Download or read book Financial Integration in the West African Economic and Monetary Union written by Amadou N. R. Sy and published by International Monetary Fund. This book was released on 2006-09 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study assesses the degree of financial integration in the West African Economic and Monetary Union (WAEMU). The structure of the financial sector and its institutional arrangements indicate that financial integration is well advanced in some aspects. Common and foreign ownership of banks is very high and cross-border transactions are frequent in the government securities markets. Common institutions help achieve a high degree of similarity of rules. There is nonetheless scope for further financial integration as indicated by persistent deviations from the law of one price, limited cross-border bank transactions, and differences in treatment. Policy measures could therefore help achieve greater financial convergence.

Download or read book IMF Working Papers written by Amadou N. R and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Monetary and Financial Integration in West Africa written by Temitope Oshikoya and published by Routledge. This book was released on 2013-11-11 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary and Financial Integration in West Africa details the progress, challenges faced, and potential of the project intended to create a West African Monetary Zone (WAMZ) between Gambia, Ghana, Guinea, Nigeria and Sierra Leone. Given the trend towards regionalization of economic ties across the world, especially after the successful launch of the euro, a detailed analysis of the WAMZ is needed. As this is the first book on monetary and financial integration in Gambia, Ghana, Guinea, Nigeria and Sierra Leone, it is an essential read for anyone interested in economic development in West Africa, and indeed in Africa as a whole. This book is extremely well-researched, with detail on virtually all aspects of economic integration in the region; with issues ranging from the institutional details of integration, trade and financial market integration, to progress on convergence of macroeconomic fundamentals to the required payments system infrastructure. The book deploys solid empirical facts and sophisticated analyses to thoroughly defend its assertions. This collection is a valuable contribution and an excellent companion book for monetary economics or international economics classes as well as African development literature. It will provide students and researchers with an exciting chance to apply concepts of, for example, optimum currency areas, central bank structure or monetary policy approaches, to a real-world case of potential monetary union. Dr. Temitope W. Oshikoya and his collaborators have written the authoritative book on the subject of monetary union in the West African Monetary Zone. As is evident in the level of detail of the book, Dr. Oshikoya brings rich field experience from his role as Director General and CEO of the West African Monetary Institute. This book will be of interest to postgraduates and researchers in development economics; as well as policymakers, monetary authorities and development practitioners.

Download or read book Regional Integration in West Africa written by Eswar Prasad and published by Brookings Institution Press. This book was released on 2021-07-13 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: " 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. "

Download or read book West African Economic and Monetary Union written by Patrick A. Imam and published by International Monetary Fund. This book was released on 2013-10-22 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial system in the WAEMU remains largely bank-based. The banking sector comprises 106 banks and 13 financial institutions, which together hold more than 90 percent of the financial system’s assets (about 54 percent of GDP at end-2011). Five banks account for 50 percent of banking assets. The ownership structure of the sector is changing fast, with the rapid rise of foreign-owned (pan-African) banks. This contributes to higher competition but also rising heterogeneity in the banking system, with large and profitable cross-country groups competing with often weaker country-based (and sometime government-owned) banks. Nonbank financial institutions are developing quickly, notably insurance companies, but remain overall small. This paper presents a detailed analysis of the banking system.

Download or read book West African Economic and Monetary Union WAEMU written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-03-22 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: The staff report on discussions with regional institutions of the West African Economic and Monetary Union is presented. The region faced a number of challenges in 2011, with the intensification of the political crisis in Côte d’Ivoire and a large increase in global food and fuel prices. A materialization of downside risks could require a monetary policy relaxation for the union and differentiated fiscal responses across member countries. The drought in the Sahel may also require a more active fiscal policy in the affected countries.

Download or read book West African Economic and Monetary Union written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2015-04-13 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: KEY ISSUES Context. The region continued to experience strong growth in 2014, led by the continued economic expansion in Cote d’Ivoire. The outlook is for further strong growth, subject to a range of downward risks, in particular political instability ahead of upcoming elections in several countries, and security issues in Mali and Niger. With an elevated fiscal deficit exerting pressure on the balance of payments and the regional financial market, delays in fiscal consolidation or structural reforms pose the main medium-term risks. Policy recommendations: • Fiscal consolidation. Safeguarding external stability in the region will require governments to adhere to their budget deficit reduction plans while maintaining public investment efforts, which will require increasing tax revenue and controlling current expenditure. • Monetary policy. Macroeconomic conditions do not warrant a tightening of monetary policy at this juncture. However, if fiscal deficits do not decline as envisaged, the BCEAO should consider increasing its policy rates. In the mean time, the BCEAO should very closely follow the evolution of the macro-prudential risks flowing from its sharp increase in commercial bank refinancing. • Financial stability. The WAEMU authorities should enforce existing prudential rules and raise standards to international best practice. Ongoing reforms go in the right direction but need to be accelerated. • Structural transformation and regional integration. Policies to promote structural transformation should focus on addressing weaknesses, such as the lack of education and training, finance, and supportive regulatory environments. Countries should refrain from using the possibility to deviate from the common external tariff of the Economic Community of West African States (ECOWAS) in force since January 1, 2015, in order to protect the gains from regional integration in WAEMU.

Download or read book A Handbook on the Ecowas Treaty and Financial Institutions written by Maiyaki and published by AuthorHouse. This book was released on 2012-09-14 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The inspiration to write on the ECOWAS Treaty and the role of financial institutions derived from the apparent and unabated efforts of the various governments in the West African subregion to find solutions to the inexplicable sufferings and underdevelopment of the region and its people in the face of abundant but untapped human and natural resources. The strategy of integration has been employed by other jurisdictions, some of them more developed, as an option in addressing the forgoing challenges. So many years after the establishment of ECOWAS, the dream is far from being attained. Given the critical financial engagements inherent in the ECOWAS integration strategy, it is considered desirable that the treaty is rationalized to accommodate a wider role for financial institutions within the control of a supra national framework.

Download or read book Wealth through Integration written by Elias T. Ayuk and published by Springer Science & Business Media. This book was released on 2012-11-28 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Monetary and Financial Systems in Africa written by Aloysius Ajab Amin and published by Springer Nature. This book was released on 2022-05-26 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Integration development and equity economic integration in West Africa written by Peter Robson and published by Routledge. This book was released on 2010-11-26 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This reissue, first published in 1983, is an authoritative study of economic integration among the states of West Africa, focusing upon the issues and experience of the four main initiatives for regional integration in West Africa, namely the Economic Community of West African States, the Mano River Union, the Communauté Economique de l’Afrique de l’Ouest, and the recent initiative for the establishment of an economic and monetary union between Senegal and the Gambia.

Download or read book Capital Market Integration written by Mr.Masafumi Yabara and published by International Monetary Fund. This book was released on 2012-01-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in developing domestic capital markets through a regional approach, removing constraints on capital transactions and harmonizing market infrastructure. Nevertheless, empirical analysis suggests capital market integration has not deepened during the past few years in the EAC, although convergence of investment returns is taking place to some extent. Learning from the experience of the West African Economic and Monetary Union and the Association of Southeast Asian Nations, EAC countries would benefit from four actions to accelerate financial market integration: (i) further harmonize market infrastructure; (ii) strengthen regional surveillance mechanisms; (iii) encourage local currency bond issuance by multilateral financial institutions; and (iv) build the capacity of the existing regional institutions.

Download or read book West African Economic and Monetary Union written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2024-04-17 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: West African Economic and Monetary Union: Selected Issues

Download or read book West African Economic and Monetary Union written by International Monetary and published by International Monetary Fund. This book was released on 2022-08-25 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The institutional and legal frameworks for financial stability in the West African Economic and Monetary Union (WAEMU) have seen significant progress since the previous Financial Sector Assessment Program (FSAP) in 2008. 1 The institutional reform of the WAEMU and the Central Bank of West African States (BCEAO) in 2010 clarified the respective mandates and responsibilities of the latter and the WAEMU Banking Commission (CBU), and it strengthened the CBU’s legal autonomy and enforcement powers. A new banking law adopted in 2010 established an overall framework for the operation and supervision of banking activities, which has been rendered more proactive and risk based with the gradual implementation of the Basel II/III mechanism initiated in 2016. A bank resolution regime was introduced in 2015 and the mandate of the deposit guarantee fund, created in 2014, was expanded to bank resolution funding in 2018. A macroprudential policy framework, including for monitoring systemic financial sector risks, was developed around the BCEAO and the Financial Stability Committee (CSF-UMOA) in 2010. This series of reforms has greatly enhanced the robustness of the financial safety net via its four components: the early intervention mechanism, the bank resolution regime, the deposit insurance system, and the emergency liquidity assistance (ELA) mechanism.

Download or read book Building Integrated Economies in West Africa written by Mr.Alexei P Kireyev and published by International Monetary Fund. This book was released on 2016-04-13 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The West African Economic and Monetary Union (WAEMU) has a long and varied history, and this book examines how the WAEMU can achieve its development and stability objectives, improve the livelihood of its people, and enhance the inclusiveness of its economic growth, all while preserving its financial stability, enhancing its competitiveness, and maintaining its current fixed exchange rates.

Download or read book West African Economic and Monetary Union written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2022-09-23 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 2008 Financial Sector Assessment Program (FSAP), the financial sector of the West African Economic and Monetary Union (WAEMU) has undergone major changes that have altered its risk profile. Three structural changes have played a key role since the 2008 FSAP: (i) the financial sector has grown significantly; (ii) regional banking groups have become dominant; and (iii) the high concentration of bank portfolios in sovereign exposures, which accounted for an average of 31 percent of banking assets at end-2020, are almost triple the level observed in 2004. These changes have altered the structure of systemic risks and vulnerabilities and raised the need for implementing reforms to strengthen the effectiveness of the macroprudential policy and banking supervision frameworks.

Download or read book Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union written by Mr.Philipp C. Rother and published by International Monetary Fund. This book was released on 1998-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.