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List of tables1 Balance of payments: A summary 2 Trends in money supply, net foreign assets, net claims on government and claims on the private sector (annual changes) 1980-1991 3Stationarity tests of the principal series 4. Johansen test for the number of cointegrating vectors 5 Test of long-run restrictions in the cointegrating vector 6.Regression results for the error-correction models of the reserve flow equation AbstractThis paper tests the monetary approach to Zimbabwe's balance of payments during the period 1980 to 1991.It examines whether excess money supply played a role as a disturbance using multivariate cointegration and error-correction modelling.The empirical results suggest that money played a significant role in determining the balance of payments.The one-to-one negative relationship and strong link between domestic credit and the flow of international reserves is established.The policy conclusion is that, given a stable demand for money function, balance of payments disequilibrium can be corrected through appropriate financial programming and monetary targeting.
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