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Competitiveness in the CFA Franc Zone

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  • Charalambos G. Tsangarides
  • Gustavo Ramirez

Abstract

This paper reviews the evolution of competitiveness in the CFA franc zone using a proposed comprehensive competitiveness framework. In particular, we examine competitiveness in the WAEMU and CEMAC regions by analyzing the "environment" and "policy" components of competitiveness and their quantifiable determinants, including indicators to measure productivity and labor market conditions, prices and costs, macroeconomic performance, business environment, governance, and technology and infrastructure. Our findings suggest that despite some recent improvements-particularly for the CEMAC-both regions face serious competitiveness challenges when compared to pier groups of countries. In order to become more competitive, raise growth, and improve the quality of life, there is a need for structural reform to improve productivity, reduce factor costs, and create the right business, legal, and political environment to attract economic activity.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/212.

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Length: 40
Date of creation: 01 Aug 2007
Date of revision:
Handle: RePEc:imf:imfwpa:07/212

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Keywords: Export competitiveness; West African Economic and Monetary Union; Central African Economic and Monetary Community; exchange rate; reer; exchange rates; real effective exchange rate; effective exchange rate; real exchange rate; effective exchange rates; oil exports; export growth; real effective exchange rates; export performance; export prices; export price; export patterns; real exchange rates; nominal effective exchange rate; global competitiveness; merchandise exports; exports of goods; export market; unit labor costs; export market shares; fixed exchange rate; international markets; exchange rate misalignments; export flows; export good; exported good; real exchange rate misalignments; import prices; equilibrium exchange rate; export price index; export diversification; export shares; share of exports; nominal exchange rate; export receipts; increased export; exchange rate indicators; fixed exchange rate regime; oil export; world exports; exchange rate paths; exchange rate misalignment; exchange rate changes; exchange rate regime; total exports; exchange rate policy; exchange rate developments; exchange rate appreciation; exchange rate peg; exchange rate pass; overvalued exchange rate; export developments;

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References

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  1. Ian W. Marsh & Stephen Tokarick, 1994. "Competitiveness Indicators," IMF Working Papers 94/29, International Monetary Fund.
  2. Charalambos G. Tsangarides & Yasser Abdih, 2006. "FEER for the CFA Franc," IMF Working Papers 06/236, International Monetary Fund.
  3. Cashin, Paul & Cespedes, Luis F. & Sahay, Ratna, 2004. "Commodity currencies and the real exchange rate," Journal of Development Economics, Elsevier, vol. 75(1), pages 239-268, October.
  4. Cockburn, J. & Siggel, E. & Coulibaly, M. & Vezina, S., 1998. "Measuring Competitiveness and Its Sources: The Case of Mali's Manufacturing Sector," Equity and Growth through Economic Research 16, EAGER Publication/BHM.
  5. Dominique Desruelle & Alessandro Zanello, 1997. "A Primeron the IMF's Information Notice System," IMF Working Papers 97/71, International Monetary Fund.
  6. Hinkle, Lawrence E. & Monteil, Peter J. (ed.), 1999. "Exchange Rate Misalignment: Concepts and Measurement for Developing Countries," OUP Catalogue, Oxford University Press, number 9780195211269, September.
  7. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501, September.
  8. Ernesto Hernández-Catá & C. A. François, 1998. "The West African Economic and Monetary Union," IMF Occasional Papers 170, International Monetary Fund.
  9. Leslie Lipschitz & Donogh McDonald, 1991. "Real Exchange Rates and Competitiveness," IMF Working Papers 91/25, International Monetary Fund.
  10. Luca Buldorini & Stelios Makrydakis & Christian Thimann, 2002. "The effective exchange rates of the euro," Occasional Paper Series 02, European Central Bank.
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Citations

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Cited by:
  1. Corinne Deléchat & Matthew Gaertner, 2008. "Exchange Rate Assessment in a Resource-Dependent Economy," IMF Working Papers 08/83, International Monetary Fund.
  2. Mahvash Saeed Qureshi, 2008. "Africa's Oil Abundance and External Competitiveness," IMF Working Papers 08/172, International Monetary Fund.
  3. Kuikeu, Oscar, 2011. "Comment la dernière crise financière a relancé le débat relatif à l'arrimage du fcfa à l'euro
    [How the recent financial crisis have revived the debate on the parity between fcfa and euro]
    ," MPRA Paper 32077, University Library of Munich, Germany.

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