De-monetisation, inflation and coffee: the demand for money in Uganda

NM Henstridge

21 citations0/0 files storedJournal of African Economies

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

This paper investigates the recent macroeconomic history of Uganda using time series models for the demand for the three main monetary aggregates. A collapse of income and high inflation led to de-monetisation. The flight from currency and demand deposits was limited by their use for transactions, but demand for time and savings deposits was largely a function of inflation. The role of the exchange rate and the price of coffee in determining an asset demand for money was mixed. Re-monetisation since the late 1980s has been slower than de-monetisation.

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