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CFA Franc Zone Membership and Exchange Rate Variability

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  • Savvides, Andreas

Abstract

This paper investigates the variability of nominal and real exchange rates of the members of the CFA Franc Zone by comparing it with those of other African countries. The study draws three conclusions. First, both nominal and real exchange rate variability increased during the flexible exchange rate period for all countries. Second, Zone members experienced lower nominal variability in comparison with their real variability. Finally, membership of the Zone results in lower nominal variability in comparison with that of non-members. The Zone members, however, experience no significant difference in real variability with that of non-members. Copyright 1996 by Oxford University Press.

Suggested Citation

  • Savvides, Andreas, 1996. "CFA Franc Zone Membership and Exchange Rate Variability," Journal of African Economies, Centre for the Study of African Economies, vol. 5(1), pages 52-68, March.
    • Handle: RePEc:oup:jafrec:v:5:y:1996:i:1:p:52-68
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    Cited by:

    1. Christopher Kent & Rafic Naja, 1998. "Effective Real Exchange Rates and Irrelevant Nominal Exchange-rate Regimes," RBA Research Discussion Papers rdp9811, Reserve Bank of Australia.
    2. Willie Lahari, 2010. "Permanent and Transitory Shocks among Pacific Island Economies - Prospects for a Pacific Islands Currency Union," Working Papers 1001, University of Otago, Department of Economics, revised Feb 2010.
    3. Sekkat, Khalid & Varoudakis, Aristomene, 2000. "Exchange rate management and manufactured exports in Sub-Saharan Africa," Journal of Development Economics, Elsevier, vol. 61(1), pages 237-253, February.
    4. Céline CARRERE, 2003. "African Regional Agreements: Their Impact on Trade With or Without Currency Unions," Working Papers 200311, CERDI.
    5. Léonce Ndikumana, 2003. "Capital Flows, Capital Account Regimes, and Foreign Exchange Rate Regimes in Africa," Working Papers wp55, Political Economy Research Institute, University of Massachusetts at Amherst.
    6. Uche, Chibuike U., 2001. "The politics of monetary sector cooperation among the Economic Community of West African States members," Policy Research Working Paper Series 2647, The World Bank.
    7. Lula G. Mengesha & Mark J. Holmes, 2013. "Does Dollarization Alleviate Or Aggravate Exchange Rate Volatility?," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 38(2), pages 99-118, June.

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