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Should African Monetary Unions Be Expanded An Empirical Investigation Of The Scope For Monetary Integration In Sub Saharan Africa
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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 The Quest for Regional Integration in the East African Community by : Mr.Paulo Drummond
Download or read book The Quest for Regional Integration in the East African Community written by Mr.Paulo Drummond and published by International Monetary Fund. This book was released on 2015-01-12 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countries in the East African Community (EAC) are among the fastest growing economies in sub-Saharan Africa. The EAC countries are making significant progress toward financial integration, including harmonization of supervisory arrangements and practices and the modernization of monetary policy frameworks. This book focuses on regional integration in the EAC and argues that the establishment of a time table for the eliminating the sensitive-products list and establishing a supranational legal framework for resolving trade disputes are important reforms that should foster regional integration.
Book Synopsis Toward a Monetary Union in the East African Community by : Mr.Paulo Drummond
Download or read book Toward a Monetary Union in the East African Community written by Mr.Paulo Drummond and published by International Monetary Fund. This book was released on 2015-07-20 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how susceptible East African Community (EAC) economies are to asymmetric shocks, assesses the value of the exchange rate as a shock absorber for these countries, and reviews adjustment mechanisms that would help ensure a successful experience under a common currency. The report draws on analysis of recent experiences and examines likely future changes in the EAC economies.
Book Synopsis Regional Economic Integration in West Africa by : Diery Seck
Download or read book Regional Economic Integration in West Africa written by Diery Seck and published by Springer Science & Business Media. This book was released on 2013-11-18 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a number of key studies pertaining to the most pressing challenges of economic regional integration in West Africa. The issues of monetary coordination, foreign exchange volatility, taxation, savings and macroeconomic convergence are investigated from a regional perspective. The characteristics of West Africa’s trade policy are reviewed and assessed in comparison to that of the Southern African Development Community (SADC). The extent to which regional integration can tackle the challenge of unemployment is the focus of studies on labour markets. Development of the private sector and coordination of regional cross-border transportation are examined through the lens of economic collaboration between Arab and African countries. The book provides fresh new answers to persistent development questions and sheds new light on long-held views that are either incomplete or no longer true. It also opens new perspectives on the search for sustainable avenues for Africa’s development. In this regard, it may contribute to the emergence of a new paradigm on Africa’s development process and its science-based, policy-oriented implementation.
Book Synopsis The Oxford Handbook of Africa and Economics by : Célestin Monga
Download or read book The Oxford Handbook of Africa and Economics written by Célestin Monga and published by Oxford University Press. This book was released on 2015-07-02 with total page 704 pages. Available in PDF, EPUB and Kindle. Book excerpt: A popular myth about the travails of Africa holds that the continent's long history of poor economic performance reflects the inability of its leaders and policymakers to fulfill the long list of preconditions to be met before sustained growth can be achieved. These conditions are said to vary from the necessary quantity and quality of physical and human capital to the appropriate institutions and business environments. While intellectually charming and often elegantly formulated, that conventional wisdom is actually contradicted by historical evidence and common sense. It also suggests a form of intellectual mimicry that posits a unique path to prosperity for all countries regardless of their level of development and economic structure. In fact, the argument underlining that reasoning is tautological, and the policy prescriptions derived from it are fatally teleological: low-income countries are by definition those where such ingredients are missing. None of today's high-income countries started its growth process with the "required" and complete list of growth ingredients. Unless one truly believes that the continent of Africa-and most developing countries-are ruled predominantly if not exclusively by plutocrats with a high propensity for sadomasochism, the conventional view must be re-examined, debated, and questioned. This volume-the second of the lOxford Handbook of Africa and Economics-reassesses the economic policies and practices observed across the continent since independence. It offers a collection of analyses by some of the leading economists and development thinkers of our time, and reflects a wide range of perspectives and viewpoints. Africa's emergence as a potential economic powerhouse in the years and decades ahead amply justifies the scope and ambition of the book.
Book Synopsis Building a Common Future in Southern Africa by : Mr.Joannes Mongardini
Download or read book Building a Common Future in Southern Africa written by Mr.Joannes Mongardini and published by International Monetary Fund. This book was released on 2013-04-05 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Southern African Customs Union (SACU) is the oldest customs union in the world, with significant opportunities ahead for creating higher economic growth and increased welfare benefits to the people of the region, by fulfilling its vision to become an economic community with a common market and monetary union. This volume describes policy options to address the barriers to equitable and sustainable development in the region and outlines a plan for deeper regional integration.
Book Synopsis New Challenges in Banking and Finance by : NESRIN ÖZATAÇ
Download or read book New Challenges in Banking and Finance written by NESRIN ÖZATAÇ and published by Springer. This book was released on 2017-11-03 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents current developments in the fields of banking and finance from an international perspective. Featuring contributions from the 2nd International Conference on Banking and Finance Perspectives (ICBFP), this volume serves as a valuable forum for discussing current issues and trends in the banking and financial sectors, especially in light of the global economic challenges triggered by financial institutions. Using the latest theoretical models, new perspectives are brought to topics such as e-finance and e-banking, Islamic banking, international cross-border regulatory cooperation, bank fraud, the global financial crisis, microfinance, and corporate control transactions. Offering an opportunity to explore the challenges of a rapidly changing industry, this volume will be of interest to academics, policy makers, and scholars in the fields of banking, insurance, and finance.
Book Synopsis Regional Integration, Trade and Industry in Africa by : Helmut Asche
Download or read book Regional Integration, Trade and Industry in Africa written by Helmut Asche and published by Springer Nature. This book was released on 2021-06-14 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the past, present and prospects of regional economic integration in Africa. The empirical analysis ranges from unions formed during the years following independence, to the proposed African Continental Free Trade Area (AfCFTA), which aims to remove trade barriers between all 55 African states. In addition, the book explores to what extent Africa’s Regional Economic Communities (RECs) have advanced in accordance with a linear integration model of goods, labor and capital markets. The book subsequently evaluates the suitability of the European model of deep integration with costly institutions for the conditions specific to Africa, considering, for example, the role of informal and non-recorded trade. Stylized cases of regional division of labour with increasing returns and imperfect competition are introduced to support the economic integration logic. Past and current economic policies in Africa are scrutinized to answer the question: how can African regions best foster new manufacturing industries and value chains across the continent? In conclusion, the book outlines content and processes of Common Industrial Policy in the African regions. The book also addresses the controversial issue of international trade agreements between developing countries and the European Union or the USA and investigates whether these agreements impede or promote economic development in Africa. The book includes a detailed roadmap describing how to improve key clauses of agreements for economic partnership in the interest of African countries. In closing, it outlines a new vision of joint sustainable development for Africa and Europe.
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.
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 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 Monetary Policy in Low Financial Development Countries by : Juan-Antonio Morales
Download or read book Monetary Policy in Low Financial Development Countries written by Juan-Antonio Morales and published by Oxford University Press. This book was released on 2021 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book gives a broad coverage of the monetary policy issues in Low Financial Development Countries (LFDCs). These low and lower middle income countries are characterized by a predominance of bank finance, shallow financial markets, low financial inclusion, weak integration with world capital markets and a high degree of informality in economic activity. Monetary policy acquires special twists, making it different in many aspects from the policies followed in advanced and emerging market economies. The book covers the main facets of monetary policy making, using an approach that combines the discussion of theoretical arguments, of results from empirical studies and of policy experiences relevant for LFDCs. The book presents the monetary policy instruments they use and assesses the specificities of their monetary transmission mechanism. It evaluates the advantages, drawbacks and challenges of the different nominal anchors they may choose from: exchange rate targeting, monetary targeting and inflation targeting. This discussion is set against the background of the three main goals pursued by central banks: price, output and financial stability. Particular attention is devoted to the issue of the credibility of central banks and to the trade-offs they face when external shocks, to which these countries are very vulnerable, lead to conflicts among the three goals they pursue. The book also covers more specific topics, such as the challenges raised by fiscal dominance and by dollarization, the implications of informal labor markets and of microfinance institutions for monetary policy-making and the role of models for forecasting and policy evaluation.
Book Synopsis Macroeconomic Modelling And Monetary And Exchange Rate Regimes by : Masson Paul R
Download or read book Macroeconomic Modelling And Monetary And Exchange Rate Regimes written by Masson Paul R 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.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1455243140 Total Pages :12 pages Book Rating :4.4/5 (552 download)
Book Synopsis IMF Research Bulletin, September 2010 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, September 2010 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2010-09-30 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes transmission of the great recession from advanced to emerging economies. The widespread impact of the global financial crisis of 2008–09 has spurred researchers to examine how the associated recession was transmitted from advanced to emerging economies. Recent IMF studies have found that precrisis vulnerabilities such as large current account deficits, rapid credit growth, and high levels of short-term debt were strongly associated with the magnitude of spillovers. Trade, bank lending, and financial markets served as key transmission channels.
Book Synopsis Financial Integration in the West African Economic and Monetary Union by : Amadou N. R. Sy
Download or read book Financial Integration in the West African Economic and Monetary Union written by Amadou N. R. Sy and published by International Monetary Fund. This book was released on 2006-09 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study assesses the degree of financial integration in the West African Economic and Monetary Union (WAEMU). The structure of the financial sector and its institutional arrangements indicate that financial integration is well advanced in some aspects. Common and foreign ownership of banks is very high and cross-border transactions are frequent in the government securities markets. Common institutions help achieve a high degree of similarity of rules. There is nonetheless scope for further financial integration as indicated by persistent deviations from the law of one price, limited cross-border bank transactions, and differences in treatment. Policy measures could therefore help achieve greater financial convergence.
Book Synopsis Will the Euro Trigger More Monetary Unions in Africa? by : Patrick Honohan
Download or read book Will the Euro Trigger More Monetary Unions in Africa? written by Patrick Honohan and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The arrival of the euro widens the options for a common peg for African currencies but need not shift the balance of advantages in favor of adopting several common currency arrangements in Africa. Honohan and Lane analyze the prospects for greater monetary integration in Africa in the wake of the European Monetary Union. They argue that the structural characteristics of African economies are quite different from those of European economies, but that much can be gained from monetary cooperation - as an external agency of restraint and for promoting stability in the financial sector. But one should not expect too much from such arrangements. There is little evidence of contagious attacks on African currencies requiring the coordination of exchange rate policies. And economies of scale in the prudential regulation of financial systems could be achieved through international cooperation without the need for a common currency. The same is true of enhanced risk-pooling through the financial system. The European Monetary Union has only a marginal impact on the net benefits of monetary cooperation, but the euro would be a natural anchor for any African monetary union - especially if the United Kingdom and the sterling were to join the European Monetary Union. Indeed, the most likely route to new monetary cooperation in Africa is through a common peg to the euro. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to explore the economics of small financial systems. This study was prepared in the UNU/WIDER project on EMU: Impact on Europe and the World, and was funded by the Yrjö Jahnsson Foundation and the Ministry for Foreign Affairs of Finland.
Book Synopsis Financial Development in Sub-Saharan Africa by : Mr.Montfort Mlachila
Download or read book Financial Development in Sub-Saharan Africa written by Mr.Montfort Mlachila and published by International Monetary Fund. This book was released on 2016-09-14 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses how sub-Saharan Africa’s financial sector developed in the past few decades, compared with other regions. Sub-Saharan African countries have made substantial progress in financial development over the past decade, but there is still considerable scope for further development, especially compared with other regions. Indeed, until a decade or so ago, the level of financial development in a large number of sub-Saharan African countries had actually regressed relative to the early 1980s. With the exception of the region’s middle-income countries, both financial market depth and institutional development are lower than in other developing regions. The region has led the world in innovative financial services based on mobile telephony, but there remains scope to increase financial inclusion further. The development of mobile telephone-based systems has helped to incorporate a large share of the population into the financial system, especially in East Africa. Pan-African banks have been a driver for homegrown financial development, but they also bring a number of challenges.
