The Monetary Geography Of Africa

Author : Paul R. Masson
Publisher : Rowman & Littlefield
ISBN 13 : 9780815797531
Total Pages : 248 pages
Book Rating : 4.32/5 ( download)

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Download or read book The Monetary Geography of Africa written by Paul R. Masson and published by Rowman & Littlefield. This book was released on 2004-11-30 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa is working toward the goal of creating a common currency that would serve as a symbol of African unity. The advantages of a common currency include lower transaction costs, increased stability, and greater insulation of central banks from pressures to provide monetary financing. Disadvantages relate to asymmetries among countries, especially in their terms of trade and in the degree of fiscal discipline. More disciplined countries will not want to form a union with countries whose excessive spending puts upward pressure on the central bank's monetary expansion. In T he Monetary Geography of Africa, Paul Masson and Catherine Pattillo review the history of monetary arrangements on the continent and analyze the current situation and prospects for further integration. They apply lessons from both experience and theory that lead to a number of conclusions. To begin with, West Africa faces a major problem because Nigeria has both asymmetric terms of trade—it is a large oil exporter while its potential partners are oil importers—and most important, large fiscal imbalances. Secondly, a monetary union among all eastern or southern African countries seems infeasible at this stage, since a number of countries suffer from the effects of civil conflicts and drought and are far from achieving the macroeconomic stability of South Africa. Lastly, the plan by Kenya, Tanzania, and Uganda to create a common currency seems to be generally compatible with other initiatives that could contribute to greater regional solidarity. However, economic gains would likely favor Kenya, which, unlike the other two countries, has substantial exports to its neighbors, and this may constrain the political will needed to proceed. A more promising strategy for monetary integration would be to build on existing monetary unions—the CFA franc zone in western and central Africa and the Common Monetary Area in southern Africa. Masson and Pattillo argue that the goal of a creating a s

Author :
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ISBN 13 :
Total Pages : pages
Book Rating : 4.84/5 ( download)

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Download or read book The Monetary Geography of Africa written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Fabrizio Carmignani
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.40/5 ( download)

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Download or read book Endogenous Optimal Currency Areas written by Fabrizio Carmignani and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Central African Economic and Monetary Community (CAEMC) has been a monetary union for several decades now. According to the hypothesis of endogenous optimal currency areas (OCA), the degree of business cycles synchronization across its member states should be significantly higher today than 40 years ago. Investigating the empirical validity of this hypothesis is important in the context of the African economic integration process. If currency unions are endogenous, then quick monetary integration is a worthwhile option that can be used to accelerate economic integration. On the contrary, if currency unions were not endogenous, then a speedy monetary unification would not benefit countries collectively and might therefore jeopardize the whole regional integration initiative. This paper assesses the endogeneity of CAEMC as an OCA by examining the cross-country synchronization of business cycles along three statistical dimensions: bilateral correlation of cyclical co-movements, similarity of cycle statistical properties, and concordance of cyclical phases. Its innovative contribution is threefold. First, it provides a direct test of the endogeneity hypothesis on a specific currency union. Most previous studies instead rely on panel estimates of global datasets. Second, it expands the existing literature on the monetary geography of Africa. Indeed, there are several papers that study whether or not specific African regions are OCA. However, these papers generally look at the ex-ante conditions for optimality, leaving the issue of endogeneity of OCA criteria unexplored. The paper fills in this gap. Third, the paper presents a business cycle chronology for the six CAEMC members, thus opening up new opportunities to understand the cyclical characterization of economic systems and policies in the region"--Abstract.

Author : Xavier Debrun
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.19/5 ( download)

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Download or read book Monetary Union in West Africa written by Xavier Debrun and published by . This book was released on 2002 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a multicountry model in which governments aim at excessive spending in order to serve the narrow interests of the group in power. This puts pressure on the monetary authorities to extract seigniorage, and thus affects the incentives countries would have to participate in a monetary union. This feature, ignored by the monetary union literature for Europe, is potentially important in Africa. We calibrate the model to data for West Africa and use it to assess proposed ECOWAS monetary unions. We conclude that monetary union with Nigeria would not be in the interests of other ECOWAS countries, unless it were accompanied by effective discipline over Nigeria's fiscal policies.

Author : CAITLIN. FINLAYSON
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.97/5 ( download)

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Download or read book WORLD REGIONAL GEOGRAPHY. (PRODUCT ID 23958336). written by CAITLIN. FINLAYSON and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264222359
Total Pages : 254 pages
Book Rating : 4.59/5 ( download)

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Download or read book West African Studies An Atlas of the Sahara-Sahel Geography, Economics and Security written by OECD and published by OECD Publishing. This book was released on 2014-12-19 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains the structure and geographical and organisational mobility of criminal and migratory movements in the Sahara and the Sahel with a view to helping establish better development strategies for the region.

Author : Jeffrey Sachs
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.12/5 ( download)

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Download or read book The Geography of Economic Development written by Jeffrey Sachs and published by . This book was released on 2000 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : John Parker
Publisher : Oxford University Press, USA
ISBN 13 : 0192802488
Total Pages : 185 pages
Book Rating : 4.84/5 ( download)

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Download or read book African History: A Very Short Introduction written by John Parker and published by Oxford University Press, USA. This book was released on 2007-03-22 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intended for those interested in the African continent and the diversity of human history, this work looks at Africa's past and reflects on the changing ways it has been imagined and represented. It illustrates key themes in modern thinking about Africa's history with a range of historical examples.

Author : Fanny Pigeaud
Publisher :
ISBN 13 : 9781786806680
Total Pages : 0 pages
Book Rating : 4.81/5 ( download)

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Download or read book Africa's Last Colonial Currency written by Fanny Pigeaud and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Colonialism persists in many African countries due to the continuation of imperial monetary policy. This is the little-known account of the CFA Franc and economic imperialism. The CFA Franc was created in 1945, binding fourteen African states and split into two monetary zones. Why did French colonial authorities create it and how does it work? Why was independence not extended to monetary sovereignty for former French colonies? Through an exploration of the genesis of the currency and an examination of how the economic system works, the authors seek to answer these questions and more. As protests against the colonial currency grow, the need for myth-busting on the CFA Franc is vital and this expose of colonial infrastructure proves that decolonisation is unfinished business.

Author : Steven Langdon
Publisher : Routledge
ISBN 13 : 1317427300
Total Pages : 941 pages
Book Rating : 4.08/5 ( download)

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Download or read book African Economic Development written by Steven Langdon and published by Routledge. This book was released on 2018-03-05 with total page 941 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sub-Saharan Africa is at a turning point. The barriers to economic growth seen in the 1980-2000 era are disappearing and new optimism is spreading. However, difficult goals of eliminating poverty, achieving equity and overcoming environmental threats continue. This much-needed and insightful textbook has been written to help us understand this combination of emerging improvements and significant challenges. Opening with an analysis of the main theories relating to development in Sub-Saharan Africa, the book explores all the key issues, including: Human development; Rapid urbanization; Structural and gender dimensions; Sustainable development and environmental issues; and Africa’s role in the world economy. The authors use economic tools and concepts throughout, in a way that makes them accessible to students without an economics background. Readers are also aided by a wide range of case studies, on-the-ground examples and statistical information, which provide a detailed analysis of each topic. This text is also accompanied by an e-resource, featuring additional sources for students and instructors. African Economic Development is a clear and comprehensive textbook suitable for courses on African economic development, development economics, African studies and development studies.