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Money Demand and Stabilisation in Zimbabwe

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  • Jenkins, Carolyn

Abstract

During the 1980s the potential instability of Zimbabwe's unsustainably high budget deficit was reduced by the smooth transfer of resources from the private to the public sector via the domestic financial system, which affected private demand for financial assets. Import, exchange and price controls operated to suppress private-sector demand. This led to the build-up of private savings, which was on-lent to the government via liquid asset requirements and the crowding out of domestic deposits in the nonbank private sector's portfolio by government securities. This article uses Johansen's procedure for analysing cointegration to model the demand for real money balances in Zimbabwe, in order to determine the extent to which these constraints on the domestic asset market suppressed the demand for money in Zimbabwe. Copyright 1999 by Oxford University Press.

Suggested Citation

  • Jenkins, Carolyn, 1999. "Money Demand and Stabilisation in Zimbabwe," Journal of African Economies, Centre for the Study of African Economies, vol. 8(3), pages 386-421, October.
    • Handle: RePEc:oup:jafrec:v:8:y:1999:i:3:p:386-421
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    Cited by:

    1. Mr. Arto Kovanen, 2004. "Zimbabwe: A Quest for a Nominal Anchor," IMF Working Papers 2004/130, International Monetary Fund.
    2. C. P. Barros & João Ricardo Faria & Luis A. Gil-Alana, 2017. "The demand for money in Angola," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(2), pages 408-420, April.
    3. Musoni J. Rutayisire, 2010. "Economic Liberalization, Monetary Policy and Money Demand in Rwanda: 1980–2005," Working Papers 193, African Economic Research Consortium, Research Department.
    4. Ms. Sònia Muñoz, 2006. "Suppressed Inflation and Money Demand in Zimbabwe," IMF Working Papers 2006/015, International Monetary Fund.
    5. Shigeyuki Hamori, 2008. "Empirical Analysis of the Money Demand Function in Sub-Saharan Africa," Economics Bulletin, AccessEcon, vol. 15(4), pages 1-15.
    6. repec:ebl:ecbull:v:15:y:2008:i:4:p:1-15 is not listed on IDEAS
    7. Agya Atabani Adi & Joshua Sunday Riti, 2017. "Determination of Long and Short Run Demand for Money in the West African Monetary Zone (WAMZ) Countries: A Panel Analysis," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 2(2), pages 79-97, December.
    8. Tomoe Moore & Christopher Green & Victor Murinde, 2005. "Portfolio Behaviour in a Flow of Funds Model for the Household Sector in India," Journal of Development Studies, Taylor & Francis Journals, vol. 41(4), pages 675-702.

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