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Reserve Pooling in the Eastern Caribbean Currency Union and the CFA Franc Zone: A Comparative Analysis

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Author Info
Oral Williams
Tracy Polius
Hazel Selvon
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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Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/104.

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Length: 30 pages
Date of creation: 31 Aug 2001
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Handle: RePEc:imf:imfwpa:01/104

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Related research
Keywords: Monetary reserves ; Eastern Caribbean Currency Union ; CFA franc ;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. C. A. François & Ernesto Hernández-Catá, 1998. "The West African Economic and Monetary Union: Recent Developments and Policy Issues," IMF Occasional Papers 170, International Monetary Fund.
  2. Paul Cashin & Catherine A. Pattillo, 2000. "Terms of Trade Shocks in Africa - Are They Short-Lived or Long-Lived?," IMF Working Papers 00/72, International Monetary Fund.
    Other versions:
  3. Seraphin Fouda & David Stasavage, 2000. "The CFA Franc Zone After EMU: Status Quo, Reform, or Dissolution?," The World Economy, Blackwell Publishing, vol. 23(2), pages 221-233, 02. [Downloadable!] (restricted)
  4. Stasavage, David, 1997. "The CFA Franc Zone and Fiscal Discipline," Journal of African Economies, Oxford University Press, vol. 6(1), pages 132-67, March.
  5. 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. [Downloadable!] (restricted)
  6. 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. [Downloadable!] (restricted)
  7. Williams, Oral & Sandiford, Wayne & Phipps, Aldrin, 1999. "Banana Price Shocks and Adjustment within a Unified Currency Area," Applied Economics, Taylor and Francis Journals, vol. 31(11), pages 1455-66, November. [Downloadable!] (restricted)
  8. Paul Cashin & Hong Liang & C. John McDermott, 1999. "How Persistent Are Shocks to World Commodity Prices?," IMF Working Papers 99/80, International Monetary Fund.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Barry Eichengreen, 2007. "Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America?," Open Economies Review, Springer, vol. 18(1), pages 27-52, February. [Downloadable!] (restricted)
    Other versions:
  2. Brahim Razgallah, 2004. "La théorie des ZMO s'applique-t-elle aux pays en développement?," International Finance 0403003, EconWPA. [Downloadable!]
  3. Romain Veyrune, 2007. "Fixed Exchange Rates and the Autonomy of Monetary Policy: The Franc Zone Case," IMF Working Papers 07/34, International Monetary Fund. [Downloadable!]
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