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Currency Unions and International Integration: Evidence from the CFA and the ECCU

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  • David Fielding

    ()

  • Kalvinder Shields

Abstract

In this paper we develop a model to identify real exchange rate and output shocks 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 BCEAOCFA 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.

Suggested Citation

  • David Fielding & Kalvinder Shields, 2001. "Currency Unions and International Integration: Evidence from the CFA and the ECCU," Discussion Papers in Economics 02/8, Department of Economics, University of Leicester.
  • Handle: RePEc:lec:leecon:02/8
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    File URL: http://www.le.ac.uk/economics/research/RePEc/lec/leecon/econ02-8.pdf
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    Keywords

    Currency Unions; International Integration;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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