Download or read book Africa s Last Colonial Currency written by Fanny Pigeaud and published by Pluto Press (UK). This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the CFA Franc enabled France to continue its colonies in Africa.
Download or read book The CFA Franc Zone written by Ali Zafar and published by Springer Nature. This book was released on 2021-05-11 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an empirical analysis of economic and political structures impacting the CFA franc zone. Concise and practical chapters explore the history of the CFA franc zone, challenges to development, geopolitical issues, the importance of flexible exchanges rates, growth trends, and the impact of the Covid crisis. Policy reform is examined to detail economic approaches that could reduce poverty and increase the quality of life within the area. This book aims to present a macroeconomic and exchange rate framework to promote development and post-Covid recovery within the CFA franc zone. It will be of interest to students, researchers, and policymakers involved in African economics, the political economy, and development economics.
Download or read book The CFA Franc Zone and the EMU written by Mr.Michael T. Hadjimichael and published by International Monetary Fund. This book was released on 1997-11-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. The current parity of the CFA franc could be considered in line with fundamentals. 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.
Download or read book The CFA Franc Zone written by Ms.Anne Marie Gulde and published by International Monetary Fund. This book was released on 2008-04-02 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Aftermath of the CFA Franc Devaluation written by Mr.Stéphane Cossé and published by International Monetary Fund. This book was released on 1996-06-18 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developments in the countries of the CFA franc zone in the aftermath of the January 1994 devaluation of the CFA franc are reviewed in this paper. Following a summary of the new adjusment strategy, the papers describes the progress made and the difficulties encountered during 1994 and early 1995 in implementing the programs supported by use of IMF resources.
Download or read book The Impact of the Strong Euro on the Real Effective Exchange Rates of the Two Francophone African CFA Zones written by Ali Zafar and published by World Bank Publications. This book was released on 2005 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The author estimates the degree of misalignment of the CFA franc since the introduction of the euro in 1999. Using a relative purchasing power parity-based methodology, he develops a monthly panel time series dataset for both the Economic and Monetary Community of Central Africa (CEMAC) zone and the West African Economic and Monetary Union (UEMOA) zone to compute a trade-weighted real effective exchange rate indexed series from January 1999 to December 2004. The author's main finding is that the real effective exchange rate appreciated by close to 8 percent in UEMOA and 7 percent in CEMAC, influenced by volatility in the euro-dollar bilateral exchange rate and conservative monetary policies in the two zones, resulting in a partial loss of competitiveness in export markets. The lower appreciation in Central Africa can be explained by lower inflation in CEMAC than in UEMOA and by the greater trade with higher inflation East Asian countries, partially offset by the peg to the dollar. However, the inclusion of "unrecorded trade" results in an appreciation of only 6 percent in the UEMOA zone and 6 percent in the CEMAC zone due to higher inflation in the two countries with unmonitored cross-border flows, Ghana and Nigeria. Using time series econometrics, an Engle-Granger two stage procedure for cointegration, and an error correction framework, a single equation modeling of the real exchange rate from 1970 to 2005 as a function of terms of trade, economic openness, aid inflows, and a dummy representing the 1994 devaluation, the author finds little statistical evidence of a long-run equilibrium exchange rate that is a vector of economic fundamentals. The dummy explains most of the real exchange rate behavior in the two zones, while openness in UEMOA has contributed to an appreciation of the real effective exchange rate. "--World Bank web site.
Download or read book The Macroeconomics of Monetary Union written by David Fielding and published by Routledge. This book was released on 2005-11-04 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book applies contemporary macroeconomic theory and econometric modelling techniques in order to address policy issues relating to the CFA Franc Zone, a group of francophone African Countries sharing a common currency that is linked to the French Franc / Euro. Within this methodological framework, the author analyses the way in which the monetary institutions of the CFA influence macroeconomic development and policy formation.
Download or read book The Fair Trade Scandal written by Ndongo Sylla and published by Ohio University Press. This book was released on 2014-02-01 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This critical account of the fair trade movement explores the vast gap between the rhetoric of fair trade and its practical results for poor countries, particularly those of Africa. In the Global North, fair trade often is described as a revolutionary tool for transforming the lives of millions across the globe. The growth in sales for fair trade products has been dramatic in recent years, but most of the benefit has accrued to the already wealthy merchandisers at the top of the value chain rather than to the poor producers at the bottom. Ndongo Sylla has worked for Fairtrade International and offers an insider’s view of how fair trade improves—or doesn’t—the lot of the world’s poorest. His methodological framework first describes the hypotheses on which the fair trade movement is grounded before going on to examine critically the claims made by its proponents. By distinguishing local impact from global impact, Sylla exposes the inequity built into the system and the resulting misallocation of the fair trade premium paid by consumers. The Fair Trade Scandal is an empirically based critique of both fair trade and traditional free trade; it is the more important for exploring the problems of both from the perspective of the peoples of the Global South, the ostensible beneficiaries of the fair trade system.
Download or read book FEER for the CFA Franc written by Charalambos G. Tsangarides and published by International Monetary Fund. This book was released on 2006-10 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We apply the fundamentals equilibrium exchange rate (FEER) approach and the Johansen cointegration methodology to investigate the behavior of the real effective exchange rates of the two monetary unions of the CFA franc zone (CEMAC and WAEMU) vis-à-vis their long-run equilibrium paths. For both CEMAC and WAEMU, our results indicate that: (i) the fundamentals account for most of the fluctuation of the real effective exchange rates, with increases in the terms of trade, government consumption, and productivity improvements causing the exchange rate to appreciate, and increases in investment and openness leading to a depreciation; (ii) at end-2005 both the CEMAC and WAEMU real effective exchange rates were broadly in line with their long-run equilibrium values; and (iii) following a shock, reversion to equilibrium is twice as fast in WAEMU than in CEMAC.
Download or read book The Cfa Franc Zone and the Emu written by Michael Hadjimichael and published by . This book was released on 2006 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. The current parity of the CFA franc could be considered in line with fundamentals. 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.
Download or read book Factor Investing and Asset Allocation A Business Cycle Perspective written by Vasant Naik and published by CFA Institute Research Foundation. This book was released on 2016-12-30 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Monetary Geography of Africa written by Paul R. Masson and published by Rowman & Littlefield. This book was released on 2004-11-30 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book The Political Economy of a Common Currency written by David Stasavage and published by Ashgate Publishing, Ltd.. This book was released on 2003 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this title, David Stasavage explores several alternative political economy explanations for the persistence of the Franc Zone and its macroeconomic management over the period 1945 to 2000. He addresses the issue of sustainability and asks why the Franc Zone has survived despite several major political and economic shocks that might have easily led to its dissolution. These include decolonisation, France's entry into the European Community and the growing marginalisation of Africa in world affairs. He also considers the issue of credibility and in particular the extent to which the Franc Zone arrangements commit member states to prudent macroeconomic policies.
Download or read book The Impact of the Strong Euro on the Real Effective Exchange Rates of the Two Francophone African CFA Zones written by Ali Zafar and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The author estimates the degree of misalignment of the CFA franc since the introduction of the euro in 1999. Using a relative purchasing power parity-based methodology, he develops a monthly panel time series dataset for both the Economic and Monetary Community of Central Africa (CEMAC) zone and the West African Economic and Monetary Union (UEMOA) zone to compute a trade-weighted real effective exchange rate indexed series from January 1999 to December 2004. The author's main finding is that the real effective exchange rate appreciated by close to 8 percent in UEMOA and 7 percent in CEMAC, influenced by volatility in the euro-dollar bilateral exchange rate and conservative monetary policies in the two zones, resulting in a partial loss of competitiveness in export markets. The lower appreciation in Central Africa can be explained by lower inflation in CEMAC than in UEMOA and by the greater trade with higher inflation East Asian countries, partially offset by the peg to the dollar. However, the inclusion of "unrecorded trade" results in an appreciation of only 6 percent in the UEMOA zone and 6 percent in the CEMAC zone due to higher inflation in the two countries with unmonitored cross-border flows, Ghana and Nigeria. Using time series econometrics, an Engle-Granger two stage procedure for cointegration, and an error correction framework, a single equation modeling of the real exchange rate from 1970 to 2005 as a function of terms of trade, economic openness, aid inflows, and a dummy representing the 1994 devaluation, the author finds little statistical evidence of a long-run equilibrium exchange rate that is a vector of economic fundamentals. The dummy explains most of the real exchange rate behavior in the two zones, while openness in UEMOA has contributed to an appreciation of the real effective exchange rate.
Download or read book The Political Economy of Africa written by Vishnu Padayachee and published by Routledge. This book was released on 2010-06-10 with total page 593 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Political Economy of Africa addresses the real possibilities for African development in the coming decades when seen in the light of the continent’s economic performance over the last half-century. This involves an effort to emancipate our thinking from the grip of western economic models that have often ignored Africa’s diversity in their rush to peddle simple nostrums of dubious merit. The book addresses the seemingly intractable economic problems of the African continent, and traces their origins. It also brings out the instances of successful economic change, and the possibilities for economic revival and renewal. As well as surveying the variety of contemporary situations, the text will provide readers with a firm grasp of the historical background to the topic. It explores issues such as: employment and poverty social policy and security structural adjustment programs and neo-liberal globalization majority rule and democratization taxation and resource mobilization. It contains a selection of country specific case studies from a range of international contributors, many of whom have lived and worked in Africa. The book will be of particular interest to higher level students in political economy, development studies, area studies (Africa) and economics in general.
Download or read book Competitiveness in the CFA Franc Zone written by Charalambos G. Tsangarides and published by International Monetary Fund. This book was released on 2007-08 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the evolution of competitiveness in the CFA franc zone using a proposed comprehensive competitiveness framework. In particular, we examine competitiveness in the WAEMU and CEMAC regions by analyzing the "environment" and "policy" components of competitiveness and their quantifiable determinants, including indicators to measure productivity and labor market conditions, prices and costs, macroeconomic performance, business environment, governance, and technology and infrastructure. Our findings suggest that despite some recent improvements-particularly for the CEMAC-both regions face serious competitiveness challenges when compared to pier groups of countries. In order to become more competitive, raise growth, and improve the quality of life, there is a need for structural reform to improve productivity, reduce factor costs, and create the right business, legal, and political environment to attract economic activity.
Download or read book King William s Tontine written by Moshe A. Milevsky and published by Cambridge University Press. This book was released on 2015-04-13 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book reviews the finance, economics, and history of tontines, and argues that they should be resurrected in the twenty-first century.
