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Zimbabwe’s Currency Crisis: Which Currency To Adopt In The Aftermath Of The Multi-Currency Regime?

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  • Makochekanwa, Albert

Abstract

The study presented main features of possible currency options which can be potentially adopted by Zimbabwe in the aftermath of multi-currency regime. The currency options analyzed are dollarization, joining the CMA and re-introduction of the Zimbabwe dollar (Z$). The proposed management systems to underpin the reintroduction of the Zimbabwean dollar are currency board, free banking and Reserve Bank of Zimbabwe (RBZ). For each of the options analyzed, the practicality of Zimbabwe in adopting and/or implementing such currency was also explained. Although any of the three options could be adopted and implemented, the study considered the options in the following descending order of priority: (i) dollarization, (ii) retaining the Z$ but under the management system of a currency board, (iii) Joining the CMA, (iv) retaining the Z$ under the management of RBZ, with the institution having new management, and lastly (v) free banking.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 22463.

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Date of creation: 28 Dec 2009
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Handle: RePEc:pra:mprapa:22463

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Keywords: Multi-currency; hyperinflation; dollarization; currency board; free banking;

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  1. Steve Hanke, 2002. "On dollarization and currency boards: Error and deception," Journal of Economic Policy Reform, Taylor & Francis Journals, Taylor & Francis Journals, vol. 5(4), pages 203-222.
  2. Zeljko Bogetic, 2005. "Official Dollarization: Current Experiences and Issues, Cato Journal, Vol. 20, No. 2 (Fall 2000), 179-213," International Finance, EconWPA 0510006, EconWPA.
  3. Richard C. K. Burdekin, 2008. "Currency Boards vs. Dollarization: Lessons from the Cook Islands," Cato Journal, Cato Journal, Cato Institute, Cato Journal, Cato Institute, vol. 28(1), pages 101-115, Winter.
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