On the Adequacy of Monetary Arrangements in Sub-Saharian Africa
AbstractWe examine the economic rationale for monetary union(s) in Sub-Saharan Africa through the use of cluster analysis on a sample of 17 countries. The variables used stem from the theory of optimum currency areas and from the fear-of-floating literature. It is found that the existing CFA franc zone cannot be viewed as an optimum currency area: CEMAC and UEMOA countries do not belong to the same clusters, and a 'core' of the UEMOA can be defined on economic grounds. The results support the inclusion of the Gambia, Ghana and Sierra Leone in an extended UEMOA arrangement, or the creation of a separate monetary union with the 'core' of the UEMOA and the Gambia, rather than the creation of a monetary union around Nigeria. Finally, the creation of the West African Monetary Zone (WAMZ) around Nigeria is not supported by the data. Copyright Blackwell Publishing Ltd 2005.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise in its series THEMA Working Papers with number 2003-38.
Date of creation: 2003
Date of revision:
Contact details of provider:
Postal: 33, boulevard du port - 95011 Cergy-Pontoise Cedex
Phone: 33 1 34 25 60 63
Fax: 33 1 34 25 62 33
Web page: http://thema.u-cergy.fr
More information through EDIRC
Other versions of this item:
- Agnès Bénassy-Quéré & Maylis Coupet, 2005. "On the Adequacy of Monetary Arrangements in Sub-Saharan Africa," The World Economy, Wiley Blackwell, vol. 28(3), pages 349-373, 03.
- Agnès Bénassy-Quéré & Maylis Coupet, 2003. "On the Adequacy of Monetary Arrangements in Sub-Saharian Africa," Working Papers 2003-11, CEPII research center.
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Romain Houssa, 2004.
"Monetary Union in West Africa and Asymmetric Shocks: A Dynamic Structural Factor Model Approach,"
Economics Series Working Papers
WPS/2004-17, University of Oxford, Department of Economics.
- Houssa, Romain, 2008. "Monetary union in West Africa and asymmetric shocks: A dynamic structural factor model approach," Journal of Development Economics, Elsevier, vol. 85(1-2), pages 319-347, February.
- Romain Houssa, 2004. "Monetary Union in West Africa and Asymmetric Shocks: A Dynamic Structural Factor Model Approach," Development and Comp Systems 0409063, EconWPA.
- Buigut, Steven & Valev, Neven T., 2009. "Benefits from Mutual Restraint in a Multilateral Monetary Union," World Development, Elsevier, vol. 37(3), pages 585-594, March.
- George S. Tavlas, 2009.
"The Benefits And Costs Of Monetary Union In Southern Africa: A Critical Survey Of The Literature,"
Journal of Economic Surveys,
Wiley Blackwell, vol. 23(1), pages 1-43, 02.
- 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.
- Mahvash Saeed Qureshi & Charalambos G. Tsangarides, 2006.
"What is Fuzzy About Clustering in West Africa?,"
IMF Working Papers
06/90, International Monetary Fund.
- Tsangarides, Charalambos G. & Qureshi, Mahvash Saeed, 2008. "Monetary Union Membership in West Africa: A Cluster Analysis," World Development, Elsevier, vol. 36(7), pages 1261-1279, July.
- Souleymane Coulibaly & Lionel Fontagné, 2006.
"South--South Trade: Geography Matters,"
Journal of African Economies,
Centre for the Study of African Economies (CSAE), vol. 15(2), pages 313-341, June.
- Souleymane COULIBALY & Lionel FONTAGNÉ, 2004. "South-South Trade: Geography Matters," Cahiers de Recherches Economiques du DÃ©partement d'EconomÃ©trie et d'Economie politique (DEEP) 04.07, Université de Lausanne, Faculté des HEC, DEEP.
- Souleymane Coulibaly & Lionel Fontagné, 2004. "South-South Trade : Geography Matters," Cahiers de la Maison des Sciences Economiques bla04041, Université Panthéon-Sorbonne (Paris 1).
- Souleymane Coulibaly & Lionel Fontagné, 2004. "South – South Trade: Geography Matters," Working Papers 2004-08, CEPII research center.
- Simplice A, Asongu, 2012.
"Real and Monetary Policy Convergence: EMU Crisis to the CFA Zone,"
36051, University Library of Munich, Germany.
- Simplice A. Asongu, 2013. "Real and monetary policy convergence: EMU crisis to the CFA zone," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 5(1), pages 20-38, February.
- Asongu Simplice, 2012. "Real and Monetary Policy Convergence: EMU Crisis to the CFA Zone," Working Papers 12/033, African Governance and Development Institute..
- Zhao, Xiaodan & Kim, Yoonbai, 2009. "Is the CFA Franc Zone an Optimum Currency Area?," World Development, Elsevier, vol. 37(12), pages 1877-1886, December.
- Fritz, Barbara & Mühlich, Laurissa, 2007. "South-south monetary integration: the case for a research framework beyond the theory of optimum currency area," Discussion Papers 2007/20, Free University Berlin, School of Business & Economics.
- Issiaka Coulibaly & Blaise Gnimassoun, 2012.
"Optimality of a monetary union : New evidence from exchange rate misalignments in West Africa,"
EconomiX Working Papers
2012-37, University of Paris West - Nanterre la Défense, EconomiX.
- Coulibaly, Issiaka & Gnimassoun, Blaise, 2013. "Optimality of a monetary union: New evidence from exchange rate misalignments in West Africa," Economic Modelling, Elsevier, vol. 32(C), pages 463-482.
- Gilles Duffrenot & Kimiko Sugimoto, 2010. "Pegging the future West African single currency in regard to internal/external competitiveness: a counterfactual analysis," William Davidson Institute Working Papers Series wp974, William Davidson Institute at the University of Michigan.
- Qureshi, Mahvash Saeed & Tsangarides, Charalambos G., 2012. "Hard or Soft Pegs? Choice of Exchange Rate Regime and Trade in Africa," World Development, Elsevier, vol. 40(4), pages 667-680.
- Sampawende Jules Tapsoba, 2011. "Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ?," Working Papers halshs-00554309, HAL.
- repec:ebl:ecbull:v:6:y:2008:i:12:p:1-10 is not listed on IDEAS
- Warin, Thierry & Wunnava, Phanindra V. & Tengia, Optat & Wandschneider, Kirsten, 2009.
"Southern African Economic Integration: Evidence from an Augmented Gravity Model,"
IZA Discussion Papers
4316, Institute for the Study of Labor (IZA).
- Moshi Optat Herman & Kirsten Wandschneider & Thierry Warin & Phanindra Wunnava, 2011. "Southern African Economic Integration: Evidence from an Augmented Gravity Model," The African Finance Journal, Africagrowth Institute, vol. 13(1), pages 1-13.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marion Oury).
If references are entirely missing, you can add them using this form.