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The Macroeconomics of Zimbabwe in the 1980s: A CGE-Model Analysis

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  • Davies, Rob
  • Rattso, Jorn
  • Torvik, Ragnar

Abstract

Macroeconomic development in Zimbabwe is analyzed in terms of sectoral balance and distributional shifts. The economic performance during the period 1981-88 is evaluated with a five sector CGE model assuming endogenous import rationing. A foreign exchange constraint links the exportables sector performance and the rationing of imported intermediates to the import-dependent construction and importables sectors. Agricultural shocks and import compression policies are shown to be the major explanatory factors for the fluctuation and stagnation of economic growth. In counterfactual experiments, expansionary devaluation and contractionary investment expansion are the result of the foreign exchange constraint. Copyright 1994 by Oxford University Press.

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Bibliographic Info

Article provided by Centre for the Study of African Economies (CSAE) in its journal Journal of African Economies.

Volume (Year): 3 (1994)
Issue (Month): 2 (October)
Pages: 153-98

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Handle: RePEc:oup:jafrec:v:3:y:1994:i:2:p:153-98

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Cited by:
  1. Margaret Chitiga & Ramos Mabugu & Tonia Kandiero, 2007. "A Computable General Equilibrium Micro-Simulation Analysis of the Impact of Trade Policies on Poverty in Zimbabwe," Working Papers 200715, University of Pretoria, Department of Economics.
  2. Davies, Rob & Rattso, Jorn & Torvik, Ragnar, 1998. "Short-Run Consequences of Trade Liberalization: A Computable General Equilibrium Model of Zimbabwe," Journal of Policy Modeling, Elsevier, vol. 20(3), pages 305-333, June.
  3. Torvik, Ragnar, 1997. "Agricultural supply-led industrialization: A macromodel with sub-Saharan African characteristics," Structural Change and Economic Dynamics, Elsevier, vol. 8(3), pages 351-370, August.
  4. Kowero, G. & Mabugu, R., 2006. "Macroeconomic policies and industrial wood processing and trade in Zimbabwe," Forest Policy and Economics, Elsevier, vol. 8(1), pages 22-34, January.

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