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Asymmetries in the Behaviour of Members of a Monetary Union: A Game-Theoretic Model with an Application to West Africa

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  • Fielding, David

Abstract

Using a game-theoretic model, this paper explores the positive and normative economics of government policy choices in a monetary union. If individual governments have control over fiscal policy, then the non-cooperative solution to the model is not Pareto optimal. Moreover, the distribution of welfare typically favours largest members of the union. These results are compared with the experience of the West African Monetary Union, which exhibits many of the stylised facts predicted by the model. Copyright 1996 by Oxford University Press.

Suggested Citation

  • Fielding, David, 1996. "Asymmetries in the Behaviour of Members of a Monetary Union: A Game-Theoretic Model with an Application to West Africa," Journal of African Economies, Centre for the Study of African Economies, vol. 5(3), pages 343-365, October.
    • Handle: RePEc:oup:jafrec:v:5:y:1996:i:3:p:343-65
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    Cited by:

    1. Carsten Hefeker, 2010. "Fiscal reform and monetary union in West Africa," Journal of International Development, John Wiley & Sons, Ltd., vol. 22(1), pages 86-102.
    2. 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.
    3. Fielding, David & Shields, Kalvinder, 2001. "Modelling macroeconomic shocks in the CFA Franc Zone," Journal of Development Economics, Elsevier, vol. 66(1), pages 199-223, October.
    4. Lambert N'galadjo Bamba, 2004. "Analyse du Processus de Convergence Dans la Zone UEMOA," WIDER Working Paper Series RP2004-18, World Institute for Development Economic Research (UNU-WIDER).

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