Author: Patrick Honohan
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 54
Book Description
In post-independence sub-Saharan Africa, institutional arrangements for monetary policy have taken a variety of forms, although the historical evolution of many African financial systems has been similar. This paper identifies five different regimes and examines how they evolved over time. It focuses on how the alternative institutional arrangements have influenced the performance of monetary policy under fiscal pressure, and concludes that, although the trend appears to be toward more flexible regimes, the transition to greater flexibility can exacerbate problems of credibility and of macroeconomic management.
Contrasting Monetary Regimes in Africa
Author: Patrick Honohan
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 54
Book Description
In post-independence sub-Saharan Africa, institutional arrangements for monetary policy have taken a variety of forms, although the historical evolution of many African financial systems has been similar. This paper identifies five different regimes and examines how they evolved over time. It focuses on how the alternative institutional arrangements have influenced the performance of monetary policy under fiscal pressure, and concludes that, although the trend appears to be toward more flexible regimes, the transition to greater flexibility can exacerbate problems of credibility and of macroeconomic management.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 54
Book Description
In post-independence sub-Saharan Africa, institutional arrangements for monetary policy have taken a variety of forms, although the historical evolution of many African financial systems has been similar. This paper identifies five different regimes and examines how they evolved over time. It focuses on how the alternative institutional arrangements have influenced the performance of monetary policy under fiscal pressure, and concludes that, although the trend appears to be toward more flexible regimes, the transition to greater flexibility can exacerbate problems of credibility and of macroeconomic management.
The Monetary Geography of Africa
Author: Paul R. Masson
Publisher: Rowman & Littlefield
ISBN: 9780815797531
Category : Business & Economics
Languages : en
Pages : 248
Book Description
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
Publisher: Rowman & Littlefield
ISBN: 9780815797531
Category : Business & Economics
Languages : en
Pages : 248
Book Description
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
Monetary and Financial Systems in Africa
Author: Aloysius Ajab Amin
Publisher: Springer Nature
ISBN: 3030962253
Category : Business & Economics
Languages : en
Pages : 449
Book Description
This book provides an overview of the monetary and financial systems seen in Africa. The issues related to these systems are examined to help evaluate their effectiveness in fostering the development of African economies. Economic integration is extensively discussed to highlight variations between different parts of Africa and the specific challenges seen within certain regions. The impact of monetary unions, in particular the CFA franc zone, on economic activities is also explored. This book aims to outline how sustainable development can be achieved in Africa through well-developed financial and monetary institutions and policies. It will be relevant to students, academics and policy makers interested in African and development economics.
Publisher: Springer Nature
ISBN: 3030962253
Category : Business & Economics
Languages : en
Pages : 449
Book Description
This book provides an overview of the monetary and financial systems seen in Africa. The issues related to these systems are examined to help evaluate their effectiveness in fostering the development of African economies. Economic integration is extensively discussed to highlight variations between different parts of Africa and the specific challenges seen within certain regions. The impact of monetary unions, in particular the CFA franc zone, on economic activities is also explored. This book aims to outline how sustainable development can be achieved in Africa through well-developed financial and monetary institutions and policies. It will be relevant to students, academics and policy makers interested in African and development economics.
Our Continent, Our Future
Author: P. Thandika Mkandawire
Publisher: IDRC
ISBN: 155250204X
Category : Political Science
Languages : en
Pages : 192
Book Description
Our Continent, Our Future presents the emerging African perspective on this complex issue. The authors use as background their own extensive experience and a collection of 30 individual studies, 25 of which were from African economists, to summarize this African perspective and articulate a path for the future. They underscore the need to be sensitive to each country's unique history and current condition. They argue for a broader policy agenda and for a much more active role for the state within what is largely a market economy. Finally, they stress that Africa must, and can, compete in an increasingly globalized world and, perhaps most importantly, that Africans must assume the leading role in defining the continent's development agenda.
Publisher: IDRC
ISBN: 155250204X
Category : Political Science
Languages : en
Pages : 192
Book Description
Our Continent, Our Future presents the emerging African perspective on this complex issue. The authors use as background their own extensive experience and a collection of 30 individual studies, 25 of which were from African economists, to summarize this African perspective and articulate a path for the future. They underscore the need to be sensitive to each country's unique history and current condition. They argue for a broader policy agenda and for a much more active role for the state within what is largely a market economy. Finally, they stress that Africa must, and can, compete in an increasingly globalized world and, perhaps most importantly, that Africans must assume the leading role in defining the continent's development agenda.
The Oxford Handbook of Africa and Economics
Author: Célestin Monga
Publisher: Oxford University Press
ISBN: 0191510742
Category : Business & Economics
Languages : en
Pages : 1125
Book Description
A popular myth about the travails of Africa holds that the continent's long history of poor economic performance reflects the inability of its leaders and policymakers to fulfill the long list of preconditions to be met before sustained growth can be achieved. These conditions are said to vary from the necessary quantity and quality of physical and human capital to the appropriate institutions and business environments. While intellectually charming and often elegantly formulated, that conventional wisdom is actually contradicted by historical evidence and common sense. It also suggests a form of intellectual mimicry that posits a unique path to prosperity for all countries regardless of their level of development and economic structure. In fact, the argument underlining that reasoning is tautological, and the policy prescriptions derived from it are fatally teleological: low-income countries are by definition those where such ingredients are missing. None of today's high-income countries started its growth process with the "required" and complete list of growth ingredients. Unless one truly believes that the continent of Africa-and most developing countries-are ruled predominantly if not exclusively by plutocrats with a high propensity for sadomasochism, the conventional view must be re-examined, debated, and questioned. This volume-the second of the ^lOxford Handbook of Africa and Economics-reassesses the economic policies and practices observed across the continent since independence. It offers a collection of analyses by some of the leading economists and development thinkers of our time, and reflects a wide range of perspectives and viewpoints. Africa's emergence as a potential economic powerhouse in the years and decades ahead amply justifies the scope and ambition of the book.
Publisher: Oxford University Press
ISBN: 0191510742
Category : Business & Economics
Languages : en
Pages : 1125
Book Description
A popular myth about the travails of Africa holds that the continent's long history of poor economic performance reflects the inability of its leaders and policymakers to fulfill the long list of preconditions to be met before sustained growth can be achieved. These conditions are said to vary from the necessary quantity and quality of physical and human capital to the appropriate institutions and business environments. While intellectually charming and often elegantly formulated, that conventional wisdom is actually contradicted by historical evidence and common sense. It also suggests a form of intellectual mimicry that posits a unique path to prosperity for all countries regardless of their level of development and economic structure. In fact, the argument underlining that reasoning is tautological, and the policy prescriptions derived from it are fatally teleological: low-income countries are by definition those where such ingredients are missing. None of today's high-income countries started its growth process with the "required" and complete list of growth ingredients. Unless one truly believes that the continent of Africa-and most developing countries-are ruled predominantly if not exclusively by plutocrats with a high propensity for sadomasochism, the conventional view must be re-examined, debated, and questioned. This volume-the second of the ^lOxford Handbook of Africa and Economics-reassesses the economic policies and practices observed across the continent since independence. It offers a collection of analyses by some of the leading economists and development thinkers of our time, and reflects a wide range of perspectives and viewpoints. Africa's emergence as a potential economic powerhouse in the years and decades ahead amply justifies the scope and ambition of the book.
Yes, Africa Can
Author: Punam Chuhan-Pole
Publisher: World Bank Publications
ISBN: 0821387456
Category : Business & Economics
Languages : en
Pages : 497
Book Description
Takes an in-depth look at twenty-six economic and social development successes in Sub-Saharan African countries, and addresses how these countries have overcome major developmental challenges.
Publisher: World Bank Publications
ISBN: 0821387456
Category : Business & Economics
Languages : en
Pages : 497
Book Description
Takes an in-depth look at twenty-six economic and social development successes in Sub-Saharan African countries, and addresses how these countries have overcome major developmental challenges.
Financing Africa
Author: Samuel Munzele Maimbo
Publisher: World Bank Publications
ISBN: 0821387979
Category : Business & Economics
Languages : en
Pages : 325
Book Description
Financing Africa takes stock of Africa's financial systems in light of recent changes in the global financial system --including the greater risk aversion of international investors, a shift in economic and financial powers towards emerging markets and the regulatory reform debate - and the increasing role of technology. Using a wider and more detailed array of data than previous publications, we observe a trend towards financial deepening, more stability and more inclusion leading up to the crisis; serious challenges, however, continue, including limited access to financial services, focus on short-term contracts and hidden fragility, related to weak regulatory frameworks, undue government interference and governance deficiencies. Our policy analysis therefore focuses on (i) expanding outreach, (ii) fostering long-term finance and (iii) improving regulation and supervision. We identify the positive role of innovation and competition, a stronger focus on non-traditional financial service providers, and more emphasis on demand-side constraints as priority areas for policy actions. Specifically, competition from new players outside the banking system, including telecomm companies can increase outreach with technological innovation that changes the economics of retail finance. Moving beyond national stock exchanges that are not sustainable in most African countries towards regional solutions and over-the-counter trades can help foster long-term finance, as can addressing governance challenges in contractual savings institutions, including life insurance companies and pension funds. Finally, there is a need to look beyond supply-side constraints towards users of financial services, focusing more on financial literacy of households and firms, but also consumer protection. In formulating policy messages, we carefully distinguish between different country groupings, differentiating -- among others -- between low- and middle-income and small and larger economies, with a special focus on resource-based economies and post-conflict countries. This book reaches out to both policy makers concerned about a more inclusive and effective financial system and other stakeholders, including practitioners and development partners. With this book we aim to contribute to the on-going financial sector debate on Africa, with the ultimate goal of faster economic development and poverty reduction.
Publisher: World Bank Publications
ISBN: 0821387979
Category : Business & Economics
Languages : en
Pages : 325
Book Description
Financing Africa takes stock of Africa's financial systems in light of recent changes in the global financial system --including the greater risk aversion of international investors, a shift in economic and financial powers towards emerging markets and the regulatory reform debate - and the increasing role of technology. Using a wider and more detailed array of data than previous publications, we observe a trend towards financial deepening, more stability and more inclusion leading up to the crisis; serious challenges, however, continue, including limited access to financial services, focus on short-term contracts and hidden fragility, related to weak regulatory frameworks, undue government interference and governance deficiencies. Our policy analysis therefore focuses on (i) expanding outreach, (ii) fostering long-term finance and (iii) improving regulation and supervision. We identify the positive role of innovation and competition, a stronger focus on non-traditional financial service providers, and more emphasis on demand-side constraints as priority areas for policy actions. Specifically, competition from new players outside the banking system, including telecomm companies can increase outreach with technological innovation that changes the economics of retail finance. Moving beyond national stock exchanges that are not sustainable in most African countries towards regional solutions and over-the-counter trades can help foster long-term finance, as can addressing governance challenges in contractual savings institutions, including life insurance companies and pension funds. Finally, there is a need to look beyond supply-side constraints towards users of financial services, focusing more on financial literacy of households and firms, but also consumer protection. In formulating policy messages, we carefully distinguish between different country groupings, differentiating -- among others -- between low- and middle-income and small and larger economies, with a special focus on resource-based economies and post-conflict countries. This book reaches out to both policy makers concerned about a more inclusive and effective financial system and other stakeholders, including practitioners and development partners. With this book we aim to contribute to the on-going financial sector debate on Africa, with the ultimate goal of faster economic development and poverty reduction.
Regional Integration in West Africa
Author: Eswar Prasad
Publisher: Brookings Institution Press
ISBN: 0815738544
Category : Business & Economics
Languages : en
Pages : 203
Book Description
" Assessing the potential benefits and risks of a currency union Leaders of the fifteen-member Economic Community of West African States (ECOWAS) have set a goal of achieving a monetary and currency union by late 2020. Although some progress has been made toward achieving this ambitious goal, major challenges remain if the region is to realize the necessary macroeconomic convergence and establish the required institutional framework in a relatively short period of time. The proposed union offers many potential benefits, especially for countries with historically high inflation rates and weak central banks. But, as implementation of the euro over the past two decades has shown, folding multiple currencies, representing disparate economies, into a common union comes with significant costs, along with operational challenges and transitional risks. All these potential negatives must be considered carefully by ECOWAS leaders seeking tomeet a self-imposed deadline. This book, by two leading experts on economics and Africa, makes a significant analytical contribution to the debates now under way about how ECOWAS could achieve and manage its currency union, andthe ramifications for the African continent. "
Publisher: Brookings Institution Press
ISBN: 0815738544
Category : Business & Economics
Languages : en
Pages : 203
Book Description
" Assessing the potential benefits and risks of a currency union Leaders of the fifteen-member Economic Community of West African States (ECOWAS) have set a goal of achieving a monetary and currency union by late 2020. Although some progress has been made toward achieving this ambitious goal, major challenges remain if the region is to realize the necessary macroeconomic convergence and establish the required institutional framework in a relatively short period of time. The proposed union offers many potential benefits, especially for countries with historically high inflation rates and weak central banks. But, as implementation of the euro over the past two decades has shown, folding multiple currencies, representing disparate economies, into a common union comes with significant costs, along with operational challenges and transitional risks. All these potential negatives must be considered carefully by ECOWAS leaders seeking tomeet a self-imposed deadline. This book, by two leading experts on economics and Africa, makes a significant analytical contribution to the debates now under way about how ECOWAS could achieve and manage its currency union, andthe ramifications for the African continent. "
Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union
Author: Mr.Philipp C. Rother
Publisher: International Monetary Fund
ISBN: 1451967624
Category : Business & Economics
Languages : en
Pages : 26
Book Description
Regional monetary integration, financial liberalization, and the adoption of indirect policy instruments have changed the conditions for monetary policy in the West African Economic and Monetary Union (WAEMU). The stability of money demand has become a crucial element for monetary policy. This paper presents empirical money demand estimations for regional monetary aggregates and analyzes their stability and forecast performance. The estimations result in a stable relationship for narrow money (M1). Consequently, the region’;s central bank, the BCEAO, can continue to conduct monetary policy in line with the fixed exchange rate system if it succeeds in maintaining financial stability.
Publisher: International Monetary Fund
ISBN: 1451967624
Category : Business & Economics
Languages : en
Pages : 26
Book Description
Regional monetary integration, financial liberalization, and the adoption of indirect policy instruments have changed the conditions for monetary policy in the West African Economic and Monetary Union (WAEMU). The stability of money demand has become a crucial element for monetary policy. This paper presents empirical money demand estimations for regional monetary aggregates and analyzes their stability and forecast performance. The estimations result in a stable relationship for narrow money (M1). Consequently, the region’;s central bank, the BCEAO, can continue to conduct monetary policy in line with the fixed exchange rate system if it succeeds in maintaining financial stability.
Research Handbook on Central Banking
Author: Peter Conti-Brown
Publisher: Edward Elgar Publishing
ISBN: 1784719226
Category : Banks and banking, Central
Languages : en
Pages : 589
Book Description
Central banks occupy a unique space in their national governments and in the global economy. The study of central banking however, has too often been dominated by an abstract theoretical approach that fails to grasp central banks’ institutional nuances. This comprehensive and insightful Handbook, takes a wider angle on central banks and central banking, focusing on the institutions of central banking. By 'institutions', Peter Conti-Brown and Rosa Lastra refer to the laws, traditions, norms, and rules used to structure central bank organisations. The Research Handbook on Central Banking’s institutional approach is one of the most interdisciplinary efforts to consider its topic, and includes chapters from leading and rising central bankers, economists, lawyers, legal scholars, political scientists, historians, and others.
Publisher: Edward Elgar Publishing
ISBN: 1784719226
Category : Banks and banking, Central
Languages : en
Pages : 589
Book Description
Central banks occupy a unique space in their national governments and in the global economy. The study of central banking however, has too often been dominated by an abstract theoretical approach that fails to grasp central banks’ institutional nuances. This comprehensive and insightful Handbook, takes a wider angle on central banks and central banking, focusing on the institutions of central banking. By 'institutions', Peter Conti-Brown and Rosa Lastra refer to the laws, traditions, norms, and rules used to structure central bank organisations. The Research Handbook on Central Banking’s institutional approach is one of the most interdisciplinary efforts to consider its topic, and includes chapters from leading and rising central bankers, economists, lawyers, legal scholars, political scientists, historians, and others.