This volume provides a political economy analysis of leadership and economic management in crises in developing economies based on Zimbabwe's experience.

• Introduction


• 1: George Kararach, Raphael Otieno, and Tiviniton Makuve: The Political Economy and Evolution of Development Policy in Zimbabwe


• PART I: OVERVIEW OF THE CRISIS


• 2: Arnold M. Chidakwa and Gibson Chigumira: Pre-Crisis Macroeconomic Performance and Triggers of the Economic Crisis in Zimbabwe


• PART II: PRODUCTIVE SECTOR PERFORMANCE


• 3: Cornelius Dube and Erinah Chipumho: Response of the Manufacturing Sector to the Zimbabwe Economic Crisis


• 4: Sanderson Abel and Evengelista Mudzonga: The Performance of the Tourism Sector in Zimbabwe during the 2000-2008 Economic Crisis


• 5: Miriam Mugwati, Doreen Nkala, and Eukeria Mashiri: Experiences in the Zimbabwe Hotel Industry during Hyper-Inflation


• 6: Brighton Shayanewako, Elson Chuzu, and Adonis Ntuli: The Impact of Hyperinflation on the Agriculture Sector: Lessons from Zimbabwe 1998-2008


• PART III: BANKING, CAPITAL MARKETS AND FINANCIAL SERVICES


• 7: Jonathan Tembo: Bank Failures in Zimbabwe: Evidence and Lessons, 2000 to 2009


• 8: Sehliselo Mpofu and Jecob Nyamadzawo: Operations, Regulation and Practices of the Zimbabwe Stock Exchange during the Hyper Inflationary Period (2000-2008)


• 9: Nyasha Mahonye and Leonard Mandishara: Stock Market Returns and Hyperinflation in Zimbabwe (1998-2008)


• 10: Desire T. Mutsawu and Davison Sarawoi: The Pension Fund Industry Experiences during Hyperinflation


• PART IV: MONETARY POLICY AND PUBLIC FINANCIAL MANAGEMENT


• 11: Mark Ellyne and Michael Daly: Zimbabwe Monetary Policy 1998-2012: From Hyperinflation to Dollarization


• 12: Leonard Mandishara and David Mupamhadzi: Relegating the Core Business: The Case of the Reserve Bank of Zimbabwe Undertaking Quasi - Fiscal Activities 2000- 2008


• 13: Jecob Nyamadzawo and Bothwell Nyajena: Management of Public Debt in Zimbabwe During the Hyper Inflationary Period


• 14: Gladys Shumbambiri: Monetary Policy Formulation and Implementation in a Hyperinflationary Environment: The Case of Zimbabwe: 2000-2008


• PART V: SOCIAL DIMENSIONS OF THE CRISIS


• 15: Tawanda Chinembiri: The Impact of Human Capital Losses in Zimbabwe: A focus on the Public Sector for the Crisis Period (2000-2008)


• 16: Evengelista Mudzonga: The Social Protection Policy Responses in the Primary and Secondary Education sector during the crisis period


• 17: Shepard Mutsau: The Health Sector's response to the impact of Hyperinflation: Case of Zimbabwe


• 18: Sanderson Abel: Social Challenges of Hyperinflation: A Case of Health and Education in Zimbabwe, 2000-2008


• 19: Nicholas Masiyandima: Health Care Finance and Health Outcomes during Zimbabwe's Economic Crisis


• PART VI: CONCLUDING REMARKS


• 20: George Kararach: Development Policy and Managing Shocks in Developing Countries: Lessons on Currency Reform in Zimbabwe

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.