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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.

Suggested Citation

  • Davies, Rob & Rattso, Jorn & Torvik, Ragnar, 1994. "The Macroeconomics of Zimbabwe in the 1980s: A CGE-Model Analysis," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 3(2), pages 153-198, October.
  • Handle: RePEc:oup:jafrec:v:3:y:1994:i:2:p:153-98
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    Cited by:

    1. 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.
    2. 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.
    3. Margaret Chitiga & Tonia Kandiero & Ramos Mabugu, 2005. "Computable General Equilibrium Micro-Simulation Analysis of the Impact of Trade Policies on Poverty in Zimbabwe," Working Papers MPIA 2005-01, PEP-MPIA.
    4. R Mabugu, 2001. "Macroeconomic Effects Of A Devaluation In Zimbabwe A Cge Analysis," South African Journal of Economics, Economic Society of South Africa, vol. 69(4), pages 708-733, December.
    5. Barbier,Edward B., 2007. "Natural Resources and Economic Development," Cambridge Books, Cambridge University Press, number 9780521706513.
    6. 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.

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