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FEER for the CFA Franc

FEER for the CFA Franc
Author: Charalambos G. Tsangarides
Publisher: International Monetary Fund
Total Pages: 46
Release: 2006-10
Genre: Business & Economics
ISBN:
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We apply the fundamentals equilibrium exchange rate (FEER) approach and the Johansen cointegration methodology to investigate the behavior of the real effective exchange rates of the two monetary unions of the CFA franc zone (CEMAC and WAEMU) vis-à-vis their long-run equilibrium paths. For both CEMAC and WAEMU, our results indicate that: (i) the fundamentals account for most of the fluctuation of the real effective exchange rates, with increases in the terms of trade, government consumption, and productivity improvements causing the exchange rate to appreciate, and increases in investment and openness leading to a depreciation; (ii) at end-2005 both the CEMAC and WAEMU real effective exchange rates were broadly in line with their long-run equilibrium values; and (iii) following a shock, reversion to equilibrium is twice as fast in WAEMU than in CEMAC.

The CFA Franc Zone and the EMU

The CFA Franc Zone and the EMU
Author: Mr.Michael T. Hadjimichael
Publisher: International Monetary Fund
Total Pages: 40
Release: 1997-11-01
Genre: Business & Economics
ISBN: 1451857365
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Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of the free convertibility of the CFA franc guaranteed by France. Nonetheless, this shift is likely to leave the CFA franc arrangements and operating features of the zone essentially unchanged. The current parity of the CFA franc could be considered in line with fundamentals. The potential economic consequences for the CFA franc countries could be positive over the long term, but there is a risk of a weakening of external competitiveness.

IMF Working Papers

IMF Working Papers
Author: Charalambos G. Tsangarides
Publisher:
Total Pages:
Release: 2006
Genre: Electronic books
ISBN:
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The Cfa Franc Zone and the Emu

The Cfa Franc Zone and the Emu
Author: Michael Hadjimichael
Publisher:
Total Pages: 40
Release: 2006
Genre:
ISBN:
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Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of the free convertibility of the CFA franc guaranteed by France. Nonetheless, this shift is likely to leave the CFA franc arrangements and operating features of the zone essentially unchanged. The current parity of the CFA franc could be considered in line with fundamentals. The potential economic consequences for the CFA franc countries could be positive over the long term, but there is a risk of a weakening of external competitiveness.

The CFA Franc Zone

The CFA Franc Zone
Author: Ms.Anne Marie Gulde
Publisher: International Monetary Fund
Total Pages: 411
Release: 2008-04-02
Genre: Business & Economics
ISBN: 1589066758
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About one-third of countries covered by the IMF's African Department are members of the CFA franc zone. With most other countries moving away from fixed exchange rates, the issue of an adequate policy framework to ensure the sustainability of the CFA franc zone is clearly of interest to policymakers and academics. However, little academic research exists in the public domain. This book aims to fill this void by bringing together work undertaken in the context of intensified regional surveillance and highlighting the current challenges and the main policy requirements if the arrangements are to be carried forward. The book is based on empirical research by a broad group of IMF economists, with contributions from several outside experts.

The Fair Trade Scandal

The Fair Trade Scandal
Author: Ndongo Sylla
Publisher: Ohio University Press
Total Pages: 193
Release: 2014-02-01
Genre: Business & Economics
ISBN: 0821444891
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This critical account of the fair trade movement explores the vast gap between the rhetoric of fair trade and its practical results for poor countries, particularly those of Africa. In the Global North, fair trade often is described as a revolutionary tool for transforming the lives of millions across the globe. The growth in sales for fair trade products has been dramatic in recent years, but most of the benefit has accrued to the already wealthy merchandisers at the top of the value chain rather than to the poor producers at the bottom. Ndongo Sylla has worked for Fairtrade International and offers an insider’s view of how fair trade improves—or doesn’t—the lot of the world’s poorest. His methodological framework first describes the hypotheses on which the fair trade movement is grounded before going on to examine critically the claims made by its proponents. By distinguishing local impact from global impact, Sylla exposes the inequity built into the system and the resulting misallocation of the fair trade premium paid by consumers. The Fair Trade Scandal is an empirically based critique of both fair trade and traditional free trade; it is the more important for exploring the problems of both from the perspective of the peoples of the Global South, the ostensible beneficiaries of the fair trade system.

Monetary Unions

Monetary Unions
Author: Source Wikipedia
Publisher: University-Press.org
Total Pages: 56
Release: 2013-09
Genre:
ISBN: 9781230578675
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 54. Chapters: African Monetary Union, ASEAN Free Trade Area, Belgium-Luxembourg Economic Union, Caribbean guilder, Central African CFA franc, CFP franc, Common Monetary Area, Cooperation Council for the Arab States of the Gulf, Currency union, East African shilling, East Caribbean dollar, Economic and monetary union, Economic and Monetary Union of the European Union, Eco (currency), Germain Pirlot, History of the euro, Khaleeji (currency), Latin Monetary Union, Macroeconomic data in EMU, Napoleon (coin), North American currency union, Scandinavian Monetary Union, Snake in the tunnel, SUCRE, West African CFA franc. Excerpt: The euro (sign: code: EUR) is the currency used by the Institutions of the European Union and is the official currency of the eurozone, which consists of 17 of the 27 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The currency is also used in a further five European countries and consequently used daily by some 332 million Europeans. Additionally, more than 175 million people worldwide-including 150 million people in Africa-use currencies pegged to the euro. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. As of March 2013, with almost 920 billion in circulation, the euro has the highest combined value of banknotes and coins in circulation in the world, having surpassed the US dollar. Based on International Monetary Fund estimates of 2008 GDP and purchasing power parity among the various currencies, the eurozone is the second largest economy in the world. The name euro was officially adopted on 16 December 1995. The euro was introduced to world financial markets...

Information Circular

Information Circular
Author:
Publisher:
Total Pages: 534
Release: 1925
Genre: Mines and mineral resources
ISBN:
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France in Black Africa

France in Black Africa
Author: Francis Terry McNamara
Publisher:
Total Pages: 316
Release: 1989
Genre: Africa, French-speaking Equatorial
ISBN:
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When, in 1960, France granted independence to its colonies in West and Central Africa-an empire covering an area the size of the contiguous United States-the French still intended to retain influence in Africa. Through a system of accords with these newly independent African nations, based upon ties naturally formed over the colonial years, France has succeeded for three decades in preserving its position in African affairs. The course of Franco-African relations in the near future, though, is less than certain. In this book, Ambassador Francis Terry McNamara outlines France's acquisition and administration of its Black African empire and traces the former colonies' paths to independence. Drawing upon that background, the ambassador examines the structure of post-independence Franco-African relations and recent strains on those relations, especially African economic crises and the French tendency to focus on Europe. Because of those strains, he suggests, France alone may be unable to support its former dependencies much longer. He believes that long-term solutions to African problems will have to involve international organizations like the World Bank and International Monetary Fund as well as other nations such as the United States and France's European partners. -- From Foreword.