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The Cfa Franc Zone
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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 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 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.
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 The CFA Franc Zone by : Mr.James M. Boughton
Download or read book The CFA Franc Zone written by Mr.James M. Boughton and published by International Monetary Fund. This book was released on 1991-12-01 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The CFA franc zone comprises a group of countries in central and west Africa whose currencies have been firmly linked to the French franc since 1948. It combines the features of a currency union with those of an exchange rate peg, and an analysis of its effectiveness must examine both dimensions. Viewed from the perspective of a currency union among the African countries, it would appear that the zone would not constitute an optimum currency area. But when France is viewed as an integral part of the system, the benefits—including discipline, credibility, and stability in international competitiveness—become clearer.
Book Synopsis The Political Economy of a Common Currency by : David Stasavage
Download or read book The Political Economy of a Common Currency written by David Stasavage and published by Ashgate Publishing, Ltd.. This book was released on 2003 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this title, David Stasavage explores several alternative political economy explanations for the persistence of the Franc Zone and its macroeconomic management over the period 1945 to 2000. He addresses the issue of sustainability and asks why the Franc Zone has survived despite several major political and economic shocks that might have easily led to its dissolution. These include decolonisation, France's entry into the European Community and the growing marginalisation of Africa in world affairs. He also considers the issue of credibility and in particular the extent to which the Franc Zone arrangements commit member states to prudent macroeconomic policies.
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 The Cfa Franc Zone by : James M. Boughton
Download or read book The Cfa Franc Zone written by James M. Boughton and published by . This book was released on 2006 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The CFA franc zone comprises a group of countries in central and west Africa whose currencies have been firmly linked to the French franc since 1948. It combines the features of a currency union with those of an exchange rate peg, and an analysis of its effectiveness must examine both dimensions. Viewed from the perspective of a currency union among the African countries, it would appear that the zone would not constitute an optimum currency area. But when France is viewed as an integral part of the system, the benefits--including discipline, credibility, and stability in international competitiveness--become clearer.
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 The Macroeconomics of Monetary Union by : David Fielding
Download or read book The Macroeconomics of Monetary Union written by David Fielding and published by Taylor & Francis. This book was released on 2005-11-04 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book applies contemporary macroeconomic theory and econometric modelling techniques in order to address policy issues relating to the CFA Franc Zone, a group of francophone African Countries sharing a common currency that is linked to the French Franc / Euro. Within this methodological framework, the author analyses the way in which the monetary institutions of the CFA influence macroeconomic development and policy formation.
Book Synopsis The Impact of the Strong Euro on the Real Effective Exchange Rates of the Two Francophone African CFA Zones by : Ali Zafar
Download or read book The Impact of the Strong Euro on the Real Effective Exchange Rates of the Two Francophone African CFA Zones written by Ali Zafar and published by World Bank Publications. This book was released on 2005 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The author estimates the degree of misalignment of the CFA franc since the introduction of the euro in 1999. Using a relative purchasing power parity-based methodology, he develops a monthly panel time series dataset for both the Economic and Monetary Community of Central Africa (CEMAC) zone and the West African Economic and Monetary Union (UEMOA) zone to compute a trade-weighted real effective exchange rate indexed series from January 1999 to December 2004. The author's main finding is that the real effective exchange rate appreciated by close to 8 percent in UEMOA and 7 percent in CEMAC, influenced by volatility in the euro-dollar bilateral exchange rate and conservative monetary policies in the two zones, resulting in a partial loss of competitiveness in export markets. The lower appreciation in Central Africa can be explained by lower inflation in CEMAC than in UEMOA and by the greater trade with higher inflation East Asian countries, partially offset by the peg to the dollar. However, the inclusion of "unrecorded trade" results in an appreciation of only 6 percent in the UEMOA zone and 6 percent in the CEMAC zone due to higher inflation in the two countries with unmonitored cross-border flows, Ghana and Nigeria. Using time series econometrics, an Engle-Granger two stage procedure for cointegration, and an error correction framework, a single equation modeling of the real exchange rate from 1970 to 2005 as a function of terms of trade, economic openness, aid inflows, and a dummy representing the 1994 devaluation, the author finds little statistical evidence of a long-run equilibrium exchange rate that is a vector of economic fundamentals. The dummy explains most of the real exchange rate behavior in the two zones, while openness in UEMOA has contributed to an appreciation of the real effective exchange rate. "--World Bank web site.
Book Synopsis The Cfa Franc Zone and the Emu by : Michael Hadjimichael
Download or read book The Cfa Franc Zone and the Emu written by Michael Hadjimichael and published by . This book was released on 2006 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.
Book Synopsis Monetary Cooperation in the CFA Zone by : Patrick Honohan
Download or read book Monetary Cooperation in the CFA Zone written by Patrick Honohan and published by World Bank Publications. This book was released on 1990 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although it has restrained inflation in member countries, the franc zone does not appear to have worked well to channel financial resources to efficient uses.
Book Synopsis Aftermath of the CFA Franc Devaluation by : Mr.Stéphane Cossé
Download or read book Aftermath of the CFA Franc Devaluation written by Mr.Stéphane Cossé and published by International Monetary Fund. This book was released on 1996-06-18 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developments in the countries of the CFA franc zone in the aftermath of the January 1994 devaluation of the CFA franc are reviewed in this paper. Following a summary of the new adjusment strategy, the papers describes the progress made and the difficulties encountered during 1994 and early 1995 in implementing the programs supported by use of IMF resources.
Book Synopsis European Economic Integration and the Franc Zone: Historical background and a new evaluation of monetary co-operation in the CFA countries by : Allechi M'bet
Download or read book European Economic Integration and the Franc Zone: Historical background and a new evaluation of monetary co-operation in the CFA countries written by Allechi M'bet and published by . This book was released on 1993 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 CFA Franc Zone by : Gianluigi Giorgioni
Download or read book The CFA Franc Zone written by Gianluigi Giorgioni and published by . This book was released on 2013 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the CFA monetary union is not an “optimal” currency area as such, it has allowed member countries to benefit from the convertibility guaranteed by the French Treasury and from enhanced policy credibility in achieving low inflation rates. Both benefits may be under threat. The convertibility is under threat due to the harder budgetary commitments imposed on France by its membership of the Eurozone and the dwindling political interest in the CFA Franc Zone shown in France. The policy credibility is becoming costlier as evidenced by output-inflation trade-offs, which, although still more favourable than in comparable sub-Saharan African countries, have been declining since the 1994 devaluation period.
