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Author: Philip Haslam
Publisher: Penguin UK
ISBN: 0143531638
Category : Business & Economics
Languages : en
Pages : 253
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Book Description
Since the financial crisis of 2008, the major governments of the world have resorted to printing large amounts of money to pay national debts and bail out banks. The warning signs are clear, and the collapse of the Zimbabwean dollar after years of rampant money printing is a frightening example of what lies in store for world economies if painful reform is not executed. When Money Destroys Nations tells the gripping story of the disintegration of the once-thriving Zimbabwean economy and how ordinary people survived in turbulent circumstances. Analysing this case within a global context, Philip Haslam and Russell Lamberti investigate the causes of hyperinflation and draw ominous parallels between Zimbabwe and the world's developed economies. The looming currency crises and hyperinflation in these major economies, particularly the United States, have the potential to turn the current world order upside down. This story of how money destroys nations holds lessons that cannot be ignored.
Author: Philip Haslam
Publisher: Penguin UK
ISBN: 0143531638
Category : Business & Economics
Languages : en
Pages : 253
Get Book Here
Book Description
Since the financial crisis of 2008, the major governments of the world have resorted to printing large amounts of money to pay national debts and bail out banks. The warning signs are clear, and the collapse of the Zimbabwean dollar after years of rampant money printing is a frightening example of what lies in store for world economies if painful reform is not executed. When Money Destroys Nations tells the gripping story of the disintegration of the once-thriving Zimbabwean economy and how ordinary people survived in turbulent circumstances. Analysing this case within a global context, Philip Haslam and Russell Lamberti investigate the causes of hyperinflation and draw ominous parallels between Zimbabwe and the world's developed economies. The looming currency crises and hyperinflation in these major economies, particularly the United States, have the potential to turn the current world order upside down. This story of how money destroys nations holds lessons that cannot be ignored.
Author: Tara McIndoe-Calder
Publisher: Springer Nature
ISBN: 3030310159
Category : Business & Economics
Languages : en
Pages : 122
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Book Description
This book investigates the hyperinflation in Zimbabwe in the 2000s. The authors present a full description of the Zimbabwean hyperinflation in its relevant economic, historical and political context. They address parallels with other hyperinflations, discuss the economics of hyperinflation in general and of the Zimbabwean hyperinflation in particular, and provide a money demand estimation using a new dataset. The study concludes with several policy lessons. This book will be of interest to researchers in both social sciences and the humanities, as well as practitioners and policy-makers in development economics, and those in the banking industry.
Author: Kudzai Joseph Gumunyu
Publisher: LifeRich Publishing
ISBN: 1489722289
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
Hard-Boiled Egg Index is a true story on the struggles Kudzai Gumunyu and most Zimbabweans went through during the record- and heart-breaking hyper-inflationary period in Zimbabwe. Though saddening, the story is told in a humorous and vivid way detailing how Kudzai had to adjust to the effects of economic meltdown. Zimbabwe’s inflation rate reached a mind-boggling 89.7 sextillion percent by 2008 and US$1 was worth 3 nonillion Zimbabwean dollars had the Central Bank not debased the currency three times with twenty-five zeros. The ZWD100 trillion became the highest denomination on the planet. Before the crazily denominated notes, money was being carried in wheelbarrows and grain bags and the purchased item in your hand due to rapid loss of value. Every day became a struggle from shortages of foodstuffs, collapse of services, bank queues, as well a salary that could not keep up with inflation. The writer also gives the life and economic lessons learned, which can be useful to other countries navigating similar economic minefields. It ends with a positive outlook for the country and the hope that the Jewel of Africa (Zimbabwe) will sparkle again given its educated and competent human capital, abundant and rich mineral fields, tourist attractions, rich agricultural lands aided by a favorable climate, as well as, recently, a change of leadership.
Author: Philip Haslam
Publisher:
ISBN: 9780143539186
Category : Economic development
Languages : en
Pages : 140
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Book Description
"Since the global financial crisis of 2008, the major governments of the world have resorted to printing vast sums of money to pay national debts and bail out banks. The warning signs are clear, and the collapse of the Zimbabwean dollar in 2009 after years of rampant money printing is a frightening example of what lies in store for the world's economies is painful, but necessary, reform is not enacted soon. When Money Destroys Nations tells the gripping story of the disintegration of the once-thriving Zimbabwean economy and how ordinary people survived in turbulent circumstances. Analysing this case within a gloabl context, Philip Haslam and Russell Lamberti investigate the causes of hyperinflation and draw ominous parallels between Zimbabwe and the world's developed economies. The looming currency crises and possible hyperinflation in these major economies, particularly the United States, have the potential to turn the current world order upside down. This story of how money destroys nations holds lessons that cannot be ignored."--Back cover.
Author: Kudzai Joseph Gumunyu
Publisher: Life Rich Publishing
ISBN: 9781489722270
Category : Business & Economics
Languages : en
Pages : 108
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Book Description
Hard-Boiled Egg Index is a true story on the struggles Kudzai Gumunyu and most Zimbabweans went through during the record- and heart-breaking hyper-inflationary period in Zimbabwe. Though saddening, the story is told in a humorous and vivid way detailing how Kudzai had to adjust to the effects of economic meltdown. Zimbabwe's inflation rate reached a mind-boggling 89.7 sextillion percent by 2008 and US$1 was worth 3 nonillion Zimbabwean dollars had the Central Bank not debased the currency three times with twenty-five zeros. The ZWD100 trillion became the highest denomination on the planet. Before the crazily denominated notes, money was being carried in wheelbarrows and grain bags and the purchased item in your hand due to rapid loss of value. Every day became a struggle from shortages of foodstuffs, collapse of services, bank queues, as well a salary that could not keep up with inflation. The writer also gives the life and economic lessons learned, which can be useful to other countries navigating similar economic minefields. It ends with a positive outlook for the country and the hope that the Jewel of Africa (Zimbabwe) will sparkle again given its educated and competent human capital, abundant and rich mineral fields, tourist attractions, rich agricultural lands aided by a favorable climate, as well as, recently, a change of leadership.
Author: Thomas Stoddard Conkling
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
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Book Description
Zimbabwe's current struggles embody the worst outcomes of economic mismanagement. Hyperinflation has reached some of the highest levels ever seen, leading to falling standards of living and total disruption of the marketplace. There is much arguing about the cause and blame for the nation's downturn, but most importantly there is a need for solutions. The hyperinflationary theory developed earlier in the 20th century aptly describes the causes of Zimbabwe's problems at fundamental level, with money creation serving as the primary driver. More recent research details how countries with high inflation have stabilized their currencies, though their inflation is of lower magnitude than Zimbabwe's. Both qualitatively and quantitatively, Zimbabwe's lead-up to hyperinflation fits the mold of a modern high inflation incident, while its climax recalls the most severe WWI-era cases. Zimbabwe's unique political situation also complicates the process of economic stabilization. President Mugabe's regime is nearly immune to external pressure, so any change in policy will have to come from within his party, or from a rival organization that manages to gain power. Numerous researchers have presented plans for recovery once a willing government is in place, but that is a great hurdle to clear. In the near future, it is likely that foreign currencies will play an increasing role in the Zimbabwean marketplace. As the Zimbabwean dollar is gradually replaced for daily transactions, the harsh effects of hyperinflation will be mitigated. Whether the Zimbabwean dollar is officially replaced or made obsolete by dollarization, it seems unlikely that Zimbabweans will embrace their national currency again. Given the more devastating downturn of the real economy, it is unlikely that Zimbabwe can make as quick of a recovery as its hyperinflationary ancestors of the early 20th century. On the other hand, it seems quite possible for Zimbabwe to begin its recovery as quickly as those nations. Zimbabwe has dug itself a deep hole, but with proper leadership, it could once again become an economic power of the African continent.
Author: He Liping
Publisher: Routledge
ISBN: 1351361880
Category : Business & Economics
Languages : en
Pages : 330
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Book Description
Since 1970s when the world was experiencing an "age of inflation", a great volume of academic research about hyperinflation has been conducted. However, it is also true that parrot-like superficial talks abound, without questioning the economic, political and social foundations existing underneath the economic phenomenon. Based on research results of contemporary economists, media reports and historical works, this book will be the most comprehensive narrative of all major events of hyperinflation worldwide from the turn of the first millennium to the mid-2010s. Firstly, it gives a brief illustration of the basic concepts of hyperinflation, starting with the definitions and price measurement. Then it traces and analyzes all major episodes of hyperinflation that occurred over the past two thousand years or so, from the earliest incidence to the four tidal waves in the 20th century, and to the three latest episodes in the 21st century. Using basic concepts in modern finance such as indexation and dollarization, this book explains why hyperinflation in some countries could explode into astronomical levels, while rhythms of hyperinflation in the 20th century world are in resonance of megatrends in world economy and politics. Finally, this book underscores the importance of policy making, institutional building and international relations in the process of hyperinflation and stabilization. Scholars and students studying money and finance, economic history, international finance and economics will be attracted by this book.
Author: Gilda Fernandez
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781462309184
Category :
Languages : en
Pages : 56
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Book Description
This paper examines the challenges and policy options after hyperinflation in Zimbabwe. The paper reviews the pros and cons of alternative monetary regimes for Zimbabwe to succeed the current multicurrency system, which the authorities consider a temporary arrangement. The analysis suggests that some form of official dollarization has significant advantages. The paper also assesses competitiveness and external sustainability in debt-distressed Zimbabwe. It also makes a case for creating fiscal space for growth and development in post-hyperinflation Zimbabwe.
Author: David Loew
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 72
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Book Description
Author: Steve H. Hanke
Publisher:
ISBN:
Category :
Languages : en
Pages : 12
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Book Description
Zimbabwe experienced the first hyperinflation of the 21st century. The government terminated the reporting of official inflation statistics, however, prior to the final explosive months of Zimbabwe's hyperinflation. We demonstrate that standard economic theory can be applied to overcome this apparent insurmountable data problem. In consequence, we are able to produce the only reliable record of the second highest inflation in world history.
