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Eastern and Southern Africa Monetary Integration: A Structural Vector Autoregression Analysis

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Abstract

This paper uses VAR techniques to investigate the potential for forming monetary unions in Eastern and Southern Africa. All countries in the sample are members of various regional economic organizations. Some of the organizations have a monetary union as an immediate objective whereas others consider it as a possibility in the more distant future. Our objective is to sort out which countries are suitable candidates for a monetary union based on the synchronicity of demand and supply disturbances. Although economic shocks are not highly correlated across the entire region, we tentatively identify three sub regional clusters of countries that may benefit from a currency union.

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File URL: http://icepp.gsu.edu/sites/default/files/documents/icepp/wp/ispwp0504.pdf
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Bibliographic Info

Paper provided by International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University in its series International Center for Public Policy Working Paper Series, at AYSPS, GSU with number paper0504.

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Length: 30 pages
Date of creation: 01 Feb 2005
Date of revision:
Handle: RePEc:ays:ispwps:paper0504

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Keywords: Eastern and Southern Africa Monetary Integration: Structural Vector Analysis;

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Cited by:
  1. Omotor, Douglason G. & Niringiye, Aggrey, 2011. "Optimum Currency Area and Shock Asymmetry: A Dynamic Analysis of the West African Monetary Zone (WAMZ)," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 71-82, September.
  2. George S. Tavlas, 2008. "The Benefits and Costs of Monetary Union in Southern Africa: A Critical Survey of the Literature," Working Papers 70, Bank of Greece.
  3. Aziakpono, Meshach & Kleimeier, Stefanie & Sander, Harald, 2007. "Banking Market Integration in the SADC Countries: Evidence from Interest Rate Analyses," Research Memorandum 047, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  4. Raji, Rahman Olanrewaju, 2012. "REAL Exchange Rate Misalignment and Economic Performance of WEST AFRICAN MONETARY ZONE:Implications for macroeconomic unionisation," MPRA Paper 37385, University Library of Munich, Germany.
  5. Carlos Vieira & Isabel Vieira, 2012. "Monetary integration in Eastern and Southern Africa: choosing a currency peg for COMESA," CEFAGE-UE Working Papers 2012_03, University of Evora, CEFAGE-UE (Portugal).
  6. Xavier Debrun & Catherine A. Pattillo & Paul R. Masson, 2010. "Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa," IMF Working Papers 10/157, International Monetary Fund.

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