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How To Improve The Effectiveness Of Monetary Policy In The West African Economic And Monetary Union
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Book Synopsis How to Improve the Effectiveness of Monetary Policy in the West African Economic and Monetary Union by : Mr.Alexei Kireyev
Download or read book How to Improve the Effectiveness of Monetary Policy in the West African Economic and Monetary Union written by Mr.Alexei Kireyev and published by International Monetary Fund. This book was released on 2015-05-05 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The West African Economic and Monetary Union (WAEMU) is a currency union with a fixed exchange rate and limited capital mobility and, therefore, an independent monetary policy in the short run. The Central Bank of West African States (BCEAO) is conducting the single monetary policy with the main goal of preserving price stability and supporting economic growth. However, the effectiveness of its monetary policy remains low, with a weak reaction of market interest rates and inflation to BCEAO’s policy actions. The paper concludes that, while the institutional setup and the instruments of monetary policy are adequate, the transmission mechanism of monetary policy remains constrained by liquidity management practices, shallow and segmented financial markets, and interest rate rigidities. To improve the effectiveness of monetary policy the BCEAO should be more proactive in determining the stance of fiscal policies, develop financial markets, and liberalize controlled interest rates. The BCEAO is undertaking important reforms in these directions.
Book Synopsis West African Economic and Monetary Union by : Patrick A. Imam
Download or read book West African Economic and Monetary Union written by Patrick A. Imam and published by International Monetary Fund. This book was released on 2013-10-22 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial system in the WAEMU remains largely bank-based. The banking sector comprises 106 banks and 13 financial institutions, which together hold more than 90 percent of the financial system’s assets (about 54 percent of GDP at end-2011). Five banks account for 50 percent of banking assets. The ownership structure of the sector is changing fast, with the rapid rise of foreign-owned (pan-African) banks. This contributes to higher competition but also rising heterogeneity in the banking system, with large and profitable cross-country groups competing with often weaker country-based (and sometime government-owned) banks. Nonbank financial institutions are developing quickly, notably insurance companies, but remain overall small. This paper presents a detailed analysis of the banking system.
Book Synopsis Regional Integration in West Africa by : Eswar Prasad
Download or read book Regional Integration in West Africa written by Eswar Prasad and published by Brookings Institution Press. This book was released on 2021-07-13 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: " 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. "
Book Synopsis Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union by : Mr.Philipp C. Rother
Download or read book Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union written by Mr.Philipp C. Rother and published by International Monetary Fund. This book was released on 1998-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regional monetary integration, financial liberalization, and the adoption of indirect policy instruments have changed the conditions for monetary policy in the West African Economic and Monetary Union (WAEMU). The stability of money demand has become a crucial element for monetary policy. This paper presents empirical money demand estimations for regional monetary aggregates and analyzes their stability and forecast performance. The estimations result in a stable relationship for narrow money (M1). Consequently, the region’;s central bank, the BCEAO, can continue to conduct monetary policy in line with the fixed exchange rate system if it succeeds in maintaining financial stability.
Book Synopsis West African Economic and Monetary Union by : International Monetary Fund. African Dept.
Download or read book West African Economic and Monetary Union written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2021-03-02 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
Book Synopsis West African Economic and Monetary Union (WAEMU) by : International Monetary Fund. African Dept.
Download or read book West African Economic and Monetary Union (WAEMU) written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-04-03 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Military coups that occurred in Guinea-Bissau and Mali caused economic disruption in the WAEMU countries. Regional policies have been in line with the recommendations, and growth is expected to remain robust, risks are on the downside, and the macroeconomic policy is appropriate. Preserving debt sustainability and stability of the Union in the medium term requires better coordination of fiscal policies. Development of the financial system, and strengthening of the regulatory and supervisory framework is necessary to address existing and new risks.
Book Synopsis The Monetary Geography of Africa by : Paul R. Masson
Download or read book The Monetary Geography of Africa written by Paul R. Masson and published by Rowman & Littlefield. This book was released on 2004-11-30 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Annual Report of the Executive Directors for the Fiscal Year by : International Monetary Fund
Download or read book Annual Report of the Executive Directors for the Fiscal Year written by International Monetary Fund and published by . This book was released on 1999 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The West African Economic and Monetary Union by : C. A. François
Download or read book The West African Economic and Monetary Union written by C. A. François and published by International Monetary Fund. This book was released on 1998-09-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following a serious deterioration of the competitive position of the WAEMU region in the 1980s and the eary 1990s, the countries took steps that have led to a significant turnaround in economic activity, a drop in inflation, and increases in output, exports and investment. This study describes policy issues that the region continues to face and suggests how the WAEMU countries can address them.
Book Synopsis Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability by : European Investment Bank
Download or read book Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability written by European Investment Bank and published by European Investment Bank. This book was released on 2018-11-21 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: In its fourth edition, this report focuses on recent developments in Africa's banking sectors and the policy options for all stakeholders. The study of banking sectors across all African sub-regions includes the results of the EIB survey of banking groups operating in Africa. Three thematic chapters address challenges and opportunities for financing investment in Africa: Crowding out of private sector lending by public debt issuance The state of bank recovery and resolution laws in Africa Policy options on how to finance infrastructure development. The report finds that in many African banking markets, the last two years saw a pause in financial deepening. However, a rising share of banking groups report improving market conditions and plan a structural expansion of their operations in Africa and a continued push for new technologies.
Book Synopsis Beyond the Gatekeeper State by : Sara Rich Dorman
Download or read book Beyond the Gatekeeper State written by Sara Rich Dorman and published by Routledge. This book was released on 2020-11-25 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beyond the Gatekeeper State explores the dynamic changes occurring within and between African states, and the international system since the turn of the century. Frederick Cooper’s model of ‘gatekeeper states’ – shaped as much by their international links as by their domestic practices – provides the basis for the contributors’ thinking about international relations in Africa and the wider international system. The chapters explore the political implications of Africa’s new relations with the old super-powers, former colonial powers, and the emerging powers from the South. These new relationships reflect and affect changing technology, infrastructure, and resource flows within and between African states. Drawing on both rich empirical cases and theoretical approaches, the book interrogates the implications of these changes on how we think about states and state systems. Exploring the impact of changing technology, finance, and resources on African politics, Beyond the Gatekeeper State will be of great interest to scholars of African Politics and International Relations (IR), as well as African Studies, IR, and the politics of the Global South more broadly. This book was originally published as a special issue of Third World Thematics.
Book Synopsis West African Economic and Monetary Union by : International Monetary Fund. African Dept.
Download or read book West African Economic and Monetary Union written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-03-07 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The WAEMU’s post-Covid-19 recovery has so far withstood the new global and regional shocks, partly owing to supportive fiscal and monetary policies as well as relatively strong macroeconomic fundamentals over the previous decade. Growth prospects remain favorable, reserves—albeit declining—remain adequate, and the financial system appears to be resilient. However, the region faces important challenges associated with rising inflation, limited access to international capital markets, eroding external buffers, and regional security issues, in the presence of elevated global risks.
Book Synopsis West African Economic and Monetary Union: Staff Report On Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive for the WAEMU by : International Monetary
Download or read book West African Economic and Monetary Union: Staff Report On Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive for the WAEMU written by International Monetary and published by International Monetary Fund. This book was released on 2022-03-02 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to comfortable levels and the financial system appears to be broadly sound. However, the region faces significant challenges to ensure the sustainability of macroeconomic policies, while supporting the economic recovery and navigating the uncertain outlook.
Book Synopsis West African Economic and Monetary Union: Discussions with Regional Institutions-Staff Report and the Executive Director's Statement by : International Monetary Fund
Download or read book West African Economic and Monetary Union: Discussions with Regional Institutions-Staff Report and the Executive Director's Statement written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-01-07 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Book Synopsis Macroeconomic Policy Formation in Africa - Country Cases by : Karl Wohlmuth
Download or read book Macroeconomic Policy Formation in Africa - Country Cases written by Karl Wohlmuth and published by LIT Verlag Münster. This book was released on 2014 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Volume 17 of the African Development Perspectives Yearbook considers the following major issues: the macroeconomic policies in post-conflict countries (especially reviews of growth, social progress, and public finance strategies in medium-term frameworks) with Sudan and South Sudan as the country cases; and macroeconomic policy formation in West Africa -- with case studies presented on Senegal and Nigeria in the West African Monetary Zone and the CFA Zone. In addition, the book presents book reviews and book notes. (Series: African Development Perspectives Yearbook - Vol. 17) [Subject: African Studies, Economics]
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 : Total Pages :296 pages Book Rating :4.4/5 (2 download)
Book Synopsis West African Economic and Monetary Union: Financial Sector Assessment Program-Detailed Assessment Report on the Basel Core Principles for Effective Banking Supervision by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book West African Economic and Monetary Union: Financial Sector Assessment Program-Detailed Assessment Report on the Basel Core Principles for Effective Banking Supervision written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2022-12-14 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The BCEAO has conducted a comprehensive reform during the past five years. The regulatory and prudential framework were aligned with international standards and the conditions for supervision have been strengthened, although the efforts must be continued (liquidity ratio/net stable funding ratio and tools for monitoring liquidity, transfers of ownership, acquisitions of holdings, guidelines on nonperforming claims, and anti-money laundering and combating the financing of terrorism—AML-CFT). The transition to Basel III has made it possible to incorporate additional capital requirements, while the rules applicable to credit institutions were upgraded with the 2017 publication of four circulars on governance, risk management, internal supervision, and compliance.
Book Synopsis Monetary Transmission Mechanism in the East African Community by : Mr.Hamid Reza Davoodi
Download or read book Monetary Transmission Mechanism in the East African Community written by Mr.Hamid Reza Davoodi and published by International Monetary Fund. This book was released on 2013-02-06 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard statistical inferences, but somewhat strong when using non-standard inference methods; (ii) when MTM is present, the precise transmission channels and their importance differ across countries; and (iii) reserve money and the policy rate, two frequently used instruments of monetary policy, sometimes move in directions that exert offsetting expansionary and contractionary effects on inflation—posing challenges to harmonization of monetary policies across the EAC and transition to a future East African Monetary Union. The paper offers some suggestions for strengthening the MTM in the EAC.
