Financial Liberalisation and Currency Demand in Zambia

Christopher Adam ()

Journal of African Economies, 1999, vol. 8, issue 3, pages 268-306

Abstract: This paper examines the impact of exchange rate and financial sector liberalisation measures implemented in the early 1990s on the private sector's demand for base money in Zambia. Using time-series data I show how the removal of controls on asset markets led to a permanent shift in the demand for narrow money. Linked with an increase in forecast volatility, this structural break appears to have undermined the efficacy of money-based stabilisation efforts in Zambia. Copyright 1999 by Oxford University Press.

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