Economic Management in a Hyperinflationary Environment

The Political Economy of Zimbabwe, 1980-2008

Edited by George Kararach and Raphael O. Otieno

Examines the economic management experience of Zimbabwe
Helps readers understand the political and economic issues in many developing countries
Offers important lessons to policy makers, development agencies, and researchers working on poverty reduction in developing countries
Details the effect of the crisis on manufacturing and agriculture, banking and financial services, monetary policy and public financial management, and education and health

Economic Management in a Hyperinflationary Environment

The Political Economy of Zimbabwe, 1980-2008

Edited by George Kararach and Raphael O. Otieno

Description

This volume provides an accessible and up-to-date account of the difficulties that the Zimbabwean economy and its population experienced during the crisis which peaked in 2008. It details the suffering and chaos that befell the country with dramatic socio-economic consequences on growth, macroeconomic stability, service delivery, livelihoods, and development. The volume seeks to provide a political economy analysis of leadership and economic management in developing economies based on Zimbabwe's experience. It examines the triggers of the crisis, and the negative impact on productive sectors such as manufacturing and agriculture, social sectors such as education and health, and on financial services. The volume will be of interest to students of policy and economic management, as well as to government departments, central banks in developing countries, development agencies, donors, and NGOs.

Economic Management in a Hyperinflationary Environment

The Political Economy of Zimbabwe, 1980-2008

Edited by George Kararach and Raphael O. Otieno

Introduction
1. The Political Economy and Evolution of Development Policy in Zimbabwe, George Kararach, Raphael Otieno, and Tiviniton Makuve
PART I: OVERVIEW OF THE CRISIS
2. Pre-Crisis Macroeconomic Performance and Triggers of the Economic Crisis in Zimbabwe, Arnold M. Chidakwa and Gibson Chigumira
PART II: PRODUCTIVE SECTOR PERFORMANCE
3. Response of the Manufacturing Sector to the Zimbabwe Economic Crisis, Cornelius Dube and Erinah Chipumho
4. The Performance of the Tourism Sector in Zimbabwe during the 2000-2008 Economic Crisis, Sanderson Abel and Evengelista Mudzonga
5. Experiences in the Zimbabwe Hotel Industry during Hyper-Inflation, Miriam Mugwati, Doreen Nkala, and Eukeria Mashiri
6. The Impact of Hyperinflation on the Agriculture Sector: Lessons from Zimbabwe 1998-2008, Brighton Shayanewako, Elson Chuzu, and Adonis Ntuli
PART III: BANKING, CAPITAL MARKETS AND FINANCIAL SERVICES
7. Bank Failures in Zimbabwe: Evidence and Lessons, 2000 to 2009, Jonathan Tembo
8. Operations, Regulation and Practices of the Zimbabwe Stock Exchange during the Hyper Inflationary Period (2000-2008), Sehliselo Mpofu and Jecob Nyamadzawo
9. Stock Market Returns and Hyperinflation in Zimbabwe (1998-2008), Nyasha Mahonye and Leonard Mandishara
10. The Pension Fund Industry Experiences during Hyperinflation, Desire T. Mutsawu and Davison Sarawoi
PART IV: MONETARY POLICY AND PUBLIC FINANCIAL MANAGEMENT
11. Zimbabwe Monetary Policy 1998-2012: From Hyperinflation to Dollarization, Mark Ellyne and Michael Daly
12. Relegating the Core Business: The Case of the Reserve Bank of Zimbabwe Undertaking Quasi - Fiscal Activities 2000- 2008, Leonard Mandishara and David Mupamhadzi
13. Management of Public Debt in Zimbabwe During the Hyper Inflationary Period, Jecob Nyamadzawo and Bothwell Nyajena
14. Monetary Policy Formulation and Implementation in a Hyperinflationary Environment: The Case of Zimbabwe: 2000-2008, Gladys Shumbambiri
PART V: SOCIAL DIMENSIONS OF THE CRISIS
15. The Impact of Human Capital Losses in Zimbabwe: A focus on the Public Sector for the Crisis Period (2000-2008), Tawanda Chinembiri
16. The Social Protection Policy Responses in the Primary and Secondary Education sector during the crisis period, Evengelista Mudzonga
17. The Health Sector's response to the impact of Hyperinflation: Case of Zimbabwe, Shepard Mutsau
18. Social Challenges of Hyperinflation: A Case of Health and Education in Zimbabwe, 2000-2008, Sanderson Abel
19. Health Care Finance and Health Outcomes during Zimbabwe's Economic Crisis, Nicholas Masiyandima
PART VI: CONCLUDING REMARKS
20. Development Policy and Managing Shocks in Developing Countries: Lessons on Currency Reform in Zimbabwe, George Kararach

Economic Management in a Hyperinflationary Environment

The Political Economy of Zimbabwe, 1980-2008

Edited by George Kararach and Raphael O. Otieno

Author Information

George Kararach, Senior Consultant, Statistics Department, The African Development Bank, Tunis,Raphael O. Otieno, Director of Debt Management Programme, Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), Harare

George Kararach is Senior Consultant in the Statistics Department at The African Development Bank. He holds a PhD in Economics from Leeds University. He published three books: Macro-economic policy and the political limits of reforms in developing countries (ARRF, 2011), Rethinking development challenges for public policy in Africa (with K. Hanson and T. Shaw, Palgrave Macmillan, 2012), and Development Policy in Africa: mastering the future? (Palgrave Macmillan, 2014). Dr Kararach has previously worked for UNICEF, UNDP, and the African Capacity Building Foundation.

Raphael O. Otieno is Director of Debt Management Programme at Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) in Harare. He holds an M.A. in Public Policy from the National Graduate Institute for Policy Studies (GRIPS), Tokyo, Japan, and a B.A. in Economics from the University of Nairobi. Mr Otieno has much experience in public finance and macroeconomic analysis. He has held senior positions in Kenya's public service including the Ministries of Finance and Planning, as Policy Analyst at the Kenya Institute for Public Policy Research and Analysis (KIPPRA), and as Senior Research Officer/Economist at the Central Bank of Kenya.

Contributors:

Sanderson Abel
Arnold M. Chidakwa
Gibson Chigumira
Tawanda Chinembiri
Erinah Chipumho
Elson Chuzu
Michael Daly
Cornelius Dube
Mark Ellyne
George Kararach
Nyasha Mahonye
Tiviniton Makuve
Leonard Mandishara
Eukeria Mashiri
Nicholas Masiyandim
Sehliselo Mpofu
Evengelista Mudzonga
Miriam Mugwati
David Mupamhadzi
Shepard Mutsau
Desire T. Mutsawu
Doreen Nkala
Adonis Ntuli
Bothwell Nyajena
Jecob Nyamadzawo
Raphael Otieno
Davison Sarawoi
Brighton Shayanewako
Gladys Shumbambiri
Jonathan Tembo