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Reserve Pooling in the Eastern Caribbean Currency Union and the CFA Franc Zone

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  • Hazel Selvon
  • Tracy Polius
  • Oral Williams

Abstract

The paper presents a comparison of the gains from the pooling of reserves, and hence reserve variability, in the Eastern Caribbean Currency Union (ECCU) and the CFA franc zone. The results indicate that countries within the ECCU area have achieved greater balance of payments protection than the CFA zone countries from the pooling of reserves. Unanticipated changes in the terms of trade lowered reserves in the CFA relative to the ECCU, which may reflect a greater reliance on primary commodities in the CFA compared with services in the ECCU.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/104.

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Length: 31
Date of creation: 01 Aug 2001
Date of revision:
Handle: RePEc:imf:imfwpa:01/104

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References

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  1. Paul Cashin & Catherine A. Pattillo, 2000. "Terms of Trade Shocks in Africa," IMF Working Papers 00/72, International Monetary Fund.
  2. Seraphin Fouda & David Stasavage, 2000. "The CFA Franc Zone After EMU: Status Quo, Reform, or Dissolution?," The World Economy, Wiley Blackwell, vol. 23(2), pages 221-233, 02.
  3. Stasavage, David, 1997. "The CFA Franc Zone and Fiscal Discipline," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(1), pages 132-67, March.
  4. Hong Liang & C. John McDermott & Paul Cashin, 1999. "How Persistent Are Shocks to World Commodity Prices?," IMF Working Papers 99/80, International Monetary Fund.
  5. Oral Williams & Wayne Sandiford & Aldrin Phipps, 1999. "Banana price shocks and adjustment within a unified currency area," Applied Economics, Taylor & Francis Journals, vol. 31(11), pages 1455-1466.
  6. Ng, Yew-Kwang, 1973. "The Economic Theory of Clubs: Pareto Optimality Conditions," Economica, London School of Economics and Political Science, vol. 40(159), pages 291-98, August.
  7. Hamada, Koichi & Ueda, Kazuo, 1977. "Random Walks and the Theory of the Optimal International Reserves," Economic Journal, Royal Economic Society, vol. 87(348), pages 722-42, December.
  8. John F. O. Bilson & Jacob A. Frenkel, 1979. "Dynamic Adjustment and the Demand for International Reserves," NBER Working Papers 0407, National Bureau of Economic Research, Inc.
  9. Lizondo, JoseSaul & Mathieson, Donald J., 1987. "The stability of the demand for international reserves," Journal of International Money and Finance, Elsevier, vol. 6(3), pages 251-282, September.
  10. Ernesto Hernández-Catá & C. A. François, 1998. "The West African Economic and Monetary Union," IMF Occasional Papers 170, International Monetary Fund.
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Cited by:
  1. Barry Eichengreen, 2006. "Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America?," NBER Working Papers 12451, National Bureau of Economic Research, Inc.
  2. Ran Bi & Prakash Kannan & Suman Sambha Basu, 2010. "Regional Reserve Pooling Arrangements," 2010 Meeting Papers 675, Society for Economic Dynamics.
  3. Romain Veyrune, 2007. "Fixed Exchange Rates and the Autonomy of Monetary Policy," IMF Working Papers 07/34, International Monetary Fund.
  4. Ramkishen Rajan & Reza Siregar & Graham Bird, 2003. "Examining the case for Reserve Pooling in East Asia: Empirical Analysis," Centre for International Economic Studies Working Papers 2003-23, University of Adelaide, Centre for International Economic Studies.
  5. Brahim Razgallah, 2004. "La théorie des ZMO s'applique-t-elle aux pays en développement?," International Finance 0403003, EconWPA.

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