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Monetary Integration And Theory Of Optimum Currency Areas In Africa
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Book Synopsis Monetary Integration and Theory of Optimum Currency Areas in Africa by : Samuel Nana-Sinkam
Download or read book Monetary Integration and Theory of Optimum Currency Areas in Africa written by Samuel Nana-Sinkam and published by De Gruyter Mouton. This book was released on 1979 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimum Currency Areas: A Monetary Union for Southern Africa by : Christian Sorgenfrei
Download or read book Optimum Currency Areas: A Monetary Union for Southern Africa written by Christian Sorgenfrei and published by Diplomica Verlag. This book was released on 2011-03 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Monetary Integration and Theory of Optimum Currency Areas in Africa by : Samuel C. Nana-Sinkam
Download or read book Monetary Integration and Theory of Optimum Currency Areas in Africa written by Samuel C. Nana-Sinkam and published by . This book was released on 1978 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimum Currency Areas: Is Southern Africa ready to form a Monetary Union? by : Christian Sorgenfrei
Download or read book Optimum Currency Areas: Is Southern Africa ready to form a Monetary Union? written by Christian Sorgenfrei and published by diplom.de. This book was released on 2010-11-18 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Introduction and Course of Work: In 2007, at their meeting in Tanzania, the central bank governors of the Southern African Development Community (SADC) laid out a strategy to strengthen regional integration, containing the development of a common market by 2015, fixed exchange rates by 2016, and, ultimately, a monetary union with a single currency in 2018. In pursuit of this agenda, a free trade area absent of intra-regional tariffs was arranged in August 2008 with a regional customs union to follow this year. The currently fourteen member countries of the SADC committed themselves towards achieving economic convergence and to deepen monetary cooperation. In the 21st century, Africa finds itself increasingly separated from economic developments in the remaining world and fails to prosper from increased globalization. Despite a large abundance in natural resources, many countries have suffered from an extremely poor economic performance, which mainly originated from internal strives and weak and distortionary policies. Inward looking governments, conducting clientele policies, are focused on reaping economic rents rather than on fostering growth. Furthermore, tribal conflicts and civil war have sparked recurring border conflicts with neighboring countries. Although Africa has seen a large number of regional arrangements and trading blocs throughout the continent, the overall success for growth and trade expansion was limited. Against this background, the formation of a monetary union is believed to counteract economic and political weaknesses, to improve regional cooperation and to enhance both the political and economic standing in the world. A monetary union and a common currency entails both gains and losses for its members. On the cost side, countries in a monetary union effectively loose the ability to pursue independent monetary policies and to use the exchange rate as adjustment instrument to stabilize the economy. On the other hand, countries inside a monetary union benefit from reduced transaction costs and the elimination of internal exchange rate volatility. Furthermore, countries which suffer from weak internal stability and high inflation rates benefit by using the fixed exchange rate in a monetary union as external anchor. By transferring the power over monetary policy to a supranational central bank, the risk of homegrown inflation and currency devaluations is banished and economic agents are able to borrow at more [...]
Book Synopsis Endogenous Optimal Currency Areas by : Fabrizio Carmignani
Download or read book Endogenous Optimal Currency Areas written by Fabrizio Carmignani and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Central African Economic and Monetary Community (CAEMC) has been a monetary union for several decades now. According to the hypothesis of endogenous optimal currency areas (OCA), the degree of business cycles synchronization across its member states should be significantly higher today than 40 years ago. Investigating the empirical validity of this hypothesis is important in the context of the African economic integration process. If currency unions are endogenous, then quick monetary integration is a worthwhile option that can be used to accelerate economic integration. On the contrary, if currency unions were not endogenous, then a speedy monetary unification would not benefit countries collectively and might therefore jeopardize the whole regional integration initiative. This paper assesses the endogeneity of CAEMC as an OCA by examining the cross-country synchronization of business cycles along three statistical dimensions: bilateral correlation of cyclical co-movements, similarity of cycle statistical properties, and concordance of cyclical phases. Its innovative contribution is threefold. First, it provides a direct test of the endogeneity hypothesis on a specific currency union. Most previous studies instead rely on panel estimates of global datasets. Second, it expands the existing literature on the monetary geography of Africa. Indeed, there are several papers that study whether or not specific African regions are OCA. However, these papers generally look at the ex-ante conditions for optimality, leaving the issue of endogeneity of OCA criteria unexplored. The paper fills in this gap. Third, the paper presents a business cycle chronology for the six CAEMC members, thus opening up new opportunities to understand the cyclical characterization of economic systems and policies in the region"--Abstract.
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 Monetary and Financial Systems in Africa by : Aloysius Ajab Amin
Download or read book Monetary and Financial Systems in Africa written by Aloysius Ajab Amin and published by Springer Nature. This book was released on 2022-05-26 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an overview of the monetary and financial systems seen in Africa. The issues related to these systems are examined to help evaluate their effectiveness in fostering the development of African economies. Economic integration is extensively discussed to highlight variations between different parts of Africa and the specific challenges seen within certain regions. The impact of monetary unions, in particular the CFA franc zone, on economic activities is also explored. This book aims to outline how sustainable development can be achieved in Africa through well-developed financial and monetary institutions and policies. It will be relevant to students, academics and policy makers interested in African and development economics.
Book Synopsis West African Economic Integration and the Concept of Optimal Currency Area by : Albertine Kodjalou Gnanazan
Download or read book West African Economic Integration and the Concept of Optimal Currency Area written by Albertine Kodjalou Gnanazan and published by . This book was released on 1980 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Is it beneficial for the African Union to introduce a Common Currency? by : Katharina Osterholt
Download or read book Is it beneficial for the African Union to introduce a Common Currency? written by Katharina Osterholt and published by GRIN Verlag. This book was released on 2012-05-22 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Process of Monetary Integration in Eastern and Southern Africa by : Raphael Abel Kasonga
Download or read book The Process of Monetary Integration in Eastern and Southern Africa written by Raphael Abel Kasonga and published by . This book was released on 2001 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regional Monetary Integration Among Developing Countries by : Barbara Fritz
Download or read book Regional Monetary Integration Among Developing Countries written by Barbara Fritz and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimum Currency Area (OCA) approaches turn to be inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies. Instead, in accordance with the concept of 'original sin' (Eichengreen et al.) we argue that regional monetary South-South integration schemes that, unlike North-South arrangements, involve none of the international reserve currencies, have specific monetary constraints and implications which need to be duly considered. A first comparative analysis of three cases of monetary South-South cooperation in South Africa (CMA), East Asia (ASEAN) and Latin America (Mercosur) shows that these can indeed provide macroeconomic stability gains but that this strongly depends on the existence of economic hierarchies within these integration schemes.
Book Synopsis Monetary and Financial Integration in West Africa by : Temitope Oshikoya
Download or read book Monetary and Financial Integration in West Africa written by Temitope Oshikoya and published by Routledge. This book was released on 2013-11-11 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary and Financial Integration in West Africa details the progress, challenges faced, and potential of the project intended to create a West African Monetary Zone (WAMZ) between Gambia, Ghana, Guinea, Nigeria and Sierra Leone. Given the trend towards regionalization of economic ties across the world, especially after the successful launch of the euro, a detailed analysis of the WAMZ is needed. As this is the first book on monetary and financial integration in Gambia, Ghana, Guinea, Nigeria and Sierra Leone, it is an essential read for anyone interested in economic development in West Africa, and indeed in Africa as a whole. This book is extremely well-researched, with detail on virtually all aspects of economic integration in the region; with issues ranging from the institutional details of integration, trade and financial market integration, to progress on convergence of macroeconomic fundamentals to the required payments system infrastructure. The book deploys solid empirical facts and sophisticated analyses to thoroughly defend its assertions. This collection is a valuable contribution and an excellent companion book for monetary economics or international economics classes as well as African development literature. It will provide students and researchers with an exciting chance to apply concepts of, for example, optimum currency areas, central bank structure or monetary policy approaches, to a real-world case of potential monetary union. Dr. Temitope W. Oshikoya and his collaborators have written the authoritative book on the subject of monetary union in the West African Monetary Zone. As is evident in the level of detail of the book, Dr. Oshikoya brings rich field experience from his role as Director General and CEO of the West African Monetary Institute. This book will be of interest to postgraduates and researchers in development economics; as well as policymakers, monetary authorities and development practitioners.
Book Synopsis Monetary Obstacles to the Expansion of Intra-African Trade and the Development of Monetary Cooperation in Africa by : Samuel Nana-Sinkam
Download or read book Monetary Obstacles to the Expansion of Intra-African Trade and the Development of Monetary Cooperation in Africa written by Samuel Nana-Sinkam and published by . This book was released on 1975 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa by : Tamim A. Bayoumi
Download or read book Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa written by Tamim A. Bayoumi and published by . This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Is Africa an Optimum Currency Area? A Comparison of Macroeconomic Costs and Benefits by : Georgios Karras
Download or read book Is Africa an Optimum Currency Area? A Comparison of Macroeconomic Costs and Benefits written by Georgios Karras and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines the macroeconomic costs and benefits of adopting a common currency for 37 African countries. Economic theory suggests that the main benefit is enhanced price stability, whereas the main cost is higher business-cycle volatility if the member country's output is not sufficiently correlated with Africa's as a whole. Using data from 1960 to 2000, the article finds that the estimated cost and benefit measures exhibit substantial variability across the countries and are sometimes positively correlated: countries (such as Uganda, Ghana and Guinea) that have a lot to gain from a monetary union, also have a lot to lose from it; whereas other economies (such as Morocco, Cote d'Ivoire and Gabon) that have little to lose by adopting a common African currency, have also little to gain by it. The empirical results can also be used to compare net benefits for individual countries, showing, for example, that Nigeria is a more promising candidate for membership in an African monetary union than Kenya, and that Zambia is an unambiguously better candidate than either Benin or Mauritius.
Book Synopsis Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa by : Mr.Xavier Debrun
Download or read book Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa written by Mr.Xavier Debrun and published by International Monetary Fund. This book was released on 2010-07-01 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities. The model is calibrated using African data. Simulations indicate that the proposed EAC, ECOWAS, and SADC monetary unions bring about net benefits to some potential members, but modest net gains and sometimes net losses for others. Strengthening domestic macroeconomic frameworks is shown to provide some of the same improvements as monetary integration, reducing the latter’s relative attractiveness.
Book Synopsis One Market, One Money by : Michael Emerson
Download or read book One Market, One Money written by Michael Emerson and published by . This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.
