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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Capital Account Liberalisation: The Ugandan Experience
Author:Kasekende, Louis A.ISNI
Year:2001
Periodical:Development Policy Review
Volume:19
Issue:1
Pages:101-120
Language:English
Geographic term:Uganda
Subjects:capital movements
financial policy
Economics and Trade
External link:https://doi.org/10.1111/1467-7679.00126
Abstract:Following full liberalization of the capital account in 1997, Uganda realized increasing private capital flows. However, this has posed enormous challenges and risks. After a review of the macroeconomic situation in Uganda, this paper looks at the motivation for liberalization of the capital account. It analyses the accompanying policy packages that were adopted and the impact of liberalization so far. It discusses the challenges that have been associated with the liberalization of the capital account in Uganda and suggests what policymakers ought to do to address these issues. The paper shows that 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. The paper argues that policymakers should strengthen regulations, reporting requirements and data collection systems, and design market-friendly instruments to facilitate more appropriate management of a liberalized economy, while reducing volatility. Bibliogr., notes, sum.
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