Suchergebnisse

This paper presents a model of the private sector's demand for financial and real assets in Kenya for the period 1973–90. The private sector is assumed to hold its wealth in terms of five assets but is quantity‐rationed in the credit market. The model is estimated as a co‐integrated demand system, based on the almost‐ideal demand system of Deaton and Muellbauer (1980). The model highlights the role of real asset accumulation in offering a hedge against inflation and the role of credit rationing in the composition of wealth.

For many low-income countries, there has been an extended period in which fiscal policy was not a choice, or was a choice made by authorities external to the country. For a number of them, this situation is now changing. Their own success in stabilising the economy, coupled with a shift in the stance of the international community (most notably the IMF), has placed fiscal choices back on the domestic agenda. However, the scope for choice may be heavily circumscribed by the legacy of past fiscal laxity. There are two challenges to the domestic fiscal authority in these circumstances. First they must gauge how best to manage the transition from the immediate post-stabilisation period to the longer term (post-post-stabilisation). Second, they must see how these longer term fiscal choices can best accommodate the requirements of preserving macroeconomic stability with the encouragement of growth and poverty reduction.

Part I. Growth strategies for Zambia. - 1: Michael Gondwe and Emmanuel Pamu: Harnessing Natural Resource Wealth for Sustainable Growth. - 2: Paul Collier: Zambia: A time of big opportunities and tough decisions. - 3: Adriana Cardozo, Gibson Masumbu, Chiwama Musonda, and Gae͏̈l Raballand: Growth, employment and the political economy of private sector development in Zambia. - Part II. Macroeconomic policy choices. - 4: Samuel Bwalya, Shantayanan Devarajan, Vinayak Nagaraj, and Gae͏̈l Raballand: Increasing Public Revenue and Expenditure Efficiency in Zambia. - 5: Robert Conrad: Mineral Taxation in Zambia. - 6: Christopher Adam, Ivan Zyuulu, and Isaac Muhanga: Monetary policy and the exchange rate in Zambia. - 7: Francis Chipimo: Financial Markets and resource mobilization in Zambia. - 8: Tukiya Kankasa-Mabula and Austin Mwape: Financial system regulation and corporate governance. - Part III. The supply side: production, trade and infrastructure. - 9: Christopher Adam, Alexander Lippert, and Anthony Simpasa: Mining in Zambia: Revitalization and the challenges of inclusive prosperity. - 10: Mulenga Musepa, Francis Ndilila, Sherman Robinson, and Jon Pycroft: Agriculture and land. - 11: Alan Whitworth: Energy policy. - 12: Gae͏̈l Raballand and Alan Whitworth: Transport policy. - 13: Massimiliano Cali, Emmanuel Pamu, and James Mwansa: Trade policy and trade facilitation in Zambia. - Part IV Public service delivery and the political economy of reforms. - 14: Nic Cheeseman, Robert Ford, and Neo Simutanyi: Is There a Populist Threat in Zambia?. - 15: Mike Bratton and Peter Lolojih: Rationality, cosmopolitanism, and adjustment fatigue: Public attitudes to economic reform in Zambia. - 16: Collins Chansa, Mirja Sjoblom, and Monique Vledder: Achieving better health outcomes through innovative strategies and results-focused interventions. - 17: Sylvester Mashamba and Paul Collier: Housing and urbanization in Zambia: Unleashing a formal market process