De la réforme agraire à l’hyperinflation : l’expérience zimbabwéenne (1997-2008)

• Main Author: Daouda Drabo
• Format: Article
• Language: English
• Published: Association Recherche & Régulation 2018-12-01
• Series: Revue de la Régulation
• Subjects: hyperinflation; monetary crisis; exchange rate; Zimbabwe
• Online Access: http://journals.openedition.org/regulation/13846

This article has for objective to contribute to the understanding of the Zimbabwean hyperinflation. The agrarian reform announced in November, 1997 is at the origin of this hyperinflation. This led to a massive outflow of capital and a disruption in the production that cause over several years the degradation of the foreign accounts, and a trend depreciation of the Zimbabwean dollar. The depreciation, via the increase of the costs in the import, cause the strong increase in prices. The long-lasting increase in prices have, subsequently, lead practice of price indexation on the foreign exchange rate. These phenomena of indexation not only fed the inflationary process, but also led to the collapse of the Zimbabwean currency. The agrarian reform thus engages a process which ends in the destruction of the Zimbabwean dollar. Our contribution to the understanding of Zimbabwean hyperinflation is show how policy decisions aimed at expropriate the land of British farmers has led to a collapse of the monetary order.