Do Currency Unions Deliver More Economic Integration than Fixed Exchange Rates? Evidence from the CFA and the ECCU

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Do Currency Unions Deliver More Economic Integration than Fixed Exchange Rates? Evidence from the CFA and the ECCU

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David Fielding
Kalvinder Shields ()

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Abstract

In this paper we develop a model to identify determinants of macroeconomic integration in the African CFA Franc Zone and in Dollar-pegging Caribbean countries (including members of the East Caribbean Currency Union). These two groups of countries each comprise states using several different local currencies: on the one hand the BCEAO-CFA Franc and the BEAC-CFA Franc (both pegged to the Euro), on the other the ECCU Dollar and other national Dollar-pegged currencies. The purpose of the analysis is to distinguish the effect of monetary union on macroeconomic integration from the effect of pegging to a common OECD currency.

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Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 03/9.

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Date of creation: Mar 2003
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Handle: RePEc:lec:leecon:03/9

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Find related papers by JEL classification:
F15 - International Economics - - Trade - - - Economic Integration
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

This paper has been announced in the following NEP Reports:

NEP-ALL-2003-08-17 (All new papers)
NEP-IFN-2003-08-17 (International Finance)
NEP-RMG-2003-08-17 (Risk Management)

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