Optimum Currency Areas in the Sub-Sahara Region PDF Download
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Author: Godfrey C. Nyamrunda
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Godfrey C. Nyamrunda
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Mr.Tamim Bayoumi
Publisher: International Monetary Fund
ISBN: 1451927495
Category : Business & Economics
Languages : en
Pages : 34
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Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper looks at whether the existing highly fractured monetary arrangements in Sub-Saharan Africa correspond to what might be expected from the theory of optimum currency areas. This is done by analyzing both the size and correlation of real disturbances across countries and the level of intra-regional trade. The results indicate little evidence that Sub-Saharan African countries would benefit in the near future from larger currency unions.
Author: Tamim Bayoumi
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper looks at whether the existing highly fractured monetary arrangements in Sub-Saharan Africa correspond to what might be expected from the theory of optimum currency areas. This is done by analyzing both the size and correlation of real disturbances across countries and the level of intra-regional trade. The results indicate little evidence that Sub-Saharan African countries would benefit in the near future from larger currency unions.
Author: Christian Sorgenfrei
Publisher: Diplomica Verlag
ISBN: 384285675X
Category : Business & Economics
Languages : en
Pages : 89
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With the current situation in the European Monetary Union in mind, a Monetary Union in other parts of the world seems highly inadvisable. Nevertheless, Africa has some of the oldest Monetary arrangements in the world, dating back to the beginning of the 19th century. Is Africa particularly qualified for a Monetary Union? And furthermore, what features are necessary to make Monetary Arrangements between countries endurable? This study evaluates the prospects and the feasibility of a monetary union in the Southern African Development Community (SADC) from an economic point of view. Both the theory of optimum currency areas and the recent example of the European Monetary Union are employed to analyze the pros and cons of monetary unification. The theoretical implications are operationalized, first, by a broad analysis of economic and socio graphic data, and second, by estimating the degree of structural shock synchronization between SADC countries. Results obtained by an Autoregressive and Vector Autoregressive model indicate that a monetary union which includes all SADC members is neither desirable nor feasible in the foreseeable future. However, the study concludes that a small subset of countries, including South Africa, Namibia, Swaziland, Lesotho, Mozambique, Botswana and Zambia, could gain from forming a smaller monetary union.
Author: Samuel Nana-Sinkam
Publisher: De Gruyter Mouton
ISBN:
Category : Business & Economics
Languages : en
Pages : 338
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Author: Agnès Bénassy-Quéré
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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We examine the economic rationale for monetary union(s) in Sub-Saharan Africa through the use of cluster analysis on a sample of 17 countries. The variables used stem from the theory of optimum currency areas and from the fear-of-floating literature. It is found that the existing CFA franc zone cannot be viewed as an optimum currency area: CEMAC and UEMOA countries do not belong to the same clusters, and a 'core' of the UEMOA can be defined on economic grounds. The results support the inclusion of the Gambia, Ghana and Sierra Leone in an extended UEMOA arrangement, or the creation of a separate monetary union with the 'core' of the UEMOA and the Gambia, rather than the creation of a monetary union around Nigeria. Finally, the creation of the West African Monetary Zone (WAMZ) around Nigeria is not supported by the data.
Author: Mthuli Ncube
Publisher: Springer
ISBN: 1137462051
Category : Business & Economics
Languages : en
Pages : 235
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This book reviews the current trends and challenges of regional integration and trade in Africa. It provides valuable policy recommendations aimed at stimulating the debate among the government, private sector and development community on the ways to promote regional trade for Africa's economic development.
Author: Katharina Osterholt
Publisher: GRIN Verlag
ISBN: 3656196028
Category : Business & Economics
Languages : en
Pages : 22
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Seminar paper from the year 2011 in the subject Business economics - Investment and Finance, grade: B bzw. 1.7, BI Norwegian Business School, course: Development Studies; Trade, Aid and Microfinance, language: English, abstract: This paper deals with the question whether a common currency is beneficial for the African Union. In order to assess this question, potential problems will be analysed and highlighted. The topic of a common currency becomes important in terms of economic growth that can facilitate sustainable development. The African Monetary Union is an economic and monetary union. The plan to introduce a common currency is based on the Abuja Treaty that was signed on 3.6.1991 in Abuja, Nigeria. In this treaty it was decided to set up an African Economic Community, an African Central Bank and an African Economic Community with a single currency by around 2020 (Masson, Milkiewicz, 2003). Up to today most countries have not signed this proposal as some decided to form their own currency unions, some want to delay the starting date and some are already using currencies from other countries. The paper will start looking at the advantages and disadvantages of a common currency and putting it into context with sustainable development. Here it can be highlighted that a successful and stable common currency can foster economic growth and therefore result in higher sustainable development. Further on, the paper looks into the theories of an Optimum Currency Area, Economic shocks, Spillover effects, currency adjustments and development traps. In order to analyze these theories the analysis part is looking into these using inflation rate data, GNI per capita and trade pattern provided by the IMF, the World Bank and UNECA, while contrasting it with the difficulties due to the development traps.
Author: Martin Hallet
Publisher:
ISBN:
Category : Euro
Languages : en
Pages : 40
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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: Tamim A. Bayoumi
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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