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Is Inflation Always And Everywhere A Non-Monetary Phenomenon: Evidence From Uganda


  • KIHANGIRE Asiimwe David


  • MUGYENYI Albert



This paper examines the determinants of Uganda’s inflation rate during 1994M7-2005M6. We test the central hypothesis that Uganda’s inflation rate is always and everywhere a non-monetary phenomenon. A theoretical background relating inflation to monetary and other non-monetary factors is first analyzed before a detailed empirical analysis is done. We apply ARDL approach to cointegration methods of analysis due to lack of a pure set of I(0) or I(1) for all the series. The results suggest insufficient evidence to accept the research hypothesis, as Uganda’s inflation rate is significantly correlated with both monetary and non-monetary factors.

Suggested Citation

  • KIHANGIRE Asiimwe David & MUGYENYI Albert, 2005. "Is Inflation Always And Everywhere A Non-Monetary Phenomenon: Evidence From Uganda," International Finance 0508011, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpif:0508011
    Note: Type of Document - doc; pages: 15. This is a working paper, which will soon appear in Bank of Uganda Staff Papers, 2005.

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    Cited by:

    1. Jacob Opolot & Anita Mpagi, 2017. "Inflation Dynamics in Uganda: The role of disequilibria in the money and traded goods markets," Journal of Statistical and Econometric Methods, SCIENPRESS Ltd, vol. 6(1), pages 1-2.
    2. Prasert Chaitip & Chukiat Chaiboonsri, 2009. "Thailand’s International Tourism Demand: The ARDL Approach to Cointegration," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 9(3), pages 163-184.

    More about this item


    Uganda; Inflation; exchange rate; exchange rate misalignment; exchange rate variability; terms of trade; rainfall; capacity utilization; interest rates;

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance


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