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Author: Paul R. Masson
Publisher:
ISBN: 9781589060142
Category : Business & Economics
Languages : en
Pages : 46
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Book Description
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: Paul R. Masson
Publisher:
ISBN: 9781589060142
Category : Business & Economics
Languages : en
Pages : 46
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Book Description
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: Xavier Debrun
Publisher:
ISBN:
Category : Africa, West
Languages : en
Pages : 42
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Book Description
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
ISBN: 0815738544
Category : Business & Economics
Languages : en
Pages : 203
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Book Description
" 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:
ISBN:
Category : Africa, West
Languages : en
Pages : 46
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Book Description
Monetary union, currency unions, fixed exchange rate, monetary stability.
Author: Moritz Becker
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In recent years, there has been a notable increase in the efforts to establish a monetary union within the Economic Community of West African States (ECOWAS). Initially scheduled for implementing a common currency in 2003, ECOWAS had agreed to introduce a common currency called the Eco by 2020. However, due to the COVID-19 pandemic, the implementation of the Eco currency was postponed until 2027. This study adds to the existing research on the feasibility of the Eco as a common currency for ECOWAS. It adopts the framework proposed by Bayoumi and Eichengreen (1997) to operationalize the Optimal Currency Area (OCA) theory. Using OLS estimation, the study models the relationship between OCA conditions and the bilateral nominal exchange rate volatility (BNER) among West African countries from 2000 to 2021. The study's findings indicate that the Eco could be considered feasible for the countries within the West African Economic and Monetary Union (WAEMU) and Cape Verde, The Gambia, Guinea, and Sierra Leone. However, Ghana and especially Nigeria do not meet the OCA conditions to the same extent as the other countries. Consequently, an immediate monetary union encompassing all ECOWAS member countries may not be feasible. Nevertheless, the study's policy implications strongly advocate for a gradual integration approach, similar to the Economic and Monetary Union of the European Union (EMU).
Author: Fondo Monetario Internacional
Publisher:
ISBN:
Category :
Languages : es
Pages : 46
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Book Description
Author: Xavier Debrun
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451875393
Category :
Languages : en
Pages : 35
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Book Description
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: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 89
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Book Description
West African Economic and Monetary Union: Selected Issues
Author: Augustus N. Gbosi
Publisher:
ISBN:
Category : Africa, West
Languages : en
Pages : 174
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Book Description
Author: Joshua Chinedu UGWU
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
There is an ongoing discourse with respect to whether or not the West African Sub Region needs a monetary Union as part of its drive towards a more robust economy and the integration of its people. This discourse is without borders, as it has seen experts from all over the world share their thoughts with respect to this issue. Why is west Africa an important region in global politics and why has immense international attention with respect to her fiscal decisions raised eyebrows? The idea of a Monetary Union as canvassed by the Economic Community Of West African States (ECOWAS) through her various institutions and the proposed Launch of the 'Eco', which was recently adopted as the name for the proposed currency, at the 55th Ordinary Session of the Heads of State and Government of ECOWAS, is one of the reasons for this international attention. ECOWAS will not be the first to float a Monetary Union, as there are other regions of the world with various forms of monetary union. Analysts have argued that west Africa does not need a Single Currency, stating that there are other ways by which the region can meet its intended goal without having to float a uniformed currency regime. Others have argued that it is imperative that a monetary union be launched as soon as possible if the sub-region is to indeed achieve maximum integration of its people and shake off completely, the shackles of Colonialism.The purpose of this article is to examine whether,given the current political and economic realities, the west African sub-region needs a monetary union, while pointing out the importance of a monetary union for the region, with recommendations for policy framers. All these are imperative if indeed the benefits accompanying a monetary union vis-à-vis a single currency,are to be effectively harnessed by west Africa.
