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West African Currency Union
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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. "
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 Africa's Last Colonial Currency by : Fanny Pigeaud
Download or read book Africa's Last Colonial Currency written by Fanny Pigeaud and published by Pluto Press (UK). This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the CFA Franc enabled France to continue its colonies in Africa.
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 The West African Manilla Currency by : Rolf Denk
Download or read book The West African Manilla Currency written by Rolf Denk and published by tredition. This book was released on 2021-03-17 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prof . Dr Rolf Denk, born in Düsseldorf in 1935, worked as a dermatologist in the Mainz University Hospital and afterwards in his own specialist practice in Rüsselsheim. In 1978 he and other collectors were among the founders of the European Union to Search for, Collect, and Preserve Primitive and Curious Money (EUCOPRIMO). In 1981 he took over the editing of the journal Der Primitivgeldsammler. After completing his medical career, he devoted himself more to the research of early indigenous means of payment. 110 own publications have appeared on this topic. In 2017 he published the monograph "Das Manillen-Geld West Afrikas" of which he now presents a revised and extended edition in English. The currency manillas discussed in this book are open metal rings that were used by Europeans as means of payment in trade with the local population from the mid-15th to mid-20th century in various areas of the West Coast of Africa. All currency manillas were made in Europe and are not indigenous products. Therefore is not correct and misleading to designate the foot, arm and neck rings produced in the country itself as manillas. The early Portuguese manillas, also called tacoais, were largely produced according to Portuguese specifications in Flanders and Germany. They are heavier and larger than the so-called Birmingham manillas, which originated in England and were mainly exported to southern Nigeria, where they were in circulation as market money with the Igbo and Ibibo. An intermediate position in terms of shape, weight and metal composition is occupied by the popo manillas, probably produced in England and France and mainly used in the Ivory Coast. On the basis of extensive literature research, an attempt is made to obtain more precise data on the production, use and typification of the different currency manillas and to show their clear distinction from the indigenous metal rings.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451947291 Total Pages :219 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1969 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows how to utilize the data on trade structure to achieve the best possible estimates of the effects of price changes, given any reasonable array of elasticity estimates. The credibility of estimates of price effects depends on thorough and systematic use of these data, as well as on the statistical credentials of the elasticities assumed. The observations show that the impact of a given price change on a country's exports will be greater, the more that country's exports are concentrated in markets in which substitution elasticities are high, and vice versa, but for most countries strong correlations of this kind are not probable. The general conclusion to be drawn from the paper would seem to be that the information implicit in the base-period matrix is not enough to yield results in which a high degree of confidence can be placed. It remains essential to employ substitution elasticities that are supported by the historical record. Nevertheless, the role of trade structure is vitally important.
Book Synopsis The Sterling Area by : British Information Services
Download or read book The Sterling Area written by British Information Services and published by . This book was released on 1945 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Monetary Union in West Africa (ECOWAS) by : Paul R. Masson
Download or read book Monetary Union in West Africa (ECOWAS) written by Paul R. Masson and published by . This book was released on 2001 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In April 2000 six West African countries declared their intention to proceed to monetary union among the non-CFA franc countries of the region by January 2003, as a first step toward a wider monetary union including all the ECOWAS countries in 2004. The purpose of this paper is to evaluate whether a monetary union makes economic sense, to discuss the institutional requirements for successful monetary union and to consider how best the political momentum for a union can be channeled toward a fundamental improvement in underlying policies.
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 Economic and Monetary Sovereignty in 21st Century Africa by : Maha Ben Gadha
Download or read book Economic and Monetary Sovereignty in 21st Century Africa written by Maha Ben Gadha and published by Pluto Press (UK). This book was released on 2021-10-20 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: The story of how African societies are resisting financial dependency and colonial legacies
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.
Book Synopsis The Fair Trade Scandal by : Ndongo Sylla
Download or read book The Fair Trade Scandal written by Ndongo Sylla and published by Ohio University Press. This book was released on 2014-02-01 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This critical account of the fair trade movement explores the vast gap between the rhetoric of fair trade and its practical results for poor countries, particularly those of Africa. In the Global North, fair trade often is described as a revolutionary tool for transforming the lives of millions across the globe. The growth in sales for fair trade products has been dramatic in recent years, but most of the benefit has accrued to the already wealthy merchandisers at the top of the value chain rather than to the poor producers at the bottom. Ndongo Sylla has worked for Fairtrade International and offers an insider’s view of how fair trade improves—or doesn’t—the lot of the world’s poorest. His methodological framework first describes the hypotheses on which the fair trade movement is grounded before going on to examine critically the claims made by its proponents. By distinguishing local impact from global impact, Sylla exposes the inequity built into the system and the resulting misallocation of the fair trade premium paid by consumers. The Fair Trade Scandal is an empirically based critique of both fair trade and traditional free trade; it is the more important for exploring the problems of both from the perspective of the peoples of the Global South, the ostensible beneficiaries of the fair trade system.
Book Synopsis Reforming Africa's Institutions by : Steve Kayizzi-Mugerwa
Download or read book Reforming Africa's Institutions written by Steve Kayizzi-Mugerwa and published by . This book was released on 2003 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is not a single African country that did not attempt public sector reforms in the 1990s. Governments no longer see themselves as sole suppliers of social services, frequently opting for partnerships with the private sector. Efficiency and choice have entered the language of the planning and implementation units of Africa's line ministries, while privatization is no longer the controversial subject it was a decade ago. There have also been moves towards more open and democratic governments. Reforming Africa's Institutions looks at the extent to which reforms undertaken in Sub-Saharan Africa in recent years have enhanced institutional capacities across the breadth of government. To what extent have reforms been internalized and defended by governments? The authors also look specifically at the impact of public sector reforms on these economies and pose the question whether 'ownership can be attained when countries continue to be heavily dependent on external support. The volume is presented in three parts. The first focuses on the issue of reform ownership; on the issues of governance, the political economy of reform ownership, and the contradictions inherent in using aid as an instrument for enhancing domestic reform ownership. Part two examines the nature of incentives in the African civil service and the reforms undertaken in recent years to raise public sector efficiency in Africa. The third part discusses issues related to institutional capabilities in Africa and how they have been affected by the reforms undertaken in the 1990s, including privatization and movement towards political pluralism.
Download or read book Pan-African Banks written by and published by . This book was released on 2015 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pan-African banks are expanding rapidly across the continent, creating cross-border networks, and having a systemic presence in the banking sectors of many Sub-Saharan African countries. These banking groups are fostering financial development and economic integration, stimulating competition and efficiency, introducing product innovation and modern management and information systems, and bringing higher skills and expertise to host countries. At the same time, the rise of pan-African banks presents new challenges for regulators and supervisors. As networks expand, new channels for transmission of macro-financial risks and spillovers across home and host countries may emerge. To ensure that the gains from cross border banking are sustained and avoid raising financial stability risks, enhanced cross-border cooperation on regulatory and supervisory oversight is needed, in particular to support effective supervision on a consolidated basis. This paper takes stock of the development of pan-African banking groups; identifies regulatory, supervisory and resolution gaps; and suggests how the IMF can help the authorities address the related challenges.
Author :Réal P. Lavergne Publisher :IDRC (International Development Research Centre) ISBN 13 :9780865435674 Total Pages :350 pages Book Rating :4.4/5 (356 download)
Book Synopsis Regional Integration and Cooperation in West Africa by : Réal P. Lavergne
Download or read book Regional Integration and Cooperation in West Africa written by Réal P. Lavergne and published by IDRC (International Development Research Centre). This book was released on 1997 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the failure of regional integration and cooperation to date in West Africa and explores some of the more holistic and economically liberal options for revitalization. Annotation c. by Book News, Inc., Portland, Or.
Book Synopsis Dialogue in Divergence by : Rahmane Idrissa
Download or read book Dialogue in Divergence written by Rahmane Idrissa and published by . This book was released on 2019 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
