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Author | : Mr.Michael T. Hadjimichael |
Publisher | : International Monetary Fund |
Total Pages | : 40 |
Release | : 1997-11-01 |
Genre | : Business & Economics |
ISBN | : 1451857365 |
Download The CFA Franc Zone and the EMU Book in PDF, ePub and Kindle
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.
Author | : Michael Hadjimichael |
Publisher | : |
Total Pages | : 40 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download The Cfa Franc Zone and the Emu Book in PDF, ePub and Kindle
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.
Author | : Allechi M'bet |
Publisher | : |
Total Pages | : 52 |
Release | : 1993 |
Genre | : Europe |
ISBN | : |
Download European Economic Integration and the Franc Zone: without special title Book in PDF, ePub and Kindle
Author | : Gianluigi Giorgioni |
Publisher | : |
Total Pages | : 34 |
Release | : 2013 |
Genre | : |
ISBN | : |
Download The CFA Franc Zone Book in PDF, ePub and Kindle
Although the CFA monetary union is not an “optimal” currency area as such, it has allowed member countries to benefit from the convertibility guaranteed by the French Treasury and from enhanced policy credibility in achieving low inflation rates. Both benefits may be under threat. The convertibility is under threat due to the harder budgetary commitments imposed on France by its membership of the Eurozone and the dwindling political interest in the CFA Franc Zone shown in France. The policy credibility is becoming costlier as evidenced by output-inflation trade-offs, which, although still more favourable than in comparable sub-Saharan African countries, have been declining since the 1994 devaluation period.
Author | : Charalambos G. Tsangarides |
Publisher | : International Monetary Fund |
Total Pages | : 46 |
Release | : 2006-10 |
Genre | : Business & Economics |
ISBN | : |
Download FEER for the CFA Franc Book in PDF, ePub and Kindle
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.
Author | : Martin Hallet |
Publisher | : |
Total Pages | : 40 |
Release | : 2008 |
Genre | : Euro |
ISBN | : |
Download The Role of the Euro in Sub-Saharan Africa and in the CFA Franc Zone Book in PDF, ePub and Kindle
The paper analyses different aspects of the role that the euro is currently playing in sub- Saharan Africa (SSA) and in the CFA franc zone of West and Central Africa. As similar contributions on the role of the euro in other global regions, the paper served as background information for the analysis in European Commission (2008) on the international role of the euro for the assessment of 10 years of European Economic and Monetary Union ("EMU@10"). Chapter 1 of this paper examines the role of the euro as an international currency in Sub-Saharan Africa. Chapter 2 assesses the effects that the CFA franc's peg to the euro had on macroeconomic stability, trade integration and international competitiveness of the CFA franc zone. Chapter 3 looks at how the EU's multilateral surveillance framework served as a blueprint for multilateral surveillance in the CFA franc zone. Chapter 4 summarises and concludes.
Author | : David Leland Dibley |
Publisher | : |
Total Pages | : 48 |
Release | : 1996 |
Genre | : Foreign exchange rates |
ISBN | : |
Download Exchange Rate Arrangements in the CFA Franc Zone Book in PDF, ePub and Kindle
Author | : Ms.Anne Marie Gulde |
Publisher | : International Monetary Fund |
Total Pages | : 411 |
Release | : 2008-04-02 |
Genre | : Business & Economics |
ISBN | : 1589066758 |
Download The CFA Franc Zone Book in PDF, ePub and Kindle
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.
Author | : Ali Zafar |
Publisher | : Springer Nature |
Total Pages | : 250 |
Release | : 2021-05-11 |
Genre | : Business & Economics |
ISBN | : 3030710068 |
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This book provides an empirical analysis of economic and political structures impacting the CFA franc zone. Concise and practical chapters explore the history of the CFA franc zone, challenges to development, geopolitical issues, the importance of flexible exchanges rates, growth trends, and the impact of the Covid crisis. Policy reform is examined to detail economic approaches that could reduce poverty and increase the quality of life within the area. This book aims to present a macroeconomic and exchange rate framework to promote development and post-Covid recovery within the CFA franc zone. It will be of interest to students, researchers, and policymakers involved in African economics, the political economy, and development economics.
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