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An evaluation of the viability of a single monetary zone in ECOWAS


  • Olawale Ogunkola


Currency convertibility and monetary integration activities of the Economic Community of West African States (ECOWAS) are directed at addressing the problems of multiple currencies and exchange rate changes that are perceived as stumbling blocks to regional integration. A real exchange rate (RER) variability model shows that ECOWAS is closer to a monetary union now than before. As expected, the implementation of structural adjustment programmes (SAPs) by various governments in the subregion has brought about a reasonable level of convergence. However, wide differences still exist between RER shocks facing CFA zone and non-CFA zone West African countries. Further convergence in economic policy and alternatives to dependence on revenues from taxes on international transactions are required for a stable region-wide monetary union in West Africa.

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  • Olawale Ogunkola, 2005. "An evaluation of the viability of a single monetary zone in ECOWAS," Research Papers RP_147, African Economic Research Consortium.
  • Handle: RePEc:aer:rpaper:rp_147

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    Cited by:

    1. Balogun, Emmanuel Dele, 2008. "An alternative reconsideration of macroeconomic convergence criteria for West African Monetary Zone," MPRA Paper 11367, University Library of Munich, Germany.
    2. Balogun, Emmanuel Dele, 2008. "An Empirical Test of Trade Gravity Model Criteria for the West African Monetary Zone (WAMZ)," MPRA Paper 7083, University Library of Munich, Germany.

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