De-monetisation, Inflation and Coffee: The Demand for Money in Uganda

N M Henstridge

Journal of African Economies, 1999, vol. 8, issue 3, 345-85

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. Copyright 1999 by Oxford University Press.

Date: 1999
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