This paper examines the effects of macroeconomic policy and regulatory environment on mobile money usage. Specifically, we develop an autoregressive distributed lag model to investigate the effect of key macroeconomic variables and mobile money tax on mobile money usage in Uganda. Using monthly data spanning the period March 2009 to September 2020, we find that in the short run, mobile money usage is positively affected by inflation while financial innovation, exchange rate, interest rates and mobile money tax negatively affect mobile money usage in Uganda. In the long run, mobile money usage is positively affected by economic activity, inflation and the COVID-19 pandemic crisis while mobile money customer balances, interest rate, exchange rate, financial innovation and mobile money tax negatively affect mobile money usage.

中文翻译：

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移动货币的使用：宏观经济政策和法规的影响

本文研究了宏观经济政策和监管环境对移动货币使用的影响。具体来说，我们开发了一种自回归分布式滞后模型，以研究关键的宏观经济变量和移动货币税对乌干达移动货币使用的影响。使用从2009年3月到2020年9月这段时间的月度数据，我们发现从短期来看，移动货币的使用受到通货膨胀的积极影响，而金融创新，汇率，利率和移动货币税对乌干达的移动货币使用产生负面影响。从长远来看，移动货币的使用受到经济活动，通货膨胀和COVID-19大流行危机的积极影响，而移动货币客户的余额，利率，汇率，金融创新和移动货币税则对移动货币的使用产生负面影响。