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Central African Economic and Monetary Community (CEMAC): Selected Issues

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  • International Monetary Fund

Abstract

This Selected Issues paper on the Central African Economic and Monetary Community (CEMAC) reviews the evolution of actual and equilibrium real effective exchange rates (REER). The current level of the CEMAC REER is broadly in line with its long-term equilibrium value. The estimation approach herein is subject to certain limitations, some of which are inherent to the literature that tries to estimate the equilibrium REERs. Absolute statements about magnitudes of any possible misalignments should be avoided given the degree of model uncertainty; error bands around estimated equilibrium exchange rates may, in some cases, yield inconclusive results.

Suggested Citation

  • International Monetary Fund, 2005. "Central African Economic and Monetary Community (CEMAC): Selected Issues," IMF Staff Country Reports 2005/390, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2005/390
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    References listed on IDEAS

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    1. Ross Levine & Norman Loayza & Thorsten Beck, 2002. "Financial Intermediation and Growth: Causality and Causes," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084, Central Bank of Chile.
    2. Ms. Françoise Le Gall & Mr. Roland Daumont & François Leroux, 2004. "Banking in Sub-Saharan Africa: What Went Wrong?," IMF Working Papers 2004/055, International Monetary Fund.
    3. Mr. Vassili Prokopenko & Mr. Paul Holden, 2001. "Financial Development and Poverty Alleviation: Issues and Policy Implications for Developing and Transition Countries," IMF Working Papers 2001/160, International Monetary Fund.
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    Cited by:

    1. Magdaléna DRASTICHOVÁ, 2009. "Current and future monetary cooperation with a focus on the possible monetary union of Gulf Cooperation Council," Proceedings of FIKUSZ '09, in: László Áron Kóczy (ed.),Proceedings of FIKUSZ '09, pages 57-69, Óbuda University, Keleti Faculty of Business and Management.
    2. Mr. Charalambos G Tsangarides & Mr. Gustavo Ramirez, 2007. "Competitiveness in the CFA Franc Zone," IMF Working Papers 2007/212, International Monetary Fund.

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