Financial Liberalisation and Currency Demand in Zambia
This paper examines the impact of exchange rate and financial sector liberalisation measures implemented in the early 1990s on the private sector's demand for base money in Zambia. Using time-series data I show how the removal of controls on asset markets led to a permanent shift in the demand for narrow money. Linked with an increase in forecast volatility, this structural break appears to have undermined the efficacy of money-based stabilisation efforts in Zambia. Copyright 1999 by Oxford University Press.
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Volume (Year): 8 (1999)
Issue (Month): 3 (October)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Barr, D G & Cuthbertson, Keith, 1991. "Neoclassical Consumer Demand Theory and the Demand for Money," Economic Journal, Royal Economic Society, vol. 101(407), pages 855-876, July.
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