Working Papers
A series of analytical research papers presenting ongoing studies, empirical findings and policy insights on macroeconomic and financial sector developments.
Working Paper Series
Advancing economic research, policy dialogue and analytical excellence.
The Working Paper Series disseminates research conducted by Reserve Bank of Zimbabwe staff on topics relevant to the Bank’s mandate. Beyond sharing research findings, the series aims to elicit constructive feedback and stimulate informed policy debate.
These papers provide both conceptual and empirical foundations for policy-making and contribute to strengthening the Bank’s institutional knowledge on macroeconomic and financial sector developments.
Working Papers are considered “work in progress.” The views expressed are those of the authors and do not necessarily reflect the official position of the Reserve Bank of Zimbabwe.
Disclaimer:
Publication of Working Papers is not subject to approval by members of the Reserve Bank Board.
The views and conclusions presented are exclusively those of the author(s) and do not
necessarily reflect the official position of the Reserve Bank of Zimbabwe.
Enquiries
For enquiries regarding the Working Paper Series, please contact:
External Debt Dynamics and Implications for Monetary Policy in the SADC Region
Working Papers
December 31, 2019
This paper assesses the implications of changes in external debt on the effectiveness of monetary policy. The paper was motivated by the recent pace of external debt accumulation in SADC...
Optimal Inflation for Zimbabwe
Working Papers
December 31, 2018
The debate on the relationship between inflation and economic growth gained momentum recently, following the work of Fischer (1993), who found a non-linear negative relationship between inflation and growth. This...
Dynamics of output and formal employment in Zimbabwe
Working Papers
December 31, 2018
The study analyses the dynamics of output and formal employment in Zimbabwe at both aggregate and sectoral levels. The study uses a Markov Switching Error Correction Framework in order to...
An Empirical Examination of the Dynamics of Negative Inflation in Zimbabwe
Working Papers
December 31, 2016
Zimbabwe experienced price stability since the adoption of multicurrency system in February 2009. The country has, however, been experiencing sustained decline in inflation since January 2012. This is against a...
Assessing the Impact of the Real Effective Exchange Rate on Competitiveness in Zimbabwe
Working Papers
December 31, 2015
The adoption of multiple currencies in the aftermath of episodes of hyperinflation saw economic activity rebounding on the back of an improved business environment. In this regard, industrial capacity utilization...
An Empirical Assessment of Binding Constraints to Zimbabwe’s Growth Dynamics
Working Papers
December 31, 2015
The nature and causes of sustained long-run economic growth have always stimulated intense debate by both economists and policymakers the world over. The scholarly debate about the set of policies...
Interest Rate Determination Under A Multiple Currency Environment: The Case Of Zimbabwe
Working Papers
December 31, 2015
In the history of world economies, interest rates have perpetually occupied a central role in the formulation of effective monetary policy measures in both developed and developing countries. This largely...
External Debt Dynamics and Implications for Monetary Policy in the SADC Region
Working Papers
This paper assesses the implications of changes in external debt on the effectiveness of monetary policy. The paper was motivated by the recent pace of external debt accumulation in SADC countries since 2010, which, in addition to presenting worrisome debt sustainability concerns, could also undermine the effectiveness of monetary policy.
Optimal Inflation for Zimbabwe
Working Papers
The debate on the relationship between inflation and economic growth gained momentum recently, following the work of Fischer (1993), who found a non-linear negative relationship between inflation and growth. This implies that inflation has a negative effect on growth only when it is above a certain threshold.
Dynamics of output and formal employment in Zimbabwe
Working Papers
The study analyses the dynamics of output and formal employment in Zimbabwe at both aggregate and sectoral levels. The study uses a Markov Switching Error Correction Framework in order to take into account the relationship of output and employment in both the short and long run as well as taking...
An Empirical Examination of the Dynamics of Negative Inflation in Zimbabwe
Working Papers
Zimbabwe experienced price stability since the adoption of multicurrency system in February 2009. The country has, however, been experiencing sustained decline in inflation since January 2012. This is against a background of massive declines in global food, mineral and oil commodity prices; appreciation of the US$ against the country’s major...
Assessing the Impact of the Real Effective Exchange Rate on Competitiveness in Zimbabwe
Working Papers
The adoption of multiple currencies in the aftermath of episodes of hyperinflation saw economic activity rebounding on the back of an improved business environment. In this regard, industrial capacity utilization improved from estimated levels of less than 10% in 2008 to 57.6% in 2012 on the back of relative price...
An Empirical Assessment of Binding Constraints to Zimbabwe’s Growth Dynamics
Working Papers
The nature and causes of sustained long-run economic growth have always stimulated intense debate by both economists and policymakers the world over. The scholarly debate about the set of policies needed to promote sustainable economic growth is of particular importance for developing countries and countries in transition. In recent decades,...
Interest Rate Determination Under A Multiple Currency Environment: The Case Of Zimbabwe
Working Papers
In the history of world economies, interest rates have perpetually occupied a central role in the formulation of effective monetary policy measures in both developed and developing countries. This largely stems from the critical role that interest rates play as the cost of capital in determining the deployment of surplus...
