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Macroeconomic structure and policy in Zimbabwe, analysis and empirical model : 1965-1988, Volume 1
Author:Elbadawi, Ibrahim A.; Schmidt-Hebbel, Klaus; Country:Zimbabwe;
Date Stored:2001/04/26Document Date:1991/09/30
Document Type:Policy Research Working PaperSubTopics:Environmental Economics & Policies; Economic Theory & Research; Economic Stabilization; Macroeconomic Management; Financial Intermediation
Language:EnglishMajor Sector:(Historic)Economic Policy
Region:AfricaReport Number:WPS771
Sub Sectors:Macro/Non-TradeCollection Title:Policy, Research, and External Affairs working paper ; no. WPS 771. Macroeconomic adjustment and growth
Volume No:1  

Summary: 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.

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