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Public Debt and the Exchange Rate in the CFA France Zone

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  • Azam, Jean-Paul

Abstract

This paper presents a theoretical framework for understanding the reforms that occurred in the CFA franc zone in the 1980s and 199Os, focusing on public debt and the exchange rate. It analyses the real-side adjustment strategy that was adopted initially. It shows how the debt problem and misdirected policy decisions led to the historical devaluation of January 1994, the first since 1948. Copyright 1997 by Oxford University Press.

Suggested Citation

  • Azam, Jean-Paul, 1997. "Public Debt and the Exchange Rate in the CFA France Zone," Journal of African Economies, Centre for the Study of African Economies, vol. 6(1), pages 54-84, March.
    • Handle: RePEc:oup:jafrec:v:6:y:1997:i:1:p:54-84
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    Cited by:

    1. Fabien Clive Ntonga Efoua & Etienne Inédit Blaise Tsomb Tsomb, 2023. "Commodity Shocks and External Currency Stability : An Empirical Evidence from CEMAC [Chocs sur les produits de base et stabilité externe de la monnaie : une évidence empirique en CEMAC]," Post-Print hal-04273963, HAL.
    2. Ali, Amjad & Ur Rehman, Hafeez, 2015. "Macroeconomic Instability and Its Impact on Gross Domestic Product: An Empirical Analysis of Pakistan," MPRA Paper 71037, University Library of Munich, Germany.
    3. DJAHINI, Edém, 2015. "Les principaux déterminants de la compétitivité internationale en Afrique Sub-saharienne [The main determinants of international competitiveness in Sub-Saharan Africa]," MPRA Paper 65024, University Library of Munich, Germany, revised 16 Jun 2015.
    4. Azam, Jean-Paul & Dia, Magueye, 2004. "Pro-Poor Growth in Senegal," IDEI Working Papers 325, Institut d'Économie Industrielle (IDEI), Toulouse.
    5. Azam, Jean-Paul & Dia, Magueye & Tsimpo, Clarence & Wodon, Quentin, 2007. "Has Growth in Senegal After the 1994 Devaluation Been Pro-Poor?," MPRA Paper 11110, University Library of Munich, Germany.
    6. Jean-Paul Azam, 2004. "Poverty and Growth in the WAEMU after the 1994 Devaluation," Journal of African Economies, Centre for the Study of African Economies, vol. 13(4), pages 536-562, December.
    7. Jean - Paul Azlam, 2000. "Domestic Competition and Export Performance of manufacturing Firms in Côte d’Ivoire," Economics Series Working Papers WPS/2001-01, University of Oxford, Department of Economics.

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