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The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges
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In this article, the authors assess the experience of the Common Monetary Area (CMA) based on available empirical evidence over the last two decades and pay particular attention to member countries' adjustment to economic shocks in recent years and the inter-country linkages, including the spillover effects of policies.Abstract:Â
This study assesses the experience of the Common Monetary Area (CMA) based on available empirical evidence over the last two decades. It pays particular attention to member countries' adjustment to economic shocks in recent years and the inter-country linkages, including the spillover effects of policies. The paper draws the main lessons from the CMA experience, identifies key policy challenges, and discusses the issues facing the member countries in their efforts to achieve sustained growth. Implications for further economic integration in a broader regional context are also noted.read more
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The benefits and costs of monetary union in southern africa: a critical survey of the literature
TL;DR: In this article, the benefits and costs of a common currency area in Southern Africa have been evaluated, focusing on two categories of studies: (1) those that assume that a country's characteristics are invariant to the adoption of the common currency, and (2) that a monetary union alters an economy's structure, resulting in trade creation and credibility gains.
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Regional cooperation and integration in sub-saharan africa
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A literature survey on proposed african monetary unions
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References
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A Theory of Optimum Currency Areas
TL;DR: A theory of optimum currency areas is proposed in this paper, where the authors argue that periodic balance-of-payments crises will remain an integral feature of the international economic system as long as fixed exchange rates and rigid wage and price levels prevent the terms of trade from fulfilling a natural role in the adjustment process.
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for International Development
TL;DR: Savvakis C Savvides as mentioned in this paper presents how marketing concepts and tools may be applied in investment appraisal studies and how a project analyst may evaluate a project's market performance such a measure may be used as an indicator of competitiveness by which to project market expansion and market share estimates.
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Fiscal Federalism and Optimum Currency Areas: Evidence for Europe from the United States
TL;DR: In this paper, the authors estimate to what extent the federal government of the United States insures member states against regional income shocks and find that a one dollar reduction in a region's per capita personal income triggers a decrease in federal taxes of about 34 cents and an increase in federal transfers of about 6 cents.
Journal ArticleDOI
External Vulnerability in Emerging Market Economies: How High Liquidity can Offset Weak Fundamentals and the Effects of Contagion
TL;DR: This article investigated the factors behind the 1994 and 1997 crises and whether these can explain the 1998 crisis and found that the presence of an IMF-supported program significantly reduced the depth of crises.
Book
The Monetary Geography of Africa
TL;DR: In this paper, Masson and Pattillo review the history of monetary arrangements on the continent and analyze the current situation and prospects for further integration, concluding that the goal of creating a single African currency is probably beyond reach.