Should African monetary unions be expanded? :: an empirical investigation of the scope for monetary integration in Sub-Saharan Africa /
This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities. The...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
2010.
|
| Schriftenreihe: | IMF working paper ;
WP/10/157. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities. The model is calibrated using African data. Simulations indicate that the proposed EAC, ECOWAS, and SADC monetary unions bring about net benefits to some potential members, but modest net gains and sometimes net losses for others. Strengthening domestic macroeconomic frameworks is shown to provide some of the same improvements as monetary integration, reducing the latter's relative attractiveness. |
| Beschreibung: | 1 online resource (68 pages) : color illustrations |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781455283736 1455283738 9781282846296 1282846299 9781455213221 1455213225 |
Internformat
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| 245 | 1 | 0 | |a Should African monetary unions be expanded? : |b an empirical investigation of the scope for monetary integration in Sub-Saharan Africa / |c prepared by Xavier Debrun, Paul R. Masson, and Catherine Pattillo. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c 2010. | ||
| 300 | |a 1 online resource (68 pages) : |b color illustrations | ||
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| 588 | 0 | |a Online resource; title from PDF title page (EBSCO, viewed September 27, 2019) | |
| 504 | |a Includes bibliographical references. | ||
| 520 | 3 | |a This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities. The model is calibrated using African data. Simulations indicate that the proposed EAC, ECOWAS, and SADC monetary unions bring about net benefits to some potential members, but modest net gains and sometimes net losses for others. Strengthening domestic macroeconomic frameworks is shown to provide some of the same improvements as monetary integration, reducing the latter's relative attractiveness. | |
| 546 | |a English. | ||
| 505 | 0 | |a Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Desirability of African Monetary Unions: A Survey; A. Studies of Exogenous Shock Asymmetry; B. Comparison of Macroeconomic Performance and Fiscal Discipline in Currency Unions with other SSA Countries; C. Regional Convergence as a Precondition to Membership; D. Alternatives to the Traditional Approaches; III. A Comprehensive Framework for Evaluating Monetary Unions; A. Modeling Strategy: Combining Credibility and Stabilization Issues; B. Structure of the Model and Equilibrium Policies under Autonomy; 1. The DMP Model. | |
| 505 | 8 | |a C. Institutional Change and the Gains from Monetary UnionsIV. Status of Monetary Union Projects in Africa; A. East African Community (EAC); 1. Importance of EAC Trade by Country, 2007; 2. Inflation Rates Under Alternative Monetary Regimes; 3. Macroeconomic Performance and Convergence under the Primary EAC Criteria; B. Southern African Development Community (SADC); 2. Importance of SADC Trade by Country, 2005; 4. Performance of SADC Member States in Relation to 2008 Convergence Criteria; C. Economic Community of West African States (ECOWAS)/West African Monetary Zone (WAMZ) | |
| 505 | 8 | |a 5. ECOWAS: Patterns of Trade, 20076. East African Community: Selected Indicators, 1994-2005; 7. EAC Monetary Union: Welfare Gains or Losses; 8. SADC Countries: Selected Indicators, 1994-2005; 9. SADC Monetary Union: Welfare Gains or Losses; 10. ECOWAS Countries: Selected Indicators (Averages, 1994-2005); V. The State of Fiscal and Institutional Convergence; 3. Sub-Saharan Africa: Convergence in Central Government Balances; 4. Sub-Saharan Africa: Convergence in Central Government Expenditure; 5. Sub-Saharan Africa: Convergence in Seigniorage (1995-2005) | |
| 505 | 8 | |a 6. Sub-Saharan Africa: Government Effectiveness7. Sub-Saharan Africa: Control of Corruption; 8. Sub-Saharan Africa: Voice and Accountability (1996-2008); VI. Application of the Model to Study the Creation or Selective Expansion of Monetary Unions; A. The EAC; B. SADC; C. ECOWAS; 11. Full ECOWAS Monetary Union: Welfare Gains or Losses; 12. Welfare Gains or Losses from Adding Single Countries to WAEMU; D. Sensitivity to Parameter Values; 13. Sensitivity Analysis: Effect of Halving/Doubling Parameters on Countries; VII. Wider Considerations Affecting the Attractiveness of Monetary Unions. | |
| 650 | 0 | |a Monetary unions |z Africa. | |
| 650 | 0 | |a Monetary policy |z Africa. | |
| 650 | 6 | |a Unions monétaires |z Afrique. | |
| 650 | 6 | |a Politique monétaire |z Afrique. | |
| 650 | 7 | |a Monetary policy |2 fast | |
| 650 | 7 | |a Monetary unions |2 fast | |
| 651 | 7 | |a Africa |2 fast |1 https://id.oclc.org/worldcat/entity/E39PBJkHrMyfHC67yqRTycbrv3 | |
| 700 | 1 | |a Masson, Paul R., |e author. |0 http://id.loc.gov/authorities/names/n83048615 | |
| 700 | 1 | |a Pattillo, Catherine A. |q (Catherine Anne), |e author. |1 https://id.oclc.org/worldcat/entity/E39PCjHYhrHQDGdBRQdfXC79Mq | |
| 710 | 2 | |a International Monetary Fund. |b European Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n86100166 | |
| 710 | 2 | |a International Monetary Fund. |b Strategy, Policy, and Review Department, |e issuing body. |0 http://id.loc.gov/authorities/names/no2009043117 | |
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| 776 | 0 | 8 | |i Print version: |a Debrun, Xavier. |t Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa. |d Washington : International Monetary Fund, ©2010 |z 9781455201402 |
| 830 | 0 | |a IMF working paper ; |v WP/10/157. |0 http://id.loc.gov/authorities/names/no89010263 | |
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| author | Debrun, Xavier Masson, Paul R. Pattillo, Catherine A. (Catherine Anne) |
| author_GND | http://id.loc.gov/authorities/names/nr2001048691 http://id.loc.gov/authorities/names/n83048615 |
| author_facet | Debrun, Xavier Masson, Paul R. Pattillo, Catherine A. (Catherine Anne) |
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| contents | Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Desirability of African Monetary Unions: A Survey; A. Studies of Exogenous Shock Asymmetry; B. Comparison of Macroeconomic Performance and Fiscal Discipline in Currency Unions with other SSA Countries; C. Regional Convergence as a Precondition to Membership; D. Alternatives to the Traditional Approaches; III. A Comprehensive Framework for Evaluating Monetary Unions; A. Modeling Strategy: Combining Credibility and Stabilization Issues; B. Structure of the Model and Equilibrium Policies under Autonomy; 1. The DMP Model. C. Institutional Change and the Gains from Monetary UnionsIV. Status of Monetary Union Projects in Africa; A. East African Community (EAC); 1. Importance of EAC Trade by Country, 2007; 2. Inflation Rates Under Alternative Monetary Regimes; 3. Macroeconomic Performance and Convergence under the Primary EAC Criteria; B. Southern African Development Community (SADC); 2. Importance of SADC Trade by Country, 2005; 4. Performance of SADC Member States in Relation to 2008 Convergence Criteria; C. Economic Community of West African States (ECOWAS)/West African Monetary Zone (WAMZ) 5. ECOWAS: Patterns of Trade, 20076. East African Community: Selected Indicators, 1994-2005; 7. EAC Monetary Union: Welfare Gains or Losses; 8. SADC Countries: Selected Indicators, 1994-2005; 9. SADC Monetary Union: Welfare Gains or Losses; 10. ECOWAS Countries: Selected Indicators (Averages, 1994-2005); V. The State of Fiscal and Institutional Convergence; 3. Sub-Saharan Africa: Convergence in Central Government Balances; 4. Sub-Saharan Africa: Convergence in Central Government Expenditure; 5. Sub-Saharan Africa: Convergence in Seigniorage (1995-2005) 6. Sub-Saharan Africa: Government Effectiveness7. Sub-Saharan Africa: Control of Corruption; 8. Sub-Saharan Africa: Voice and Accountability (1996-2008); VI. Application of the Model to Study the Creation or Selective Expansion of Monetary Unions; A. The EAC; B. SADC; C. ECOWAS; 11. Full ECOWAS Monetary Union: Welfare Gains or Losses; 12. Welfare Gains or Losses from Adding Single Countries to WAEMU; D. Sensitivity to Parameter Values; 13. Sensitivity Analysis: Effect of Halving/Doubling Parameters on Countries; VII. Wider Considerations Affecting the Attractiveness of Monetary Unions. |
| ctrlnum | (OCoLC)694142005 |
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| dewey-ones | 332 - Financial economics |
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| dewey-search | 332.4566096 |
| dewey-sort | 3332.4566096 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| geographic | Africa fast https://id.oclc.org/worldcat/entity/E39PBJkHrMyfHC67yqRTycbrv3 |
| geographic_facet | Africa |
| id | ZDB-4-EBU-ocn694142005 |
| illustrated | Illustrated |
| indexdate | 2024-07-16T15:03:45Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/n86100166 http://id.loc.gov/authorities/names/no2009043117 |
| isbn | 9781455283736 1455283738 9781282846296 1282846299 9781455213221 1455213225 |
| language | English |
| oclc_num | 694142005 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (68 pages) : color illustrations |
| psigel | ZDB-4-EBU |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Debrun, Xavier, author. http://id.loc.gov/authorities/names/nr2001048691 Should African monetary unions be expanded? : an empirical investigation of the scope for monetary integration in Sub-Saharan Africa / prepared by Xavier Debrun, Paul R. Masson, and Catherine Pattillo. [Washington, D.C.] : International Monetary Fund, 2010. 1 online resource (68 pages) : color illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/10/157 Online resource; title from PDF title page (EBSCO, viewed September 27, 2019) Includes bibliographical references. This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities. The model is calibrated using African data. Simulations indicate that the proposed EAC, ECOWAS, and SADC monetary unions bring about net benefits to some potential members, but modest net gains and sometimes net losses for others. Strengthening domestic macroeconomic frameworks is shown to provide some of the same improvements as monetary integration, reducing the latter's relative attractiveness. English. Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Desirability of African Monetary Unions: A Survey; A. Studies of Exogenous Shock Asymmetry; B. Comparison of Macroeconomic Performance and Fiscal Discipline in Currency Unions with other SSA Countries; C. Regional Convergence as a Precondition to Membership; D. Alternatives to the Traditional Approaches; III. A Comprehensive Framework for Evaluating Monetary Unions; A. Modeling Strategy: Combining Credibility and Stabilization Issues; B. Structure of the Model and Equilibrium Policies under Autonomy; 1. The DMP Model. C. Institutional Change and the Gains from Monetary UnionsIV. Status of Monetary Union Projects in Africa; A. East African Community (EAC); 1. Importance of EAC Trade by Country, 2007; 2. Inflation Rates Under Alternative Monetary Regimes; 3. Macroeconomic Performance and Convergence under the Primary EAC Criteria; B. Southern African Development Community (SADC); 2. Importance of SADC Trade by Country, 2005; 4. Performance of SADC Member States in Relation to 2008 Convergence Criteria; C. Economic Community of West African States (ECOWAS)/West African Monetary Zone (WAMZ) 5. ECOWAS: Patterns of Trade, 20076. East African Community: Selected Indicators, 1994-2005; 7. EAC Monetary Union: Welfare Gains or Losses; 8. SADC Countries: Selected Indicators, 1994-2005; 9. SADC Monetary Union: Welfare Gains or Losses; 10. ECOWAS Countries: Selected Indicators (Averages, 1994-2005); V. The State of Fiscal and Institutional Convergence; 3. Sub-Saharan Africa: Convergence in Central Government Balances; 4. Sub-Saharan Africa: Convergence in Central Government Expenditure; 5. Sub-Saharan Africa: Convergence in Seigniorage (1995-2005) 6. Sub-Saharan Africa: Government Effectiveness7. Sub-Saharan Africa: Control of Corruption; 8. Sub-Saharan Africa: Voice and Accountability (1996-2008); VI. Application of the Model to Study the Creation or Selective Expansion of Monetary Unions; A. The EAC; B. SADC; C. ECOWAS; 11. Full ECOWAS Monetary Union: Welfare Gains or Losses; 12. Welfare Gains or Losses from Adding Single Countries to WAEMU; D. Sensitivity to Parameter Values; 13. Sensitivity Analysis: Effect of Halving/Doubling Parameters on Countries; VII. Wider Considerations Affecting the Attractiveness of Monetary Unions. Monetary unions Africa. Monetary policy Africa. Unions monétaires Afrique. Politique monétaire Afrique. Monetary policy fast Monetary unions fast Africa fast https://id.oclc.org/worldcat/entity/E39PBJkHrMyfHC67yqRTycbrv3 Masson, Paul R., author. http://id.loc.gov/authorities/names/n83048615 Pattillo, Catherine A. (Catherine Anne), author. https://id.oclc.org/worldcat/entity/E39PCjHYhrHQDGdBRQdfXC79Mq International Monetary Fund. European Department, issuing body. http://id.loc.gov/authorities/names/n86100166 International Monetary Fund. Strategy, Policy, and Review Department, issuing body. http://id.loc.gov/authorities/names/no2009043117 has work: Should African monetary unions be expanded? (Text) https://id.oclc.org/worldcat/entity/E39PCFKT9qQ3bKYBmY8FcMH7gX https://id.oclc.org/worldcat/ontology/hasWork Print version: Debrun, Xavier. Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa. Washington : International Monetary Fund, ©2010 9781455201402 IMF working paper ; WP/10/157. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2085155 Volltext |
| spellingShingle | Debrun, Xavier Masson, Paul R. Pattillo, Catherine A. (Catherine Anne) Should African monetary unions be expanded? : an empirical investigation of the scope for monetary integration in Sub-Saharan Africa / IMF working paper ; Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Desirability of African Monetary Unions: A Survey; A. Studies of Exogenous Shock Asymmetry; B. Comparison of Macroeconomic Performance and Fiscal Discipline in Currency Unions with other SSA Countries; C. Regional Convergence as a Precondition to Membership; D. Alternatives to the Traditional Approaches; III. A Comprehensive Framework for Evaluating Monetary Unions; A. Modeling Strategy: Combining Credibility and Stabilization Issues; B. Structure of the Model and Equilibrium Policies under Autonomy; 1. The DMP Model. C. Institutional Change and the Gains from Monetary UnionsIV. Status of Monetary Union Projects in Africa; A. East African Community (EAC); 1. Importance of EAC Trade by Country, 2007; 2. Inflation Rates Under Alternative Monetary Regimes; 3. Macroeconomic Performance and Convergence under the Primary EAC Criteria; B. Southern African Development Community (SADC); 2. Importance of SADC Trade by Country, 2005; 4. Performance of SADC Member States in Relation to 2008 Convergence Criteria; C. Economic Community of West African States (ECOWAS)/West African Monetary Zone (WAMZ) 5. ECOWAS: Patterns of Trade, 20076. East African Community: Selected Indicators, 1994-2005; 7. EAC Monetary Union: Welfare Gains or Losses; 8. SADC Countries: Selected Indicators, 1994-2005; 9. SADC Monetary Union: Welfare Gains or Losses; 10. ECOWAS Countries: Selected Indicators (Averages, 1994-2005); V. The State of Fiscal and Institutional Convergence; 3. Sub-Saharan Africa: Convergence in Central Government Balances; 4. Sub-Saharan Africa: Convergence in Central Government Expenditure; 5. Sub-Saharan Africa: Convergence in Seigniorage (1995-2005) 6. Sub-Saharan Africa: Government Effectiveness7. Sub-Saharan Africa: Control of Corruption; 8. Sub-Saharan Africa: Voice and Accountability (1996-2008); VI. Application of the Model to Study the Creation or Selective Expansion of Monetary Unions; A. The EAC; B. SADC; C. ECOWAS; 11. Full ECOWAS Monetary Union: Welfare Gains or Losses; 12. Welfare Gains or Losses from Adding Single Countries to WAEMU; D. Sensitivity to Parameter Values; 13. Sensitivity Analysis: Effect of Halving/Doubling Parameters on Countries; VII. Wider Considerations Affecting the Attractiveness of Monetary Unions. Monetary unions Africa. Monetary policy Africa. Unions monétaires Afrique. Politique monétaire Afrique. Monetary policy fast Monetary unions fast |
| title | Should African monetary unions be expanded? : an empirical investigation of the scope for monetary integration in Sub-Saharan Africa / |
| title_auth | Should African monetary unions be expanded? : an empirical investigation of the scope for monetary integration in Sub-Saharan Africa / |
| title_exact_search | Should African monetary unions be expanded? : an empirical investigation of the scope for monetary integration in Sub-Saharan Africa / |
| title_full | Should African monetary unions be expanded? : an empirical investigation of the scope for monetary integration in Sub-Saharan Africa / prepared by Xavier Debrun, Paul R. Masson, and Catherine Pattillo. |
| title_fullStr | Should African monetary unions be expanded? : an empirical investigation of the scope for monetary integration in Sub-Saharan Africa / prepared by Xavier Debrun, Paul R. Masson, and Catherine Pattillo. |
| title_full_unstemmed | Should African monetary unions be expanded? : an empirical investigation of the scope for monetary integration in Sub-Saharan Africa / prepared by Xavier Debrun, Paul R. Masson, and Catherine Pattillo. |
| title_short | Should African monetary unions be expanded? : |
| title_sort | should african monetary unions be expanded an empirical investigation of the scope for monetary integration in sub saharan africa |
| title_sub | an empirical investigation of the scope for monetary integration in Sub-Saharan Africa / |
| topic | Monetary unions Africa. Monetary policy Africa. Unions monétaires Afrique. Politique monétaire Afrique. Monetary policy fast Monetary unions fast |
| topic_facet | Monetary unions Africa. Monetary policy Africa. Unions monétaires Afrique. Politique monétaire Afrique. Monetary policy Monetary unions Africa |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2085155 |
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