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Macroeconomic Reforms in the C.F.A. Franc Zone

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  • Jean-Paul AZAM

Abstract

This paper presents a theoretical framework for understanding the reforms that occurred in the CFA franc zone in the 1980s and 1990s, focusing on public debt and the exchange rate. It analyses the real-side adjustment strategy that was adopted initially. It shows how the debt problem and misdirected policy decisions led to the historical devaluation of January 1994, the first since 1948.

Suggested Citation

  • Jean-Paul AZAM, 1996. "Macroeconomic Reforms in the C.F.A. Franc Zone," Working Papers 199615, CERDI.
    • Handle: RePEc:cdi:wpaper:2
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    Cited by:

    1. Jean-Paul Azam & Ousmane Samba-Mamadou, 1997. "La dévaluation des francs CFA et le cours parallèle de la naira," Revue Économique, Programme National Persée, vol. 48(3), pages 461-470.
    2. Stéphane CALIPEL & Sylviane GUILLAUMONT JEANNENEY, 1996. "Les effets de la dévaluation du franc CFA en Côte d'Ivoire selon un modèle d'équilibre général calculable," Working Papers 199638, CERDI.

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