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'Wir sind alle abgewertet !' Zur Anpassungskrise von Währung, Wirtschaft und Gesellschaft in der CFA-Zone
['We are all devalued!' On the adjustment crisis of currency, economy and society in the CFA zone]

Author

Listed:
  • Kohnert, Dirk

Abstract

The CFA zone was for forty years as a self-service shop of the African and French elite in French-speaking Africa. The depreciation of the franc CFA on 11. January 1994 broke the myth of the stability of this currency guaranteed by France, and with it also the world picture of the old guard of francophone politicians and businessmen, the so-called ‘Messieurs Afrique”. The latter were mainly responsible for the crisis in the CFA zone, which - in addition to external causes - is essentially due to internal socioeconomic factors. The decision about the devaluation means a victory for technocrats over the old guard. But this victory is a Pyrrhic victory. It does, however, imply a neglect of economic discussions and decisions; but it destroyed traditional social ties without building new ones, and brought with it the danger of social and political disintegration. Even in the opinion of independent economists, the decision to maintain F CFA's continued commitment to the FF signifies a lost opportunity to develop Africa autonomously.

Suggested Citation

  • Kohnert, Dirk, 1994. "'Wir sind alle abgewertet !' Zur Anpassungskrise von Währung, Wirtschaft und Gesellschaft in der CFA-Zone ['We are all devalued!' On the adjustment crisis of currency, economy and society in the CF," MPRA Paper 82163, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:82163
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    References listed on IDEAS

    as
    1. Kohnert, Dirk & Preuss, Hans-Joachim, 1992. "Vom Camarade zum Monsieur: Strukturanpassung und Demokratisierung in Benin," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 12(46), pages 47-70.
    2. Robert Kappel, 1993. "Future prospects for the CFA Franc Zone," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 28(6), pages 269-278, November.
    3. Yeats, Alexander J., 1989. "Do African countries pay more for imports ?," Policy Research Working Paper Series 265, The World Bank.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Kohnert, Dirk, 2022. "Domination française des marchés en Afrique francophone : Le post-colonialisme à son meilleur ? [French domination of Francophone African markets: Post-colonialism at its finest?]," MPRA Paper 112051, University Library of Munich, Germany.
    2. Kohnert, Dirk, 2022. "French domination of markets in Francophone Africa: Post-colonialism at its finest?," MPRA Paper 112024, University Library of Munich, Germany.

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    More about this item

    Keywords

    F CFA; CFA-zone; devaluation; optimal currency area; West Africa; Central Africa; France; currency politics;
    All these keywords.

    JEL classification:

    • E26 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Informal Economy; Underground Economy
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • N97 - Economic History - - Regional and Urban History - - - Africa; Oceania
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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