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Determinants of Private Investment in Zimbabwe

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  • Jenkins, Carolyn
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    Abstract

    The received wisdom about investment in Zimbabwe is that foreign exchange shortages were the key constraint on private capital formation, and that uncertainty about political developments, price controls and government policy with respect to labor have also discouraged investment. A model of private investment is constructed for Zimbabwe, using a two-step Engle-Granger approach to deal with non-stationary variables. It is found that, in the long run, investment is constrained by the availability of finance, especially retained profits, and that it has been deterred by the external debt-to-GDP ratio. Controls, including foreign exchange allocations, have affected the timing of capital expenditures rather than the desired stock of capital. Copyright 1998 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): 7 (1998)
    Issue (Month): 1 (March)
    Pages: 34-61

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    Handle: RePEc:oup:jafrec:v:7:y:1998:i:1:p:34-61

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    Cited by:
    1. Babajide Fowowe, 2011. "Financial Sector Reforms And Private Investment In Sub-Saharan African Countries," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 36(3), pages 79-97, September.
    2. Ndikumana, Leonce, 2000. "Financial Determinants of Domestic Investment in Sub-Saharan Africa: Evidence from Panel Data," World Development, Elsevier, vol. 28(2), pages 381-400, February.
    3. Arne Bigsten & Paul Collier & Stefan Dercon & Bernard Gauthier & Jan Willem Gunning & Anders Isaksson & Abena Oduro & Remco Oostendorp & Cathy Pattillo & Måns Söderbom & M. Sylvain & Francis Teal & , 1997. "Investment in Africa's manufacturing sector: A four country panel data analysis," CSAE Working Paper Series 1997-11, Centre for the Study of African Economies, University of Oxford.
    4. Recanatini, Francesca & Wallsten, Scott J. & Lixin Colin Xu, 2000. "Surveying surveys and questioning questions - learning from World Bank experience," Policy Research Working Paper Series 2307, The World Bank.
    5. Shiferaw, A., 2002. "Private investment and public policy in sub-Saharan Africa : an empirical analysis," ISS Working Papers - General Series 19100, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.

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