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Prospects of African Integration in Light of the Theory of Optimum Currency Areas

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Author Info

  • Horváth, Július

    ()
    (Southern Illinois University and CERGE-EI, Pragu)

  • Grabowski, Richard

    (Southern Illinois University)

Abstract

This paper empirically addresses the question of the prospects of integration among African states in light of Mundell’s theory of optimum currency areas. The symmetry and asymmetry of shocks affecting African countries is measured by a structural vector autoregression decomposition method developed by Blan - chard and Quah [1989] and Bayoumi and Eichengreen [1992]. The results indicate that the scope for such integration is quite limited. Asymmetry of supply shocks prevails throughout Africa and especially in its Eastern part. On the other hand, we found that there are groups of countries in Northern Africa, Western Africa and Southern Africa which share symmetric demand shocks.

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Bibliographic Info

Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

Volume (Year): 12 (1997)
Issue (Month): ()
Pages: 1-25

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Handle: RePEc:ris:integr:0036

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Web page: http://econo.sejong.ac.kr/
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Related research

Keywords: African; Integration;

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Cited by:
  1. Horvath, Julius & Ratfai, Attila, 2004. "Supply and demand shocks in accession countries to the Economic and Monetary Union," Journal of Comparative Economics, Elsevier, vol. 32(2), pages 202-211, June.
  2. Mkenda, Beatrice Kalinda, 2001. "Is East Africa an Optimum Currency Area?," Working Papers in Economics 41, University of Gothenburg, Department of Economics.
  3. Adom, Assandé Désiré & Sharma, Subhash C. & Morshed, A.K.M. Mahbub, 2010. "Economic integration in Africa," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(3), pages 245-253, August.
  4. Horvath, Julius, 2003. "Optimum currency area theory: A selective review," BOFIT Discussion Papers 15/2003, Bank of Finland, Institute for Economies in Transition.

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