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The past several decades have witnessed considerable empirical research on the demand for money function due to the vital role this function plays in macroeconomic analysis especially in regard to the formation and transmission of monetary policy. Consequently demand for money functions have been...

There is now consensus that inflation hampers economic and social development. It is therefore important to have a clearly defined and effective framework of inflation control. Since 1992, Zambia has been using monetary targeting as a framework of inflation control. However, the link between...

This study considers the impact of financial liberalisation policy on savings and investment in Zambia for the period 1964 to 1996. It examines the relationship between positive real domestic interest rates and savings and investment. Real domestic interest rates are a proxy for financial...

Zambia has for a long time experienced declining economic growth despite having inherited very generous reserves at independence in 1964. To reverse this trend she has tried, though inconsistently and often piecemeal to implement liberalization policies aimed at attracting Foreign Direct...

Zambia, like most less developed countries, opted for import substitution industrialization (ISI) as a strategy of economic advancement. The success of ISI performance in Zambia would have resulted in the abundance rather than scarcity of foreign exchange; economic diversification;resolution of...

In the Zambian economy, Taxation holds a key role to economic development. This has been the case since the time of independence in 1964 when the use of five-year development plans was introduced. Since then, what has troubled the minds of economic planners has been to devise a system of...

Financial intermediation is essential for economic development. The consensus is that Zambia needs a stable and efficient banking system in order to finance both private and public investment and expenditures. The effectiveness of the banking system in channelling funds from surplus to deficit...

In a liberalised economy the monetary authority traditionally relies on four instruments with which to control money supply, namely, open market operations, legal minimum reserve requirement changes, discount rat© policy and moral suasion. In this study the effectiveness of traditional...