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Zimbabwe’s Hyperinflation Money Demand Model

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Author Info

  • Albert Makochekanwa

    ()
    (Department of Economics, University of Pretoria)

Abstract

The research attempts to empirically study the demand for money, especially the magnitudes of the price expectation and real cash balance adjustment for Zimbabwe. Price expectation and real cash balance adjustment models are estimated. The results show that both the interest rate and the rate of change in prices are relevant variables for explaining the variations in the demand for real cash balances in Zimbabwe. Overall, the findings suggest that the Zimbabwean hyperinflation does not appear to have been a self- generating process independent of money supply.

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File URL: http://web.up.ac.za/UserFiles/WP_2007_12.pdf
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Bibliographic Info

Paper provided by University of Pretoria, Department of Economics in its series Working Papers with number 200712.

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Length: 24 pages
Date of creation: Jul 2007
Date of revision:
Handle: RePEc:pre:wpaper:200712

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Related research

Keywords: Hyperinflation; Real Cash Balances; Price Expectation; Equilibrium; Error Correction Model;

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Cited by:
  1. Terrence Kairiza, 2009. "Unbundling Zimbabwe’s journey to hyperinflation and official dollarization," GRIPS Discussion Papers 09-12, National Graduate Institute for Policy Studies.

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