An Evaluation of the Viability of a Single Monetary Zone in ECOWAS
Author : E. Olawale Ogunkola
Publisher :
Page : 66 pages
File Size : 35,65 MB
Release : 2005
Category : Business & Economics
ISBN :
Author : E. Olawale Ogunkola
Publisher :
Page : 66 pages
File Size : 35,65 MB
Release : 2005
Category : Business & Economics
ISBN :
Author : William A. Barnett
Publisher : Emerald Group Publishing
Page : 205 pages
File Size : 20,82 MB
Release : 2023-04-10
Category : Business & Economics
ISBN : 1804557609
This volume of the International Symposia in Economic Theory and Econometrics explores the latest economic and financial developments in Africa and Asia.
Author : Eswar Prasad
Publisher : Brookings Institution Press
Page : 203 pages
File Size : 31,57 MB
Release : 2021-07-13
Category : Business & Economics
ISBN : 0815738544
" 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 : Paul R. Masson
Publisher : Rowman & Littlefield
Page : 248 pages
File Size : 13,35 MB
Release : 2004-11-30
Category : Business & Economics
ISBN : 9780815797531
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 : Kwame A. Ninsin
Publisher : KARTHALA Editions
Page : 170 pages
File Size : 35,82 MB
Release : 2009
Category : Africa, West
ISBN : 2811101667
Since the Treaty establishing the Economic Community of West African States (ECOWAS) was signed in 1975, several protocole have been adopted providing the legal and institutional framework for implementing the integration of the West African sub-region. Ail social and political stakeholders agree that regional integration is a major challenge for development in West Africa. Yet the regional integration process has been affected by many delays, even failures. Member states have pursued a seemingly contradictory dual objective: build a Nation-state within colonial Borders and achieve regional integration to fight against under-development. Can national planning priorities be reconciled with the demands and objectives of regional integration processes in West Africa ? Since 2005, under the auspices of the Management of Social Transformations (MOST) Programme initiative, the Social and Human Sciences Sector of UNESCO has organized a series of national seminars on West African regional integration in the ECOWAS region. Four seminars have so far been organized in Senegal, Mali, Benin and Ghana. This anthology publishes papers presented at Ghana's national seminar on "Nation-states and the Challenge of Regional Integration in West Africa: the Case of Ghana", held in Accra from 8 to 9 November 2005. The contributors suggest that Ghana's reluctance to relinquish its sovereignty stemmed from a lack of commitment in the first 20 years of ECOWAS' existence and preoccupation with its own security and survival against internai and externat threats. The state has currently demonstrated renewed commit-ment by establishing a Ministry of Regional Cooperation and the New Agenda for Africa's Development (NEPAD) to coordinate and manage the sub-regional integration programme. In spite of positive developments, results have been disappointing. The new ministry remains isolated and is constrained by limited resources in finance and manpower. Its approach to integration issues has been elitist and technocratic, concentrating on format trade and ignoring the importance of the informai trade that has been the traditional means of popular participation in the integration of West African economies. Borderland communities with economic and social ties continue to engage in exchanges across political boundaries in defiance of national and state security concerns. Empowerment of Ghanaians involved in small-scale, informa] cross-border trade (in majority, women) "would not only increase the levels of social and economic integration, but would make the benefits of integration available to large sections of the population".
Author :
Publisher :
Page : 158 pages
File Size : 41,47 MB
Release : 2013
Category : Africa
ISBN :
Author :
Publisher :
Page : 308 pages
File Size : 49,82 MB
Release : 2006
Category : Africa
ISBN :
Author :
Publisher :
Page : 102 pages
File Size : 48,51 MB
Release : 2015
Category : Africa
ISBN : 9781475547979
Pan-African banks are expanding rapidly across the continent, creating cross-border networks, and having a systemic presence in the banking sectors of many Sub-Saharan African countries. These banking groups are fostering financial development and economic integration, stimulating competition and efficiency, introducing product innovation and modern management and information systems, and bringing higher skills and expertise to host countries. At the same time, the rise of pan-African banks presents new challenges for regulators and supervisors. As networks expand, new channels for transmission of macro-financial risks and spillovers across home and host countries may emerge. To ensure that the gains from cross border banking are sustained and avoid raising financial stability risks, enhanced cross-border cooperation on regulatory and supervisory oversight is needed, in particular to support effective supervision on a consolidated basis. This paper takes stock of the development of pan-African banking groups; identifies regulatory, supervisory and resolution gaps; and suggests how the IMF can help the authorities address the related challenges.
Author : Etienne B. Yehoue
Publisher :
Page : 44 pages
File Size : 21,84 MB
Release : 2005
Category : Currency question
ISBN :
Author : Ms.Anne Marie Gulde
Publisher : International Monetary Fund
Page : 411 pages
File Size : 50,4 MB
Release : 2008-04-02
Category : Business & Economics
ISBN : 1589066758
About one-third of countries covered by the IMF's African Department are members of the CFA franc zone. With most other countries moving away from fixed exchange rates, the issue of an adequate policy framework to ensure the sustainability of the CFA franc zone is clearly of interest to policymakers and academics. However, little academic research exists in the public domain. This book aims to fill this void by bringing together work undertaken in the context of intensified regional surveillance and highlighting the current challenges and the main policy requirements if the arrangements are to be carried forward. The book is based on empirical research by a broad group of IMF economists, with contributions from several outside experts.