Macroeconomic structure and policy in Zimbabwe, analysis and empirical model : 1965-1988
The authors develop and apply a macroeconomic general equilibrium model for Zimbabwe. The country faces the challenge of engaging in a program of fiscal stabilization and structural reform to address its current fiscal imbalance, high unemployment, and low growth prospects. The authors discuss macroeconomic changes over the last two decades, provide a model of the macroeconomic structure, and estimate aggregate equations for the main goods and asset markets. The macroeconomic framework they model integrates three features of the country's macroeconomy: (a) the noninflationary and almost exclusively domestic financing of the public sector deficit, which has been similar in gross terms to the private sector surplus; (b) sustained negative or low real interest rates, together with no apparent sign of excess demand in credit markets; and (c) the fact that sustained, high growth has never materialized after the dramatic economic declines of the late 1970s that resulted from economic sanctions and civil war.
|Date of creation:||30 Sep 1991|
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- Corbo, Vittorio & Schmidt-Hebbel, Klaus, 1991.
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- Dailami, Mansoor & Walton, Michael, 1989. "Private investment, government policy, and foreign capital in Zimbabwe," Policy Research Working Paper Series 248, The World Bank.
- Perron, Pierre, 1988. "Trends and random walks in macroeconomic time series : Further evidence from a new approach," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 297-332.
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- Khadr, Ali & Schmidt-Hebbel, Klaus, 1989. "A framework for macroeconomic consistency for Zimbabwe," Policy Research Working Paper Series 310, The World Bank.
- Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
- Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-276, March.
- Domowitz, Ian & Elbadawi, Ibrahim, 1987. "An error-correction approach to money demand : The case of Sudan," Journal of Development Economics, Elsevier, vol. 26(2), pages 257-275, August.
- Francis X. Diebold & Marc Nerlove, 1988. "Unit roots in economic time series: a selective survey," Finance and Economics Discussion Series 49, Board of Governors of the Federal Reserve System (U.S.).
- Giovannini, Alberto, 1985. "Saving and the real interest rate in LDCs," Journal of Development Economics, Elsevier, vol. 18(2-3), pages 197-217, August.
- Nelson, Charles R. & Plosser, Charles I., 1982. "Trends and random walks in macroeconmic time series : Some evidence and implications," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 139-162. Full references (including those not matched with items on IDEAS)
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