Zimbabwe's Currency Crisis: Which Currency to Adopt in the Aftermath of the Aftermath of Multi-Currency Regime?

Makochekanwa, Albert

doi:10.2139/ssrn.1528882

Cited by 5 publications

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“…Treba napraviti razliku između tri oblika dolarizacije, koje, obuhvataju nezvaničnu, poluzvaničnu, i zvaničnu dolarizaciju (Makochekanwa, 2010). Puna ili zvanična dolarizacija se javlja u situaciji kada konkretna zemlja počne da koristi stranu valutu kao sredstvo plaćanja i da posledično smanjuje korišćenje domaće valute.…”

Section: Pojam I Vrste Dolarizacijeunclassified

“…To rešenje treba da bude prilagođeno svakoj zemlji ponaosob i da bude u skladu sa karakteristikama same ekonomije. Makochekanwa, A. (2010).…”

Section: Senioražaunclassified

“…A distinction should be made between the three forms of dollarization, which include unofficial, semiofficial and official dollarization (Makochekanwa, 2010). Full, i.e.…”

Section: Dollarization Definition and Typesmentioning

confidence: 99%

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Implications of the application of dollarization for macroeconomic stability

Martin¹

2019

Ekon horizonti

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UVOD Dolarizacija se može definisati kao zvanična ili nezvanična upotreba strane valute u transakcijama jedne zemlje. Najčešće se kao razlog primene dolarizacije navodi veće poverenje u stranu valutu u poređenju sa domaćom. Time se direktno utiče na ograničeno dejstvo monetarne politike kroz veći uticaj transmisije kanala deviznog kursa u poređenju sa kanalom kamatnih stopa, koji bi trebalo da ima dominatan uticaj u režimu ciljanja inflacije kod onih centralnih banaka koje su se opredelile da targetiraju inflaciju kao monetarnu strategiju. Istovremeno inostrane kamatne stope, poput Euribor-a i Libor-a, imaju veći uticaj na cenu troškova zaduživanja u poređenju sa kamatnim stopama koje se odnose na trošak zaduživanja u domaćoj valuti.Cilj rada je da predstavi troškove i koristi primene dolarizacije. Prednosti primene dolarizacije jesu Narodna banka Srbije, Sektor za finansijsku stabilnostCilj ovog rada je prezentovanje troškova i koristi primene dolarizacije. Najčešći razlozi prihvatanja, u potpunosti ili delimično, strane valute su prisustvo visoke i volatilne stope inflacije, zatim, značajna volatilnost deviznog kursa, kao i narušeno poverenje u sopstvenu valutu. Isto tako, visoko dolarizovane zemlje najčešće imaju niži stepen razvoja finansijskog tržišta. Dolarizacija doprinosi sniženju troškova transakcija u međunarodnoj trgovini i postizanju cenovne i finansijske stabilnosti, jer je uvozna inflacija niža od domaće. S druge strane, prisustvo pune dolarizacije označava gubitak senioraže kao prihoda od štampanja novca monetarnih vlasti, ali i ograničenost primene funkcije zajmodavca u poslednjoj instanci. Rezultati analize ukazuju da je kod dolarizovanih zemalja došlo do sniženja stope inflacije i do uspostavaljanja makroekonomske stabilnosti, kao i do prisustva finansijske integracije. Analiza je, takođe, pokazala da gubitak prihoda od senioraže, mereno kao učešće u bruto domaćem proizvodu, nije zanemarljivo, dok se funkcija zajmodavca u poslednjoj instanci može nadoknaditi kroz formiranje stabilizacionih fondova i sklapanje ugovora sa finansijskim institucijama.Ključne reči: dolarizacija, uloga zajmodavca u poslednjoj instanci, senioraža, integracija finansijskih tržišta JEL Classification: E42, E44, E58

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Section: Pojam I Vrste Dolarizacijeunclassified

“…To rešenje treba da bude prilagođeno svakoj zemlji ponaosob i da bude u skladu sa karakteristikama same ekonomije. Makochekanwa, A. (2010).…”

Section: Senioražaunclassified

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Implications of the application of dollarization for macroeconomic stability

Martin¹

2019

Ekon horizonti

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“…The major cost of dollarisation, especially to a country like Zimbabwe, is forfeiture of seigniorage. Seigniorage is the interest income a central bank earns by issuing non-interest bearing money to buy interest-bearing assets (Burdekin 2008;Makochekanwa 2009). A country's central bank is part of its government; hence, that income is part of the government's revenues.…”

Section: Causes and Effects Of Dollarisation In Zimbabwementioning

confidence: 99%

An Overview of the Economic Causes and Effects of Dollarisation: Case of Zimbabwe

Nkomazana

Niyimbanira

2014

MJSS

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“…Empirical literatures show that previous studies have been focusing more on the relationship between corruption and economic growth without giving attention to the industrial sector (Asiedu, Freeman, 2009). In addition the only study that investigated the impact of corruption on industrial sector was on Zimbabwe and not the SSA (Makochekanwa, 2009).…”

Section: Introductionmentioning

confidence: 99%

Industrial Sector Growth, Macroeconomic Performance, and Corruption in the Sub Sahara Africa

Atanda

2019

Studia Universitatis Babes-Bolyai Oeconomica

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The study investigates the impacts of macroeconomic performance and corruption on the industrial growth of the SSA. The industrial sector is seen as the engine of the economic development of any country and hence policies that will promote the growth of the sector cannot be over emphasized. The study investigated effects of macroeconomic variables such as exchange rate, economic growth, inflation rate and unemployment rate as measures of economic performance in the SSA on the industrial sector growth. Also quality of institutions effects on industrial sector is investigated using control of corruption as proxy. The preliminary diagnostic results show that Panel Auto-Regressive Distributed Lags P-ARDL is appropriate for the estimation and the results show that both macroeconomic performance and corruption have significant impacts of the industrial sector growth in SSA. However, an exchange rate that will encourage domestic production, minimum inflation, and unemployment rates, will guarantee sustainable growth in the industrial sector, while tightening grip on control of corruption.

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Zimbabwe's Currency Crisis: Which Currency to Adopt in the Aftermath of the Aftermath of Multi-Currency Regime?

Cited by 5 publications

References 0 publications

Implications of the application of dollarization for macroeconomic stability

Implications of the application of dollarization for macroeconomic stability

An Overview of the Economic Causes and Effects of Dollarisation: Case of Zimbabwe

Industrial Sector Growth, Macroeconomic Performance, and Corruption in the Sub Sahara Africa

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