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02-data/intermediate/wos_sample/e72eb9df16c71451175c59546eb0c733-wessels-buks/info.yaml

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+abstract: 'Dollarisation as Economic Solution for the Zimbabwean Demise The
+
+  Zimbabwean economic and political malaise has been going on for longer
+
+  than a decade and has deteriorated unabated Runaway hyperinflation
+
+  reaching unthinkable proportions, an almost hundred percent unemployment
+
+  rate and a shattered currency with literally no external value or esteem
+
+  characterise this demise. Fiscal profligacy funded by an ever increasing
+
+  fiscal deficit has played its part in this socio-economic tragedy. This
+
+  state of affairs would not have been possible if the Reserve Bank of
+
+  Zimbabwe had fulfilled its role as protector of the nation currency.
+
+  Sadly the Bank slavishly accommodated the government request for
+
+  printing more money and did not render any sign of independence from
+
+  government as a respected central bank should have done. As in many
+
+  other cases of hyperinflation, this weakness provided the basis from
+
+  which the evolving tragedy gained momentum. The gigantic proportions of
+
+  the continuous socio-economic and political tragedy predict an even
+
+  bleaker future for the country if not attended to in a decisive way.
+
+  No instant political or economic solution exists for this appalling
+
+  situation, but economic restoration has to start with certain basic
+
+  steps of economic reform. This paper suggests official dollarisation as
+
+  an alternative exchange rate regime with which to clear up the economic
+
+  disorder that currently characterises the economic scene. The paper
+
+  explains the term ``dollarisation{''''}, its features and the underlying
+
+  rationale of the regime as a super-fixed exchange rate system for
+
+  Zimbabwe. Thereafter the possible advantages and disadvantages that
+
+  Zimbabwe can obtain from the system are highlighted, accompanied by a
+
+  brief discussion on randisation as a possible alternative solution.
+
+  Especially important among the advantages is the fact that dollarisation
+
+  will help to restore the lost credibility of the Zimbabwean
+
+  policy-makers since it will now be imported externally from an anchor
+
+  country and its currency. This will not only substantially decrease the
+
+  inflation and interest rates, but it will also contribute to promoting
+
+  saving, investment, economic growth and employment. It will,
+
+  furthermore, stabilise the dysfunctional Zimbabwean credit system,
+
+  enhance long term lending contracts and correct the misallocation of
+
+  resources caused by, hyperinflation.
+
+  These benefits must be balanced by certain costs of dollarisation,
+
+  especially the loss of seigniorage income, the loss of monetary autonomy
+
+  and national pride, as well as the loss of the
+
+  lender-of-last-resort-function of the central bank. However, in the case
+
+  of Zimbabwe these costs are found to be thoroughly overshadowed by the
+
+  benefits derived from dollarisation. In addition, the Zimbabwean
+
+  situation and the current stance of its economy actually fit the
+
+  prerequisites for a country that should seriously contemplate
+
+  dollarisation.
+
+  Although dollarisation is supported as a possible solution for Zimbabwe,
+
+  randisation may also work but will have to be considered with care.
+
+  South Africa is indeed the biggest trading partner of Zimbabwe and also
+
+  has deep financial ties with the latter Nevertheless, the volatility in
+
+  the exchange rate of the rand and the possibility of loan default on
+
+  South African loans to Zimbabwe are risks in need of contemplation.
+
+  Another but less credible policy alternative for Zimbabwe, is to adopt a
+
+  currency board arrangement where the exchange rate of the Zimdollar is
+
+  not only firmly fixed to the South African rand, but also fully (100 per
+
+  cent) covered by rand reserves cis a back-up measure of credibility.
+
+  Yet, under the current circumstances dollarisation presents itself as a
+
+  more likely system with which to obtain rapid and trustworthy results.
+
+  Although dollarisation on its own will certainly help, it will not pose
+
+  a ``quick-fix{''''} for the Zimbabwean demise. Dollarisation can not
+
+  compensate for corruption, disruptions in the social structure and a
+
+  lack of transparency in the political and economic system. Furthermore,
+
+  it can not compensate for a lack of human prudence in decision-making, a
+
+  lack of protection of property rights and the absence of a rule of law.
+
+  The latter aspects require fundamental and credible reforms on the
+
+  political and juridical front, without which no economic rescue package
+
+  will have any success whatsoever'
+affiliation: 'Wessels, B (Corresponding Author), Univ Oranje Vrystaat, Dept Ekon,
+  Bloemfontein, South Africa.
+
+  Univ Oranje Vrystaat, Dept Ekon, Bloemfontein, South Africa.'
+author: Wessels, Buks
+author-email: wesselgm@ufs.ac.za
+author_list:
+- family: Wessels
+  given: Buks
+da: '2023-09-28'
+files: []
+issn: 0041-4751
+journal: TYDSKRIF VIR GEESTESWETENSKAPPE
+keywords: 'Zimbabwe; economic reconstruction; dollarisation; hyperinflation;
+
+  central banking; monetary policy'
+keywords-plus: DOLLARIZATION
+language: Afrikaans
+month: MAR 10
+number: '1'
+number-of-cited-references: '41'
+pages: 50-65
+papis_id: 3eb358916ed4e84fc2c681dd37582b66
+ref: Wessels2010dollarisationeconomi
+times-cited: '0'
+title: Dollarisation as Economic Solution for the Zimbabwean Demise
+type: Article
+unique-id: WOS:000275773800004
+usage-count-last-180-days: '0'
+usage-count-since-2013: '17'
+volume: '50'
+web-of-science-categories: Social Issues
+year: '2010'