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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
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
Author: International Monetary Fund. African Dept. Publisher: International Monetary Fund ISBN: 1484312635 Category : Business & Economics Languages : en Pages : 67
Book Description
This paper presents stylized facts on the quantitative and qualitative infrastructure gap in the West African Economic and Monetary Union (WAEMU), estimates the efficiency of public investment, and recommends how to improve it. The WAEMU countries face an important common challenge of creating sufficient fiscal space to finance ambitious growth, development, and poverty-reduction programs in individual countries. This paper also provides comparative evidence of the situation of WAEMU in several areas of financial development relative to groups of benchmark countries. The state of inclusion in the WAEMU along three dimensions—poverty, income inequality, and gender inequality—is also examined in this paper.
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. "
Author: Adekeye Adebajo Publisher: Taylor & Francis ISBN: 1000911632 Category : Social Science Languages : en Pages : 295
Book Description
Nigeria and South Africa account for about a third of Africa’s economic might, and have led much of its conict management initiatives over the last three decades. Both account for at least 60 per cent of the economy of their respective sub-regions in West and Southern Africa. The success of political and economic integration in Africa thus rests heavily on the shoulders of these two regional powers who have both collaborated and competed with each other in a complex relationship that is Africa’s most indispensable. Nigeria remains among South Africa’s largest trading partners in Africa, while both countries have cooperated in building the institutions of the African Union (AU). Both countries have also had a tremendous cultural impact on the continent in terms of Nollywood movies and the expansion of South Africa’s corporate sector into Africa. This book assesses Nigeria/South Africa relations in the areas of politics, economics, and culture within the context of rivalries and hegemony. Biographical proles are also provided of important gures from both countries.
Author: Raymond Frech Mikesell Publisher: Internat Niversit ISBN: Category : United Nations Monetary and Financial Conference Languages : en Pages : 78
Author: Mohamed A. Ramady Publisher: Springer Science & Business Media ISBN: 1461416116 Category : Political Science Languages : en Pages : 360
Book Description
The ‘Arab Spring’ of 2011 has affected the countries of the region to varying degrees, including the Gulf Cooperation Council (GCC) members, comprising Saudi Arabia, Kuwait, Qatar, the United Arab Emirates, Oman and Bahrain. The GCC has become a significant regional bloc playing a vital economic and political role far beyond its shores, given its geopolitical strategic location, a preponderance of global energy reserves and a major international player through the use of accumulated financial reserves. A new Gulf is rising, one that is more self assertive, looking to expand its membership to other Arab countries such as Jordan and Morocco, while at the same time strengthening the bloc’s relationship with current and emerging trading and strategic partners in Europe, USA and Asia. Regional and international realities, especially the uncertainties unleashed by the ‘Arab Spring’, are forcing Gulf leadership to initiate new policies involving closer cooperation amongst GCC countries to address emerging challenges. This volume brings together thirty renowned academics and specialists to examine a range of multifaceted social, political and economic issues facing the GCC in key areas such as: · Diversification from a high dependency on a narrow hydrocarbon base · Social transformation, youth employment and effective gender participation · Outward and inward foreign direct investment flows · Prospects for education reforms and e-learning. · Sustainable security in oil, renewable energy (including nuclear) and food · Corporate governance, transparency and enhancing the private sector's operating environment · The role and governance of Gulf Sovereign Wealth Funds in investing their surpluses. The volume also offers insights for challenges facing the GCC in monetary union, expanding the regional debt market and Sukuk issuance, GCC intellectual property rights application, detailed assessments of individual GCC country risk analysis, as well as the sustainability of long term government fiscal stimulus programs at the expense of private sector involvement.
Author: Mr.Jean-Claude Nascimento Publisher: International Monetary Fund ISBN: 1451926006 Category : Business & Economics Languages : en Pages : 48
Book Description
The paper compares the performance of monetary policy in the Central African Monetary Area (CAMA) and the Eastern Caribbean Currency Area (ECCA) during 1976-90. Their institutional setup and mechanism for monetary control are examined to explain the opposite trends in the net external position of their banking system during this period. It concludes that monetary policy in the ECCA succeeded by relying on active interest rate management aimed at stemming capital outflows and adhering to stringent rules aimed at limiting credit expansion. The passive policy stance in the CAMA contributed to a significant redistribution of the area’s money stock.
Author: Paul R. Masson
Author: Paul R. Masson
Author: Hilde Patron
Author: International Monetary Fund. African Dept.
Author: Eswar Prasad
Author: John Waterbury
Author: Adekeye Adebajo
Author: Raymond Frech Mikesell
Author: Mohamed A. Ramady
Author: Mr.Jean-Claude Nascimento
Author: Bessie House-Soremekun