1 edition of CFA frane zone and the EMU. found in the catalog.
CFA frane zone and the EMU.
Includes bibliographical references.
|Series||IMF working paper -- WP/97/156|
|Contributions||International Monetary Fund.|
|The Physical Object|
|Pagination||38 p. ;|
|Number of Pages||38|
N2 - After a lull during which economists focused on the consequences of the devaluation of January , the establishment of European Monetary Union has renewed old questions about the future of the CFA Zone. I have been commissioned to write the Introduction (Preface) to the upcoming book – The Last Colonial Currency: A History of the CFA Franc – by Fanny Pigeaud and Ndongo Samba Sylla, which is an English version of the original book, L’arme invisible de la will soon be published by Pluto Press (UK) – as soon as I finish this introduction.
Like other colonial empires – the UK, with its sterling zone; or Portugal, with its escudo zone, France had its franc zone. The CFA franc – orginally the French African Colonial franc – was officially created on 26 December by a decree of General de Gaulle. It is a colonial currency, born of France’s need to foster economic integration. Inflation and Economic Performance in the CFA Franc Zone: Transmission Channels and Threshold Effects: /ch This chapter examines the relationship between inflation and economic performance in the CFA franc zone over the period and studies the mechanism.
The CFA franc system has, since its origins, rested on four pillars. The first is the fixed parity between the CFA franc and the French currency (the French franc and, from , the euro). Next is the freedom of transfer of capital and income within the franc zone. 4 Since the last devaluation of the CFA Franc in , the fixed exchange rates are FF 1 = CFA and Euro 1 = CFA 5 All member states of the CFA Franc zones are Sub-Saharan African countries and all but Guinea-Bissau and.
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Fundamentally, the CFA franc zone would remain substantially more vulnerable to exogenous shocks than the EMU countries, given the zone.s high dependence on the production and export of several primary commodities, and the still limited intrazone trade.
Get this from a library. The CFA Franc Zone and the EMU. [Michel Galy; Michael T Hadjimichael] -- Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of the free.
Downloadable. Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of the free convertibility of the CFA franc guaranteed by France.
Nonetheless, this shift is likely to leave the CFA franc arrangements and operating features of the zone essentially unchanged. Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of the CFA frane zone and the EMU.
book convertibility of the CFA franc guaranteed by France. Nonetheless, this shift is likely to leave the CFA franc arrangements and operating features of the zone essentially by: The CFA Franc Zone has been seen as a potential model for promoting macroeconomic stability in African countries where purely domestic agencies of restraint are often absent and where purely.
The potential economic consequences for the CFA franc countries could be positive over the long term, but there is a risk of a weakening of external competitiveness. Keywords: Monetary Union, Optimum Currency Areas, CFA Franc Zone, EMU.
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.
In this paper, we explore the features of the CFA franc zone and compare them to those of the Economic and Monetary Union (EMU) by operationalizing the criteria for an optimum currency area. A structural vector autoregression method is used in modeling national outputs as determined by global, regional, and country-specific shocks.
The CFA franc was issued initially by the central bank for France’s overseas territories and the parity of CFA franc was set in October at CFA franc per French franc. However, the responsibility for issuing currency and overseeing the functioning of the zone was shifted to two regional central banks with the independence of former.
The next section (pp. –2) outlines the current discussion on this monetary arrangement and its future, with attention being drawn (pp.
–4) to the role of the Zone for Europe, and vice versa. Finally, there is a review of the lessons to be learned from a study of the Franc CFA Zone for monetary coordination arrangements in general.
The CFA franc zone comprises a group of countries in central and west Africa whose currencies have been firmly linked to the French franc since It combines the features of a currency union with those of an exchange rate peg, and an analysis of.
The CFA Franc Zone After EMU: Status Quo, Reform, or Dissolution. Seraphin Fouda. FSEG, Université II, Cameroon, Search for more papers by this author. David Stasavage. Center for the Study of African Economies, Oxford University.
Search for more papers by this author. Seraphin Fouda. The CFA franc (in French: franc CFA [fʁɑ̃ seɛfɑ], originally Franc of the French Colonies in Africa, recently Franc of the Financial Community of Africa, or colloquially franc) is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries.
Both currencies are guaranteed by the. Get this from a library. The CFA franc zone and the EMU. [Michael T Hadjimichael; M Galy; International Monetary Fund.
African Department.] -- Annotation Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of.
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. The CFA Franc Zone and the EMU. By Michel Galy and Michael T. Hadjimichael. Abstract. Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of the free convertibility of the CFA franc guaranteed by France.
Nonetheless. Frank Educational Aids Pvt. Ltd. A, Sector - 4, Noida -Uttar Pradesh, India. *EMU and its Policy Ramifications *the CFA Franc Zone in the former French Colonies.
Written in readable and enjoyable prose, A History of Monetary Unions combines historical analysis with present day context. The book will be of great interest to students and academics involved in the study of money, banking and finance. ("[email protected]"). Chapter 1 of this paper examines the role of the euro as an international currency in Sub-Saharan Africa.
Chapter 2 assesses the effects that the CFA franc's peg to the euro had on macroeconomic stability, trade integration and international competitiveness of the CFA franc zone. Evolution of the franc CFA zone The CFA franc zone has its roots in the French administration colonies before and immediately after the Second World War.
In fact in the s, France took action to establish monetary units in each colony, and link them to the French franc. In at the end of the war, many of these monetary units. d) The replacement of the French franc by the euro as the anchor currency 23 e) The potential effects of the CFA franc on EMU 24 f) The CFA franc zone and the concept of Optimal Curency Area 26 g) The devaluation of the CFA franc in 27 h) Recent macro-economic developments in the CFA franc zone .In this regard, four options, among others, appear to be effective ways to unite the 15 member states invited to the Eco table (1): Option 1: The Eco as simple avatar of the CFA franc.The CFA Franc Zone, with 14 member countries in West and Central Africa, is now entering a phase of restructuring.
This is clearly indicated by the debates now occurring in the EC, within the French government, in international organizations such as the World Bank and IMF, and in the CFA Franc Zone countries themselves.