Regional Monetary Integration PDF Download

Author: Peter B. Kenen
Publisher: Cambridge University Press
ISBN: 1139466038
Category : Business & Economics
Languages : en
Pages : 199

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Book Description
This book surveys the prospects for regional monetary integration in various parts of the world. Beginning with a brief review of the theory of optimal currency areas, it goes on to examine the structure and functioning of the European Monetary Union, then turns to the prospects for monetary integration elsewhere in the world - North America, South America, and East Asia. Such cooperation may take the form of full-fledged monetary unions or looser forms of monetary cooperation. The book emphasizes the economic and institutional requirements for successful monetary integration, including the need for a single central bank in the case of a full-fledged monetary union, and the corresponding need for multinational institutions to safeguard its independence and assure its accountability. The book concludes with a chapter on the implications of monetary integration for the United States and the US dollar.

Author: Ulrich Volz
Publisher: MIT Press
ISBN: 0262013991
Category : East Asia
Languages : en
Pages : 339

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Book Description
East Asian countries were notably uninterested in regional monetary integration until the late 1990's, when the Asian financial crisis revealed the fragility of the region's exchange rate arrangements and highlighted the need for a stronger regional financial architecture. Since then, the countries of East Asia have begun taking steps to explore monetary and financial cooperation, establishing such initiatives as regular consultations among finance ministers and central bank governors and the pooling of foreign exchange reserves. In this book Ulrich Volz investigates the prospects for monetary cooperation and integration in East Asia, using state-of-the-art theoretical and empirical tools to analyze the most promising policy options. --

Author: Eswar Prasad
Publisher: Brookings Institution Press
ISBN: 0815738544
Category : Business & Economics
Languages : en
Pages : 203

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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. "

Author: Warner Max Corden
Publisher: Princeton, N.J. : International Finance Section, Princeton University
ISBN:
Category : Business & Economics
Languages : en
Pages : 58

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Author: Sorhun, Engin
Publisher: IGI Global
ISBN: 1466673095
Category : Business & Economics
Languages : en
Pages : 379

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Book Description
In theory, regionalism and globalization are intended to be viewed as two separate concepts. However, as long as the approaches complement each other, considering these paradigms in tandem can have significantly positive effects on the overall status of the world economy. Regional Economy Integration and the Global Financial System addresses recent trends in regional integration projects and the strides that such projects are making on the road toward globalization. Focusing on a range of economic projects, emerging supranational units, and possible implications for future trends, this book is an essential reference source for professionals, scholars, and institutions interested in the dynamic effects of regionalism and globalization.

Author: OECD
Publisher: OECD Publishing
ISBN: 9264504621
Category :
Languages : en
Pages : 201

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Book Description
Regional Integration in the Union for the Mediterranean: Progress Report monitors major trends and evolutions of integration in the Euro-Mediterranean region. The Report examines five domains of regional integration, namely trade integration, financial integration, infrastructure integration, movement of people, as well as research and higher education.

Author: Harold James
Publisher: Harvard University Press
ISBN: 0674070941
Category : Business & Economics
Languages : en
Pages : 324

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Book Description
Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.

Author: Diery Seck
Publisher: Springer Science & Business Media
ISBN: 3319012827
Category : Business & Economics
Languages : en
Pages : 274

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Book Description
​This book presents a number of key studies pertaining to the most pressing challenges of economic regional integration in West Africa. The issues of monetary coordination, foreign exchange volatility, taxation, savings and macroeconomic convergence are investigated from a regional perspective. The characteristics of West Africa’s trade policy are reviewed and assessed in comparison to that of the Southern African Development Community (SADC). The extent to which regional integration can tackle the challenge of unemployment is the focus of studies on labour markets. Development of the private sector and coordination of regional cross-border transportation are examined through the lens of economic collaboration between Arab and African countries. The book provides fresh new answers to persistent development questions and sheds new light on long-held views that are either incomplete or no longer true. It also opens new perspectives on the search for sustainable avenues for Africa’s development. In this regard, it may contribute to the emergence of a new paradigm on Africa’s development process and its science-based, policy-oriented implementation.

Author: Paul R. Masson
Publisher: Rowman & Littlefield
ISBN: 9780815797531
Category : Business & Economics
Languages : en
Pages : 248

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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

Author: Elias T. Ayuk
Publisher: Springer
ISBN: 9781461448891
Category : Business & Economics
Languages : en
Pages : 297

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Book Description
Could regional integration be a first step toward joining the global market? In a context where liberalizing trade has not produced the expected gains in developing countries and growth in global trade has not led to the expected economic growth, an alternative solution has emerged. This new paradigm suggests that trade liberalization should be accompanied by public investment. However, by its very nature, trade liberalization leads to a reduction in revenues from duties and taxes, which means that the available resources for public investments will also be reduced. There are now solid arguments for encouraging the less-developed countries to first emphasize regional integration before trying to access the global market. This book explores the issues linked to regional integration in West Africa and presents empirical data about the experiences in = West African Economic and Monetary Union (WAEMU) countries to converge their economies. It also examines how these efforts, which make a major contribution to regional integration, influence poverty reduction in the economic and monetary community. It will be of interest to researchers working in this area. Elias T. Ayuk is Director of the United Nations University Institute for Natural Resources in Africa in Accra, Ghana, and was formerly a senior program specialist at the International Development Research Centre. Samuel T. Kaboré is a researcher/lecturer at the Faculty of Economics and Management at the University of Ouagadougou II, Burkina Faso. Canada’s International Development Research Centre (IDRC) supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring choice and change to those who need it most. Elias T. Ayuk is Director of the United Nations University Institute for Natural Resources in Africa in Accra, Ghana, and was formerly a senior program specialist at the International Development Research Centre. Samuel T. Kaboré is a researcher/lecturer at the Faculty of Economics and Management at the University of Ouagadougou II, Burkina Faso. Canada’s International Development Research Centre (IDRC) supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring choice and change to those who need it most.