Macroeconomic Convergence in Southern Africa: The Rand Zone Experience
In this paper we aim to answer the following two questions: 1) has the Common Monetary Area in Southern Africa (henceforth CMA) ever been an optimal currency area (OCA)? 2) What are the costs and benefits of the CMA for its participating countries? In order to answer these questions, we carry out a...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2003
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| Schriftenreihe: | OECD Development Centre Working Papers
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| Schlagworte: | |
| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | In this paper we aim to answer the following two questions: 1) has the Common Monetary Area in Southern Africa (henceforth CMA) ever been an optimal currency area (OCA)? 2) What are the costs and benefits of the CMA for its participating countries? In order to answer these questions, we carry out a two-step econometric exercise based on the theory of generalised purchasing power parity (G-PPP). The econometric evidence shows that the CMA (but also Botswana as a de facto member) form an OCA given the existence of common long-run trends in their bilateral real exchange rates. Second, we also test that in the case of the CMA and Botswana the smoothness of the operation of the common currency area - measured through the degree of relative price correlation - depends on a variety of factors. These factors signal both the advantages and disadvantages of joining a monetary union. On the one hand, the more open and more similarly diversified the economies are, the higher the benefits they ... |
| Beschreibung: | 1 Online-Ressource (40 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/731274772335 |
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| spelling | Grandes, Martin Verfasser aut Macroeconomic Convergence in Southern Africa The Rand Zone Experience Martin Grandes Paris OECD Publishing 2003 1 Online-Ressource (40 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Development Centre Working Papers In this paper we aim to answer the following two questions: 1) has the Common Monetary Area in Southern Africa (henceforth CMA) ever been an optimal currency area (OCA)? 2) What are the costs and benefits of the CMA for its participating countries? In order to answer these questions, we carry out a two-step econometric exercise based on the theory of generalised purchasing power parity (G-PPP). The econometric evidence shows that the CMA (but also Botswana as a de facto member) form an OCA given the existence of common long-run trends in their bilateral real exchange rates. Second, we also test that in the case of the CMA and Botswana the smoothness of the operation of the common currency area - measured through the degree of relative price correlation - depends on a variety of factors. These factors signal both the advantages and disadvantages of joining a monetary union. On the one hand, the more open and more similarly diversified the economies are, the higher the benefits they ... Development https://doi.org/10.1787/731274772335 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Grandes, Martin Macroeconomic Convergence in Southern Africa The Rand Zone Experience Development |
| title | Macroeconomic Convergence in Southern Africa The Rand Zone Experience |
| title_auth | Macroeconomic Convergence in Southern Africa The Rand Zone Experience |
| title_exact_search | Macroeconomic Convergence in Southern Africa The Rand Zone Experience |
| title_exact_search_txtP | Macroeconomic Convergence in Southern Africa The Rand Zone Experience |
| title_full | Macroeconomic Convergence in Southern Africa The Rand Zone Experience Martin Grandes |
| title_fullStr | Macroeconomic Convergence in Southern Africa The Rand Zone Experience Martin Grandes |
| title_full_unstemmed | Macroeconomic Convergence in Southern Africa The Rand Zone Experience Martin Grandes |
| title_short | Macroeconomic Convergence in Southern Africa |
| title_sort | macroeconomic convergence in southern africa the rand zone experience |
| title_sub | The Rand Zone Experience |
| topic | Development |
| topic_facet | Development |
| url | https://doi.org/10.1787/731274772335 |
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