Optimum Currency Areas In The Sub Sahara Region

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The Monetary Geography of Africa

Author : Paul R. Masson
Publisher : Rowman & Littlefield
ISBN 13 : 9780815797531
Total Pages : 248 pages
Book Rating : 4.7/5 (975 download)

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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

Regional Integration in West Africa

Author : Eswar Prasad
Publisher : Brookings Institution Press
ISBN 13 : 0815738544
Total Pages : 203 pages
Book Rating : 4.8/5 (157 download)

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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. "

FinTech in Sub-Saharan African Countries

Author : Mr.Amadou N Sy
Publisher : International Monetary Fund
ISBN 13 : 1484385667
Total Pages : 61 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis FinTech in Sub-Saharan African Countries by : Mr.Amadou N Sy

Download or read book FinTech in Sub-Saharan African Countries written by Mr.Amadou N Sy and published by International Monetary Fund. This book was released on 2019-02-14 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.

Optimum Currency Areas: A Monetary Union for Southern Africa

Author : Christian Sorgenfrei
Publisher : Diplomica Verlag
ISBN 13 : 384285675X
Total Pages : 89 pages
Book Rating : 4.8/5 (428 download)

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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.

Sub-Saharan Africa

Author : World Bank
Publisher :
ISBN 13 :
Total Pages : 324 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Sub-Saharan Africa by : World Bank

Download or read book Sub-Saharan Africa written by World Bank and published by . This book was released on 1989 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: 3. Investing in people.

Optimum Currency Areas: Is Southern Africa ready to form a Monetary Union?

Author : Christian Sorgenfrei
Publisher : diplom.de
ISBN 13 : 3842806868
Total Pages : 87 pages
Book Rating : 4.8/5 (428 download)

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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 [...]

The CFA Franc Zone

Author : Ms.Anne Marie Gulde
Publisher : International Monetary Fund
ISBN 13 : 1589066758
Total Pages : 411 pages
Book Rating : 4.5/5 (89 download)

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Book Synopsis The CFA Franc Zone by : Ms.Anne Marie Gulde

Download or read book The CFA Franc Zone written by Ms.Anne Marie Gulde and published by International Monetary Fund. This book was released on 2008-04-02 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Africa's Infrastructure

Author : World Bank
Publisher : World Bank Publications
ISBN 13 : 0821380834
Total Pages : 386 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Africa's Infrastructure by : World Bank

Download or read book Africa's Infrastructure written by World Bank and published by World Bank Publications. This book was released on 2009-12-01 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable infrastructure development is vital for Africa s prosperity. And now is the time to begin the transformation. This volume is the culmination of an unprecedented effort to document, analyze, and interpret the full extent of the challenge in developing Sub-Saharan Africa s infrastructure sectors. As a result, it represents the most comprehensive reference currently available on infrastructure in the region. The book covers the five main economic infrastructure sectors information and communication technology, irrigation, power, transport, and water and sanitation. 'Africa s Infrastructure: A Time for Transformation' reflects the collaboration of a wide array of African regional institutions and development partners under the auspices of the Infrastructure Consortium for Africa. It presents the findings of the Africa Infrastructure Country Diagnostic (AICD), a project launched following a commitment in 2005 by the international community (after the G8 summit at Gleneagles, Scotland) to scale up financial support for infrastructure development in Africa. The lack of reliable information in this area made it difficult to evaluate the success of past interventions, prioritize current allocations, and provide benchmarks for measuring future progress, hence the need for the AICD. Africa s infrastructure sectors lag well behind those of the rest of the world, and the gap is widening. Some of the main policy-relevant findings highlighted in the book include the following: infrastructure in the region is exceptionally expensive, with tariffs being many times higher than those found elsewhere. Inadequate and expensive infrastructure is retarding growth by 2 percentage points each year. Solving the problem will cost over US$90 billion per year, which is more than twice what is being spent in Africa today. However, money alone is not the answer. Prudent policies, wise management, and sound maintenance can improve efficiency, thereby stretching the infrastructure dollar. There is the potential to recover an additional US$17 billion a year from within the existing infrastructure resource envelope simply by improving efficiency. For example, improved revenue collection and utility management could generate US$3.3 billion per year. Regional power trade could reduce annual costs by US$2 billion. And deregulating the trucking industry could reduce freight costs by one-half. So, raising more funds without also tackling inefficiencies would be like pouring water into a leaking bucket. Finally, the power sector and fragile states represent particular challenges. Even if every efficiency in every infrastructure sector could be captured, a substantial funding gap of $31 billion a year would remain. Nevertheless, the African people and economies cannot wait any longer. Now is the time to begin the transformation to sustainable development.

The Cash Dividend

Author : Marito Garcia
Publisher : World Bank Publications
ISBN 13 : 0821388983
Total Pages : 441 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis The Cash Dividend by : Marito Garcia

Download or read book The Cash Dividend written by Marito Garcia and published by World Bank Publications. This book was released on 2012-02-21 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides in-depth descriptions and analysis of how cash transfer programs have evolved and been used in Sub-Saharan Africa since 2000. The analysis focuses on program features and implementation, but it also highlights political economy issues and current knowledge gaps.

South—South Regional Financial Arrangements

Author : Diana Barrowclough
Publisher : Springer Nature
ISBN 13 : 3030645762
Total Pages : 361 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis South—South Regional Financial Arrangements by : Diana Barrowclough

Download or read book South—South Regional Financial Arrangements written by Diana Barrowclough and published by Springer Nature. This book was released on 2022-01-18 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book shows how regional cooperation and integration have increased massively in scale and scope in recent years, as developing countries seek new ways to shield themselves from economic turbulence and to kick-start their economies in the face of stagnant global demand. The trend is partly a defense mechanism against the limitations of the international financial system, but also reflects a wider search for new and different growth paths more appropriate with developing countries’ increasing economic and political voice. As a consequence, the landscape of financial and monetary mechanisms has changed dramatically, especially in the ten years since the economic crisis of 2007–2008.

The CFA Franc Zone

Author : Ali Zafar
Publisher : Springer Nature
ISBN 13 : 3030710068
Total Pages : 250 pages
Book Rating : 4.0/5 (37 download)

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Book Synopsis The CFA Franc Zone by : Ali Zafar

Download or read book The CFA Franc Zone written by Ali Zafar and published by Springer Nature. This book was released on 2021-05-11 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The CFA Franc Zone and the EMU

Author : Mr.Michael T. Hadjimichael
Publisher : International Monetary Fund
ISBN 13 : 1451857365
Total Pages : 40 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The CFA Franc Zone and the EMU by : Mr.Michael T. Hadjimichael

Download or read book The CFA Franc Zone and the EMU written by Mr.Michael T. Hadjimichael and published by International Monetary Fund. This book was released on 1997-11-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Trade, Exchange Rate, and Growth in Sub-Saharan Africa

Author : Jean-Paul Azam
Publisher : Cambridge University Press
ISBN 13 : 9780521684071
Total Pages : 284 pages
Book Rating : 4.6/5 (84 download)

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Book Synopsis Trade, Exchange Rate, and Growth in Sub-Saharan Africa by : Jean-Paul Azam

Download or read book Trade, Exchange Rate, and Growth in Sub-Saharan Africa written by Jean-Paul Azam and published by Cambridge University Press. This book was released on 2007 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher description

Disease and Mortality in Sub-Saharan Africa

Author : Dean T. Jamison
Publisher : World Bank Publications
ISBN 13 : 0821363980
Total Pages : 414 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Disease and Mortality in Sub-Saharan Africa by : Dean T. Jamison

Download or read book Disease and Mortality in Sub-Saharan Africa written by Dean T. Jamison and published by World Bank Publications. This book was released on 2006-01-01 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current data and trends in morbidity and mortality for the sub-Saharan Region as presented in this new edition reflect the heavy toll that HIV/AIDS has had on health indicators, leading to either a stalling or reversal of the gains made, not just for communicable disorders, but for cancers, as well as mental and neurological disorders.

Youth Employment in Sub-Saharan Africa

Author : Deon Filmer
Publisher : World Bank Publications
ISBN 13 : 146480107X
Total Pages : 283 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Youth Employment in Sub-Saharan Africa by : Deon Filmer

Download or read book Youth Employment in Sub-Saharan Africa written by Deon Filmer and published by World Bank Publications. This book was released on 2014-01-24 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The series is sponsored by the Agence Francaise de Developpement and the World Bank."

Nation-states and the challenges of regional integration in West Africa

Author : Kwame A. Ninsin
Publisher : KARTHALA Editions
ISBN 13 : 2811101667
Total Pages : 170 pages
Book Rating : 4.8/5 (111 download)

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Book Synopsis Nation-states and the challenges of regional integration in West Africa by : Kwame A. Ninsin

Download or read book Nation-states and the challenges of regional integration in West Africa written by Kwame A. Ninsin and published by KARTHALA Editions. This book was released on 2009 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Treaty establishing the Economic Community of West African States (ECOWAS) was signed in 1975, several protocole have been adopted providing the legal and institutional framework for implementing the integration of the West African sub-region. Ail social and political stakeholders agree that regional integration is a major challenge for development in West Africa. Yet the regional integration process has been affected by many delays, even failures. Member states have pursued a seemingly contradictory dual objective: build a Nation-state within colonial Borders and achieve regional integration to fight against under-development. Can national planning priorities be reconciled with the demands and objectives of regional integration processes in West Africa ? Since 2005, under the auspices of the Management of Social Transformations (MOST) Programme initiative, the Social and Human Sciences Sector of UNESCO has organized a series of national seminars on West African regional integration in the ECOWAS region. Four seminars have so far been organized in Senegal, Mali, Benin and Ghana. This anthology publishes papers presented at Ghana's national seminar on "Nation-states and the Challenge of Regional Integration in West Africa: the Case of Ghana", held in Accra from 8 to 9 November 2005. The contributors suggest that Ghana's reluctance to relinquish its sovereignty stemmed from a lack of commitment in the first 20 years of ECOWAS' existence and preoccupation with its own security and survival against internai and externat threats. The state has currently demonstrated renewed commit-ment by establishing a Ministry of Regional Cooperation and the New Agenda for Africa's Development (NEPAD) to coordinate and manage the sub-regional integration programme. In spite of positive developments, results have been disappointing. The new ministry remains isolated and is constrained by limited resources in finance and manpower. Its approach to integration issues has been elitist and technocratic, concentrating on format trade and ignoring the importance of the informai trade that has been the traditional means of popular participation in the integration of West African economies. Borderland communities with economic and social ties continue to engage in exchanges across political boundaries in defiance of national and state security concerns. Empowerment of Ghanaians involved in small-scale, informa] cross-border trade (in majority, women) "would not only increase the levels of social and economic integration, but would make the benefits of integration available to large sections of the population".

Macroeconomic Modelling And Monetary And Exchange Rate Regimes

Author : Paul R Masson
Publisher : World Scientific
ISBN 13 : 9811201730
Total Pages : 428 pages
Book Rating : 4.8/5 (112 download)

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Book Synopsis Macroeconomic Modelling And Monetary And Exchange Rate Regimes by : Paul R Masson

Download or read book Macroeconomic Modelling And Monetary And Exchange Rate Regimes written by Paul R Masson and published by World Scientific. This book was released on 2019-07-23 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents articles that focus on the inter-related issues of choice of exchange rate and monetary policy regimes, and others that use a global macroeconomic model developed by the author and collaborators to quantify the effects of the 'baby boom' on global imbalances, costs of disinflation, and the effects of German unification. The book presents new analysis of the euro-zone experience and its applicability to other monetary unions, as well as a discussion of the prerequisites for successful inflation targeting. It is grounded in real-world data, readily accessible to non-specialists, and addresses important economic policy issues.