The objectives of financial sector reform in Uganda were interest liberalisation, reducing directed credit, improving prudential regulation, privatisating financial intermediaries, reducing reserve requirements, liberalisation of securities markets and pro-competition measures. Interest rate liberalisation focused on positive interest rates, with rates linked to the weighted average of an auction-based treasury bill, followed by full…"

Session 2B: Inflation Dynamics"

Closing Plenary "

Closing Plenary Session"

Session 8B the Global Financial Crisis - Micro Impacts"

Session 8b: The Global Financial Crisis - Micro Impacts"

Session 7B: Regional Issues"

Session 6B: Taxation and Trade Quotas"

Session 1B: The Financial Crisis: Global and Regional Impacts"

Session 1A: Financial Development and Economic Growth"

Session 1A: Financial Development and Economic Growth"

Session 1A: Financial Development and Economic Growth"

Session 1A: Financial Development and Economic Growth"

This paper employs the Bernanke-Gertler-Gilchrist "financial accelerator" model to study current economic conditions in South Africa. Given the turbulent financial market conditions we investigate the optimal monetary policy response as well as the potential role fiscal policy might play. As typical in the literature, we find that monetary policy should not deviate from…"

This study reviews the reforms undertaken in the financial sector with respect to regulation and access widening polices. The developments at the macro and micro level of the banking system are also assessed. Empirical analysis of the effects of financial liberalisation on growth by augmenting an aggregate production function with different measures of…"

The purpose of this paper is to investigate whether a relationship between export volumes and exchange rate volatility exists as suggested in the ASGISA document. It goes about this by first investigating the theoretical channels that predict the relationship between export volumes and exchange rate volatility. The theoretical prediction though, is ambiguous depending…"

In this paper we analyze the relationships between exchange rates, inflation and competitiveness. We show that over the 1994-2006 sample period real exchange rate depreciations did not improve the trade balance and therefore had no positive effect on growth. One reason is that SA exports are priced to market (PTM instead of PCP).…"

Formal inflation targeting has been adopted as the monetary policy framework in South Africa since February 2000. Prior to that (since about 1990), the South African Reserve Bank has pursued implicit inflation targeting with no officially announced inflation target. Official inflation targeting frameworks are based on the premise that inflation targeting will deliver…"

To better understand why some currencies are more volatile than others, this paper considers the cross-country determinants of exchange rate volatility for a set of middle-income countries. Overall, the paper finds that higher levels of reserves reduce volatility, and it is estimated that an appropriate level of reserves is approximately 4 1 2…"

The key objective of this paper is to construct a commodity export price series for South Africa (incorporating a wider range of commodities than those considered in the empirical literature on South Africa to date) and to determine its influence on real exchange rate movements in South Africa. Existing models of the determinants…"