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Capital Account Liberalisation: The Ugandan Experience

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  • Louis A. Kasekende

Abstract

Following full liberalisation of the capital account in 1997, Uganda realised increasing private capital flows. However, this has posed enormous challenges and risks. Macroeconomic management has been complicated because of the limited range and potency of available instruments. Moreover, not only are the financial institutions exposed to more risk and hence need stronger regulation and supervision, but the private sector also needs to develop instruments to hedge and manage the increasing risks in an open economy. This article argues that policy‐makers should strengthen regulations, reporting requirements and data collection systems, and design market‐friendly instruments to facilitate more appropriate management of a liberalised economy, while reducing volatility.

Suggested Citation

  • Louis A. Kasekende, 2001. "Capital Account Liberalisation: The Ugandan Experience," Development Policy Review, Overseas Development Institute, vol. 19(1), pages 101-120, March.
    • Handle: RePEc:bla:devpol:v:19:y:2001:i:1:p:101-120
    DOI: 10.1111/1467-7679.00126
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    Cited by:

    1. Heiko Hesse & Thorsten Beck, 2006. "Bank Efficiency, Ownership and Market Structure,Why are Interest Spreads so High in Uganda?," Economics Series Working Papers 277, University of Oxford, Department of Economics.
    2. Waeyenberge, Elisa Van. & Bargawi, Hannah., 2011. "Macroeconomic policy for "full and productive employment and decent work for all" : Uganda country study," ILO Working Papers 994658733402676, International Labour Organization.
    3. Clarke, George R.G. & Cull, Robert & Fuchs, Michael, 2009. "Bank Privatization in Sub-Saharan Africa: The Case of Uganda Commercial Bank," World Development, Elsevier, vol. 37(9), pages 1506-1521, September.
    4. Fofack, Hippolyte & Ndikumana, Leonce, 2009. "Potential gains from capital flight repatriation for Sub-Saharan African countries," Policy Research Working Paper Series 5024, The World Bank.
    5. Katusiime, Lorna & Shamsuddin, Abul & Agbola, Frank W., 2015. "Macroeconomic and market microstructure modelling of Ugandan exchange rate," Economic Modelling, Elsevier, vol. 45(C), pages 175-186.
    6. Beck, Thorsten & Hesse, Heiko, 2009. "Why are interest spreads so high in Uganda?," Journal of Development Economics, Elsevier, vol. 88(2), pages 192-204, March.
    7. repec:ilo:ilowps:465873 is not listed on IDEAS

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