Monetary Union In West Africa PDF Download
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Author | : Xavier Debrun |
Publisher | : |
Total Pages | : 42 |
Release | : 2002 |
Genre | : Africa, West |
ISBN | : |
Download Monetary Union in West Africa Book in PDF, ePub and Kindle
We develop a multicountry model in which governments aim at excessive spending in order to serve the narrow interests of the group in power. This puts pressure on the monetary authorities to extract seigniorage, and thus affects the incentives countries would have to participate in a monetary union. This feature, ignored by the monetary union literature for Europe, is potentially important in Africa. We calibrate the model to data for West Africa and use it to assess proposed ECOWAS monetary unions. We conclude that monetary union with Nigeria would not be in the interests of other ECOWAS countries, unless it were accompanied by effective discipline over Nigeria's fiscal policies.
Author | : Eswar Prasad |
Publisher | : Brookings Institution Press |
Total Pages | : 203 |
Release | : 2021-07-13 |
Genre | : Business & Economics |
ISBN | : 0815738544 |
Download Regional Integration in West Africa Book in PDF, ePub and Kindle
" Assessing the potential benefits and risks of a currency union Leaders of the fifteen-member Economic Community of West African States (ECOWAS) have set a goal of achieving a monetary and currency union by late 2020. Although some progress has been made toward achieving this ambitious goal, major challenges remain if the region is to realize the necessary macroeconomic convergence and establish the required institutional framework in a relatively short period of time. The proposed union offers many potential benefits, especially for countries with historically high inflation rates and weak central banks. But, as implementation of the euro over the past two decades has shown, folding multiple currencies, representing disparate economies, into a common union comes with significant costs, along with operational challenges and transitional risks. All these potential negatives must be considered carefully by ECOWAS leaders seeking tomeet a self-imposed deadline. This book, by two leading experts on economics and Africa, makes a significant analytical contribution to the debates now under way about how ECOWAS could achieve and manage its currency union, andthe ramifications for the African continent. "
Author | : International Monetary Fund |
Publisher | : |
Total Pages | : 46 |
Release | : 2000 |
Genre | : Africa, West |
ISBN | : |
Download Monetary Union in West Africa (ECOWAS) Book in PDF, ePub and Kindle
Monetary union, currency unions, fixed exchange rate, monetary stability.
Author | : International Monetary Fund. African Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 74 |
Release | : 2021-03-02 |
Genre | : Business & Economics |
ISBN | : 1513571044 |
Download West African Economic and Monetary Union Book in PDF, ePub and Kindle
Selected Issues
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 71 |
Release | : 2012-03-22 |
Genre | : Business & Economics |
ISBN | : 1475571313 |
Download West African Economic and Monetary Union (WAEMU) Book in PDF, ePub and Kindle
The staff report on discussions with regional institutions of the West African Economic and Monetary Union is presented. The region faced a number of challenges in 2011, with the intensification of the political crisis in Côte d’Ivoire and a large increase in global food and fuel prices. A materialization of downside risks could require a monetary policy relaxation for the union and differentiated fiscal responses across member countries. The drought in the Sahel may also require a more active fiscal policy in the affected countries.
Author | : International Monetary |
Publisher | : International Monetary Fund |
Total Pages | : 58 |
Release | : 2022-03-02 |
Genre | : Business & Economics |
ISBN | : |
Download West African Economic and Monetary Union: Selected Issues Book in PDF, ePub and Kindle
Selected Issues
Author | : Paul R. Masson |
Publisher | : |
Total Pages | : 46 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : 9781589060142 |
Download Monetary Union in West Africa (ECOWAS) Book in PDF, ePub and Kindle
In April 2000 six West African countries declared their intention to proceed to monetary union among the non-CFA franc countries of the region by January 2003, as a first step toward a wider monetary union including all the ECOWAS countries in 2004. The purpose of this paper is to evaluate whether a monetary union makes economic sense, to discuss the institutional requirements for successful monetary union and to consider how best the political momentum for a union can be channeled toward a fundamental improvement in underlying policies.
Author | : |
Publisher | : |
Total Pages | : 568 |
Release | : 2002 |
Genre | : Banks and banking |
ISBN | : |
Download History of the West African Monetary Union: From the origins to 1958 Book in PDF, ePub and Kindle
Author | : Xavier Debrun |
Publisher | : INTERNATIONAL MONETARY FUND |
Total Pages | : 35 |
Release | : 2002-12-01 |
Genre | : |
ISBN | : 9781451875393 |
Download Monetary Union in West Africa: Who Might Gain, Who Might Lose, and Why? Book in PDF, ePub and Kindle
We develop a multicountry model in which governments aim at excessive spending in order to serve the narrow interests of the group in power. This puts pressure on the monetary authorities to extract seigniorage, and thus affects the incentives countries would have to participate in a monetary union. This feature, ignored by the monetary union literature for Europe, is potentially important in Africa. We calibrate the model to data for West Africa and use it to assess proposed ECOWAS monetary unions. We conclude that monetary union with Nigeria would not be in the interests of other ECOWAS countries, unless it were accompanied by effective discipline over Nigeria's fiscal policies.
Author | : Paul R. Masson |
Publisher | : Rowman & Littlefield |
Total Pages | : 248 |
Release | : 2004-11-30 |
Genre | : Business & Economics |
ISBN | : 9780815797531 |
Download The Monetary Geography of Africa Book in PDF, ePub and Kindle
Africa is working toward the goal of creating a common currency that would serve as a symbol of African unity. The advantages of a common currency include lower transaction costs, increased stability, and greater insulation of central banks from pressures to provide monetary financing. Disadvantages relate to asymmetries among countries, especially in their terms of trade and in the degree of fiscal discipline. More disciplined countries will not want to form a union with countries whose excessive spending puts upward pressure on the central bank's monetary expansion. In T he Monetary Geography of Africa, Paul Masson and Catherine Pattillo review the history of monetary arrangements on the continent and analyze the current situation and prospects for further integration. They apply lessons from both experience and theory that lead to a number of conclusions. To begin with, West Africa faces a major problem because Nigeria has both asymmetric terms of trade—it is a large oil exporter while its potential partners are oil importers—and most important, large fiscal imbalances. Secondly, a monetary union among all eastern or southern African countries seems infeasible at this stage, since a number of countries suffer from the effects of civil conflicts and drought and are far from achieving the macroeconomic stability of South Africa. Lastly, the plan by Kenya, Tanzania, and Uganda to create a common currency seems to be generally compatible with other initiatives that could contribute to greater regional solidarity. However, economic gains would likely favor Kenya, which, unlike the other two countries, has substantial exports to its neighbors, and this may constrain the political will needed to proceed. A more promising strategy for monetary integration would be to build on existing monetary unions—the CFA franc zone in western and central Africa and the Common Monetary Area in southern Africa. Masson and Pattillo argue that the goal of a creating a s