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Toward a Monetary Union in the East African Community: Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Author

Listed:
  • Mr. Paulo Drummond
  • Mr. Ari Aisen
  • Mr. Emre Alper
  • Ms. Ejona Fuli
  • Mr. Sébastien Walker

Abstract

This paper examines how susceptible East African Community (EAC) economies are to asymmetric shocks, assesses the value of the exchange rate as a shock absorber for these countries, and reviews adjustment mechanisms that would help ensure a successful experience under a common currency. The report draws on analysis of recent experiences and examines likely future changes in the EAC economies.

Suggested Citation

  • Mr. Paulo Drummond & Mr. Ari Aisen & Mr. Emre Alper & Ms. Ejona Fuli & Mr. Sébastien Walker, 2015. "Toward a Monetary Union in the East African Community: Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms," IMF Departmental Papers / Policy Papers 2015/008, International Monetary Fund.
    • Handle: RePEc:imf:imfdps:2015/008
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