scottish Economic Society, vol. 60(5), pages 495-522, November.
    5. Fry, Maxwell J, 1978. "Money and Capital or Financial Deepening in Economic Development?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(4), pages 464-75, November.
    6. Giovannini, Alberto & Turtelboom, Bart, 1993. "Currency Substitution," CEPR Discussion Papers 759, C.E.P.R. Discussion Papers.
    7. Jonson, P D & Rankin, R W, 1986. "On Some Recent Developments in Monetary Economics," The Economic Record, The Economic Society of Australia, vol. 62(178), pages 257-67, September.
    8. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
    9. Cuthbertson, Keith & Galindo, Luis, 1999. "The Demand for Money in Mexico," Manchester School, University of Manchester, vol. 67(2), pages 154-66, March.
    10. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
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