Back Matter

Author(s):
Rattan Bhatia
Published Date:
May 1985
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    Statistical Tables
    Table 1.Benin: Background Statistics, 1963–74(In billions of CFA francs and percent)
    196319641965196619671968196919701971197219731974
    GDP41.842.746.548.248.751.355.161.466.766.468.571.6
    (Percentage of WAMU GDP)(7)(7)(7)(7)(6)(6)(6)(6)(6)(6)(6)(5)
    Agriculture19.917.118.119.217.217.918.919.221.619.421.222.5
    (Percentage of GDP)(48)(40)(39)(41)(35)(35)(34)(31)(32)(28)(29)(29)
    Exports, f.o.b. (X)3.23.33.42.63.85.57.19.111.79.29.811.7
    Imports, c.i.f. (M)8.37.88.58.311.912.214.117.721.223.524.924.0
    (X + M)/GDP(28)(26)(26)(23)(32)(35)(38)(44)(49)(49)(52)(50)
    Savings2.51.51.01.22.13.55.37.07.75.03.36.3
    (Percentage of GDP)(6)(4)(2)(2)(4)(7)(10)(1l)(12)(8)(5)(9)
    Investment7.06.87.26.69.010.111.310.811.414.312.413.2
    (Percentage of GDP)(17)(16)(16)(14)(18)(20)(21)(18)(17)(22)(18)(18)
    Prices
    Financial savings (FS)5.65.75.76.15.96.88.19.411.613.113.817.5
    (Percentage of GDP)(13)(13)(12)(13)(12)(13)(15)(15)(17)(20)(20)(24)
    Currency3.33.43.33.33.21.34.04.55.05.86.06.1
    Deposits2.32.32.42.82.73.54.14.96.67.37.811.4
    Change in FS0.10.4-0.20.91.31.32.21.50.73.7
    (Change as percentage of FS)(…)(2)(—)(7)(-3)(13)(16)(14)(19)(12)(5)(21)
    Sources: International Monetary fund. International Financial Statistics (Washington: IMF): and data supplied by the BCEAO.
    Table 2.Burkina Faso: Background Statistics, 1963–74(In billions of CFA francs and percent)
    196319641965196619671968196919701971197219731974
    GDP67.469.571.673.775.979.084.996.2100.5102.6110.0115.1
    (Percentage of WAMU GDP)(12)(11)(11)(10)(10)(10)(10)(10)(10)(9)(9)(8)
    Agriculture30.031.338.641.745.943.144.066.757.466.573.049.3
    (Percentage of GDP)(45)(45)(54)(57)(60)(55)(52)(69)(57)(65)(66)(43)
    Exports, f.o.b. (X)2.33.03.74.04.45.35.35.14.45.15.68.7
    Imports, c.i.f. (M)9.29.89.29.39.010.814.013.715.617.321.134.7
    (X + MVGDP(17)(18)(18)(18)(18)(20)(23)(20)(21)(22)(25)(38)
    Savings6.77.07.27.47.69.77.67.77.02.0-4.2
    (Percentage of GDP)(10)(10)(10)(10)(10)(12)(9)(8)(7)(2)(—)(1-4)
    Investment
    (Percentage of GDP)(…)(…)(…)(…)(…)(…)(…)(…)(…)(…)(…)(…)
    Prices (1970 = 100)90.892.491.893.989.989.698.3100.0102.199.1106.6116.0
    Financial savings (FS)5.65.96.16.26.37.38.38.99.510.314.916.9
    (Percentage of GDP)(8)(8)(9)(8)(8)(9)(10)(9)(10)(10)(13)(15)
    Currency3.94.34.54.74.64.85.55.75.75.87.18.5
    Deposits1.71.61.61.51.72.52.83.23.84.36.88.4
    Change in FS0.30.20.10.11.01.00.60.60.84.62.0
    (Change as percentage of FS)(…)(5)(3)(2)(2)(14)(12)(7)(6)(8)(31)(12)
    Sources: International Monetary Fund, International Financial Statistics (Washington: IMF): and data supplied by the BCEAO.
    Table 3.Ivory Coast: Background Statistics, 1963–74(In billions of CFA francs and percent)
    196319641965196619671968196919701971197219731974
    GDP197.8239.7239.7258.0275.7326.5365.6415.3440.1472.5565.3749.8
    (Percentage of WAMU GDP)(34)(39)(36)(35)(36)(39)(41)(42)(42)(42)(48)(52)
    Agriculture74.487.284.488.186.8101.1108.2112.6117.6125.1159.2194.0
    (Percent aye of GDP)(38)(36)(35)(34)(31)(31)(30)(27)(27)(26)(28)(26)
    Exports, f.o.b. (X)56.873.270.580.285.3110.0121.9138.0137.3150.2191.9302.0
    Imports, c.i.f. (M)41.958.162.968.573.384.395.2120.2122.0128.0171.5243.2
    (X + M)/GDP(50)(55)(56)(58)(57)(60)(61)(62)(59)(59)(64)(73)
    Savings43.760.550.758.757.081.4100.3114.2109.0119.7145.7220.9
    (Percentage of GDP)(22)(25)(21)(23)(21)(25)(28)(27)(25)(25)(26)(29)
    Investment32.244.944.950.147.555.568.088.396.097.4129.8162.8
    (Percentage of GDP)(16)(19)(19)(19)(17)(17)(19)(21)(22)(21)(23)(22)
    Prices (1970 =100)757677818388911009999ll0129
    financial savings (FS)35.348.347.653.957.071.290.3105.1115.7121.1146.5220.7
    (Percentage of GDP)(18)(20)(20)(21)(21)(22)(25)(25)(26)(26)(26)(29)
    Currency20.923.422.926.427.630.634.039.847.051.557.077.5
    Deposits14.424.924.726.529.440.656.365.368.769.689.5143.2
    Change in FS13.0-0.76.33.114.219.114.810.65.425.474.2
    (Change as percentage of FS)(…)(27)(-2)(12)(5)(20)(21)(14)(9)(5)(17)(34)
    Sources: International Monetary International Financial Statistics (Washington: IMF); and data supplied by the BCEAO.
    Table 4.Niger: Background Statistics, 1963–74(In billions of CFA francs and percent)
    196319641965196619671968196919701971197219731974
    GDP66.066.474.196.097.695.597.8101.7109.1108.7110.0107.0
    (Percentage of WAMU GDP)(11)(l1)(11)(13)(13)(12)(11)(10)(11)(10)(9)(7)
    Agriculture39.240.045.446.853.751.010.146.452.060.846.837.8
    (Percentage of GDP)(59)(60)(61)(49)(55)(53)(51)(46)(48)(56)(43)(35)
    Exports, f.o.b. (X)5.35.36.38.68.27.16.38.810.713.713.812.6
    Imports, c.i.f. (M)6.08.19.311.111.410.212.616.215.016.619.123.1
    (X + M)/GDP(17)(20)(21)(21)(20)(18)(19)(25)(24)(28)(30)(33)
    Savings11.39.67.810.49.79.69.810.213.113.013.213.9
    (Percentage of GDP)(17)(14)(11)(11)(10)(10)(10)(10)(12)(12)(12)(13)
    Investment14.212.68.511.9
    (Percentage of GDP)(22)(19)(11)(12)(…)(…)(…)(…)(…)(…)(…)(…)
    Prices (1970 = 100)79.482.991.692.089.399.2100.0104.2114.4127.8132.1
    financial savings (FS)5.45.26.37.07.57.58.89.211.712.415.019.7
    Percentage of (GDP)(8)(8)(9)(7)(8)(8)(9)(10)(11)(11)(14)(18)
    Currency3.23.04.14.64.34.24.84.96.06.26.79.4
    Deposits2.22.22.22.43.23.34.04.35.76.28.310.3
    Change in FS-0.21.10.70.51.30.42.50.72.64.7
    (Change as percentage of PS)(…)(-4)(18)(10)(7)(—)(15)(4)(21)(6)(17)(24)
    Sources: International Monetary fund, International financial Statistics (Washington: IMF): and data supplied by the BCEAO.
    Table 5.Senegal: Background Statistics, 1963–74(In billions of CFA francs and percent)
    196319641965196619671968196919701971197219731974
    GDP175.2158.0192.3206.6200.8216.5217.4234.0241.7291.7230.6279.7
    (Percentage of WAMU GDP)(30)(26)(29)(28)(27)(26)(24)(24)(23)(26)(20)(19)
    Agriculture58.050.153.063.658.766.256.363.450.773.947.960.0
    (Percentage of GDP)(33)(32)(28)(31)(29)(31)(26)(27)(21)(25)(21)(21)
    Exports, f.o.b. (X)27.330.232.137.134.337.431.942.234.754.443.288.4
    Imports, c.i.f. (M)41.442.440.239.540.844.750.453.960.670.680.2109.8
    (X + M)/GDP(39)(46)(38)(37)(37)(38)(38)(41)(39)(43)(54)(71)
    Savings23.021.025.027.427.519.20.815.3-5.61.3-12.710.3
    (Percentage of GDP)(13)(13)(13)(13)(14)(9)(5)(7)(-2)(4)(-6)(4)
    Investment
    (Percentage of GDP)(…)(…)(…)(…)(…)(…)(…)(…)(…)(…)(…)(…)
    Prices (1970 = 100)81858890939296100106112119137
    Financial savings (FS)29.128.527.726.125.027.627.935.235.141.250.775.4
    (Percentage of GDP)(17)(18)(14)(13)(12)(13)(13)(15)(15)(14)(22)(27)
    Currency15.015.814.712.610.211.911.615.215.916.519.529.0
    Deposits14.112.713.013.513.815.716.320.019.224.731.246.4
    Change in FS-0.6-0.8-1.7-1.12.60.37.3-0.16.29.524.7
    (Change as percentage of FS)(…)(-2)(-3)(-7)(-4)(9)(1)(21)(…)(15)(19)(33)
    Sources: International Monetary Fund. International Financial Statistics (Washington: IMF): and data supplied by The BCEAO.
    Table 6.Togo: Background Statistics, 1963–74(In billions of CFA Francs and percent)
    196319641965196619671968196919701971197219731974
    GDP33.136.443.553.157.059.969.673.479.986.098.0130.0
    (Percentage of WAMU GDP)(6)(6)(7)(7)(8)(7)(8)(7)(8)(8)(8)(9)
    Agriculture17.617.920.123.325.226.729.932.727.629.329.230.6
    (Percentage of GDP)(53)(49)(46)(44)(44)(44)(43)(45)(35)(34)(30)(24)
    Exports, f.o.b. (X)4.57.46.78.97.99.511.515.213.612.713.845.2
    Imports, c.i.f. (M)7.210.311.111.711.111.614.617.919.521.422.428.6
    (X + M)/GDP(29)(49)(41)(39)(33)(35)(38)(45)(54)(41)(37)(57)
    Savings1.44.86.07.87.67.89.411.910.110.013.445.4
    (Percentage of GDP)(4.3)(13.3)(13.7)(15)(13)(13)(14)(16)(13)(12)(14)(35)
    Investment4.58.210.38.77.26.68.314.114.917.622.724.7
    (Percentage of GDP)(14)(23)(24)(16)(13)(11)(12)(19)(19)(21)(23)(19)
    Prices (1970 = 100)89909192909096100107115119134
    Financial savings (FS)3.84.35.25.76.88.415.312.413.813.515.530.1
    (Percentage of GDP)(11)(12)(12)(11)(12)(14)(16)(17)(17)(16)(16)(23)
    Currency2.32.42.82.93.23.84.54.65.65.46.08.4
    Deposits1.51.92.42.83.64.66.87.88.28.19.521.7
    Change in FS0.50.90.50.91.66.9-2.91.4-0.32.014.6
    (Change as percentage of FS)(…)(12)(17)(9)(13)(19)(45)(-24)(10)(-2)(13)(49)
    Sources: International Monetary Fund, International Financial Statistics (Washington: IMF); and data supplied by the BCEAO.
    Table 7.WAMU and Members: Impact of Changes in the Money Multiplier and in Monetary Liabilities on Changes in Money, 1964–74(In percentage change)
    WAMUBeninBurkina FasoIvory CoastNigerSenegalTogo
    YEARMMkMLMMkMLMMkMLMMkMLMMkMLMMkMLMMkML
    19642.93-3.806.880.250.190.27-0.430.786.40-0.056.480.210.220.04-4.29-2.67-2.240.590.190.43
    19654.731.662.740.070.510.320.010.292.350.501.840.24-0.270.55-1.021.42-0.600.630.100.43
    19665.210.225.050.270.42-0.130.01-0.160.153.020.332.700.53-0.471.130.01-0.550.560.870.320.54
    19671.203.36-2.03-0.230.06-0.310.240.140.100.660.92-0.250.34-0.010.35-1.001.63-2.390.680.470.18
    196815.012.2412.160.420.390.030.450.50-0.0710.471.169.020.280.84-0.501.79-0.772.351.270.081.21
    196911.395.126.281.17-0.081.260.790.020.807.083.723.420.550.120.410.080.99-0.961.430.460.95
    197021.880.7721.311.280.440.821.080.310.7513.880.8512.780.83-0.201.063.04-1.054.611.540.700.82
    197115.290.1611.201.690.291.270.060.16-0.109.442.657.401.390.361.011.841.130.290.43-0.781.22
    197220.8-0.2720.821.490.151.370.530.230.339.71-1.2311.071.730.161.586.010.405.140.71-0.321.09
    197318.043.4514.260.23-0.260.672.360.841.3613.143.578.751.46-0.151.762.182.210.210.15-0.670.84
    197458.067.1650.132.050.911.203.550.473.0127.141.7325.163.050.023.0515.752.9412.518.812.984.78
    Total for 1964–74
    (in billions of CFA francs)173.8220.07148.808.382.646.889.632.097.40103.2914.1588.3710.610.6210.4426.435.6819.4917.113.5312.49
    percentage100.0012.0086.00100.0026.0082.00100.0022.0077.00100.0014.0086.00100.006.0098.00100.0020.0070.00100.0022.0077.00
    Note: M = changes in the money supply; Mk = changes in the money multiplier; ML = changes in monetary liabilities.Source: International Monetary Fund, International Financial Statistics (Washington: IMF).
    Table 8.WAMU: Trend and Cyclical Changes in Influences on the Money Supply, 1964–74(In percentage change)
    TotalTrendCyclicalTotalTrendCyclicalTotalTrendCyclicalTrendCyclicalTrendCyclical
    YearMoMoMoMLMLMLMkMkMKMCMCMrMr
    19642.930.232.706.88-1.498.37-3.801.75-5.551.80-5.49-0.050.12
    19654.732.622.112.740.881.861.661.72-0.061.801.69-0.08-1.83
    19665.215.160.045.053.361.690.221.74-1.521.85-1.58-0.110.05
    19671.207.85-6.64-2.035.92-7.953.361.801.561.961.07-0.150.62
    196815.0110.684.2312.168.603.562.241.910.322.120.18-0.200.19
    196911.3913.67-2.276.2811.36-5.085.122.093.042.353.27-0.27-0.01
    197021.8816.805.0821.3114.237.080.772.30-1.532.65-3.01-0.351.49
    197115.2920.07-4.7811.2017.19-5.994.162.561.593.010.33-0.451.44
    197220.0823.50-3.4220.8220.560.26-0.272.87-3.153.45-2.16-0.57-1.00
    197318.0427.07-9.0314.2623.429.163.453.240.203.97-0.45-0.730.72
    197458.0630.7927.2750.1326.6723.467.163.653.504.574.24-0.91-0.54
    Note: Mo = annul change in the money supply; ML = annual change in monetary liabilities; Mk = annual change in the money multiplier; Mc = annual change in the cash ratio: and Mr = annual change in the reserve ratio.Source: Statistical Appendix, Table 7.
    Table 9.Ivory Coast: Trend and Cyclical Changes in Influences on the Money Supply, 1964–74(In percentage change)
    TotalTrendCyclicalTotalTrendCyclicalTotalTrendCyclicalTrendCyclicalTrendCyclical
    YearMoMoMoMLMLMLMkMkMkMcMcMrMr
    19646.401.584.826.480.675.81-0.050.89-0.940.71-0.810.18-0.13
    19652.352.75-0.411.841.800.040.500.91-0.410.751.360.15-1.91
    19663.024.00-0.982.702.97-0.270.330.95-0.620.82-0.560.13-0.06
    19670.665.28-4.62-0.254.15-4.400.921.03-0.110.93-0.230.100.14
    196810.476.673.809.025.413.611.161.130.031.06-0.410.060.49
    19697.088.19-1.103.426.77-3.353.721.262.461.243.160.02-0.49
    197013.8810.133.7512.788.524.260.851.42-0.571.46-1.40-0.040.84
    19719.4411.77-2.347.409.45-2.052.651.611.042.74-1.52-0.131.68
    19729.7113.72-4.0211.0711.65-0.58-1.231.82-3.052.07-2.22-0.24-0.82
    197113.1415.16-2.038.7512.82-4.073.572.071.502.460.72-0.390.93
    197427.1417.339.8125.1614.6910.471.732.34-0.612.93-0.82-0.590.96
    Note: Mo = annul change in the money supply; ML = annual change in monetary liabilities; Mk = annual change in the money multiplier; MC = annual change in the cash ratio: and Mr = annual change in the reserve ratio.Source: Statistical Appendix, Table 7.
    Table 10.WAMU and Members: Influence on Variations in Monetary Liabilities of Changes in Net Foreign Assets, in Net Credit to Government, and in Adjusted Monetary Liabilities, 1964–74(in percentage change)
    WAMUBeninBurkina FasoIvory CoastNigerSenegalTogo
    YearMLMFMDGMLPMLMFMDGMLPMLMFMDGMLPMLMFMDGMLPMLMFMDGMLPMLMFMDGMLPMLMFMDGMLP
    19646.88-2.21-1.9311.020.190.21-0.020.78-0.351.136.484.19-1.954.240.04-1.111.15-2.245.86-8.100.430.94-0.51
    19652.74-3.191.204.730.51-0.680.430.760.290.220.071.840.970.790.080.55-0.711.26-0.60-5.665.060.431.59-1.16
    19665.0512.770.49-8.21-0.130.260.48-0.870.150.53-0.382.708.65-5.951.13-0.571.700.562.95-2.390.540.64-0.02-0.08
    1967-2.032.44-0.03-4.44-0.31-0.190.02-0.140.100.44-0.34-0.251.13-0.04-1.250.35-0.590.94-2.39-1.21-1.180.181.91-1.73
    196812.16-0.3512.510.03-0.470.300.20-0.071.17-1.249.021.35-0.598.26-0.500.64-1.142.36-5.230.027.571.211.19-0.02
    19696.284.290.021.971.260.600.200.460.802.19-1.393.420.97-0.152.600.410.89-0.48-0.96-2.29-0.021.350.951.33-0.38
    197021.3133.98-0.53-12.140.822.54-0.51-1.210.753.66-2.912.7813.27-0.491.065.48-4.424.613.840.770.823.85-2.87
    197111.2021.350.23-9.921.274.25-0.95-2.03-0.102.43-2.537.400.610.686.111.015.00-3.990.294.58-4.291.224.09-2.87
    197220.820.183.2517.391.372.69-0.82-0.500.331.82-1.4911.07-5.852.3514.571.584.02-2.445.14-1.440.026.561.09-1.662.75
    197314.260.68-1.3414.920.670.301.29-0.921.362.07-0.718.75-0.02-2.4711.241.763.92-2.160.21-4.354.560.842.12-1.28
    197450.13-7.562.1355.551.20-0.54-0.388.123.016.25-3.2425.16-10.342.4533.053.05-1.594.6412.51-8.0320.544.785.350.02-0.59
    Note: ML = total changes in monetary liabilities; MF = changes due to variations in net foreign assets; MDG = changes due to variations in credit to government; MLP = changes due to variations in potentially policy-controllable liabilities (i.e., rediscountable credits).Source: International Monetary Fund, International Financial Statistics (Washington: IMF).
    Table 11.WAMU and Members: Money Multipliers, 1963–74(Quarterly averages)
    YearWAMUBeninBurkina

    Faso
    Ivory

    Coast
    NigerSenegalTogo
    19631.751.651.491.591.752.021.56
    19641.671.581.361.581.851.851.64
    19651.701.601.371.601.731.951.68
    19661.711.721.331.621.561.911.80
    19671.771.741.361.651.562.031.95
    19681.811.861.481.701.791.971.97
    19691.891.831.481.811.832.042.09
    19701.911.941.541.831.771.962.56
    19711.962.011.571.991.862.032.09
    19721.962.041.621.871.992.062.03
    19731.991.991.771.941.872.181.91
    19742.072.141.841.971.972.332.39
    Average 1963–741.851.841.521.761.782.031.97
    Source: International Monetary Fund, International Financial Statistics (Washington: IMF).
    Table 12.WAMU and Members: Impact of Changes in the Cash Ratio and in the Reserve Ratio on Variations in the Money Multiplier, 1964–74(In percentage change)
    WAMUBeninBurkina FasoIvory CoastNigerSenegalTogo
    YearMkMcMrMkMcMrMkMcMrMkMcMrMkMcMrMkMcMrMkMcMr
    1964-3.80-3.690.07-0.25-0.210.01-0.43-0.370.01-0.05-0.100.050.220.200.04-2.67-2.520.070.190.190.01
    19651.663.49-1.910.070.05-0.260.01-0.020.030.502.11-1.76-0.27-0.22-0.041.421.430.080.100.19-0.09
    19660.220.27-0.060.420.410.01-0.16-0.160.010.330.260.07-0.47-0.36-0.05-0.55-0.33-0.210.320.270.08
    19673.363.020.470.060.050.030.140.19-0.060.920.700.24-0.01-0.060.051.631.570.570.470.51
    19682.242.30-0.010.390.410.070.500.530.011.160.650.550.840.800.21-0.770.04-0.790.080.050.03
    19695.125.62-0.28-0.08-0.06-0.050.020.023.724.40-0.470.120.100.020.990.750.290.460.480.01
    19700.77-0.361.140.440.560.090.310.310.020.850.060.80-0.20-0.18-0.01-1.05-1.500.460.700.730.02
    19710.163.340.960.290.330.170.160.22-0.062.651.221.550.360.43-0.051.131.48-0.33-0.78-0.56-0.16
    1972-0.271.29-1.570.150.42-0.120.230.38-0.16-1.23-0.15-1.060.160.22-0.070.400.360.04-0.32-0.28-0.03
    19733.453.52-0.01-0.26-0.610.060.840.820.123.573.180.54-0.150.15-0.302.212.300.04-0.67-0.24-0.39
    19747.168.81-1.450.911.25-0.040.470.63-0.151.732.110.370.020.17-0.152.943.19-0.042.983.18-0.10
    Total for 1964–7420.0727.61-2.652.142.60-0.032.092.53-0.2114.1514.440.880.621.250.375.686.77-0.223.534.52-0.62
    Percentage100.00123.00-12.00100.00121.00-1.00100.00121.00-10.00100.00100.006.00100.00202.00-56.00100.00119.00-4.00100.00128.00-18.00
    Note: Mk = changes in the money multiplier; Mc = variations in the cash ratio; Mr = changes in (he reserve ratio.Source: International Monetary Fund. International Financial Statistics (Washington: IMF).
    Table 13.BCKAO: Basic Elements of the Money Multiplier, 1966–74(Quarterly averages)
    YearmbdktrΔCR1ΔCR2
    19664.14090.45570.35811.23590.21470.0469
    19674.09200.41380.28721.14580.23180.0446-1
    19684.65420.42110.23841.08360.28360.0446415
    19694.91380.35680.20630.97010.37220.0446118
    19705.03970.34100.20210.97660.41820.0375334
    19714.81710.29450.25180.93030.41610.0326279
    19725.32970.35810.23400.91400.31230.0414-520
    19736.20400.35370.22520.87720.38430.0398-344
    197418.30420.42060.22700.80180.52220.0402-122233
    Impact on m of Ratio Changes
    Yearpmbpmdpmkpmtpmr
    196610.96672.8505-5.28564.5373-10.9667
    196710.55372.5648-5.23814.2743-10.5537
    196813.82193.4191-7.12265.3777-13.8219
    196916.22973.2099-8.18655.3050-16.2297
    197016.50483.0914-8.12375.1538-16.5048
    197116.06422.5219-7.60534.5479-16.0642
    197219.11973.9154-10.00766.2720-19.1197
    197326.29765.1285-13.65167.8164-26.2976
    1974218.585147.5350-117.628254.8678-218.5851
    Note: m = credit multiplier: b = ratio of borrowing from banks to total deposits; d = ratio of treasury deposits to demand deposits; k = ratio of currency to demand deposits; t = ratio of time to demand deposits; ΔCR1 = calculated change in credit due to the change in the monetary base; ΔCR2 = calculated change in credit due to the change in the money multiplier: pm = a partial differential operator, such that pmb = dm/db.Source: International Monetary Fund, International Financial Statistics (Washington: IMF).
    Table 14.Benin: Monetary Survey—Targets and Actuals, 1975–80(In millions of CFA francs)
    197519761977197819791980
    YearTargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActuals
    Net foreign assets13.7000.8174.3000.8004.1050.2000.8020.200-5.844-10.100-7.605
    Net domestic credit23.80026.55434.40035.80031.38542.30036.07752.20045.52963.20069.817
    Net credit to the Government-3.000-0.9002.300-1.800-6.215-1.100-11.0232.100-17.9840.200-15.183
    Credit to the private sector26.80027.45432.10037.60037.60043.40047.10050.10063.51363.00085.000
    Other items (net)-0.900-0.561-8.100-2.100-0.666-0.4001.570-6.000-0.3281.000-0.804
    Domestic liquidity26.60026.81030.60036.00034.82442.10038.44946.40039.35754.10061.408
    Sources: Information provided by the BCFAO: and International Monetary Fund, International Financial Statistics (Washington: IMF).

    The data prepared by the BCEAO in its exercise include, in net foreign assets, foreign long-term liabilities but exclude allocations of SDRs. The latter are included under other items (net).

    Table 15.Burkina Faso: Monetary Survey—Targets and Actuals, 1975–80(In millions of CFA francs)
    197519761977197819791980
    TargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActuals
    Net foreign assets110.50023.7736.8148.000-0.384-1.900-7.687-2.500-5.252-14.300-3.255
    Net domestic credit16.70023.20625.45332.10038.01448.00051.52860.50054.48971.20056.505
    Net credit to the Government-4.900-5.460-6.956-6.600-7.736-5.500-3.284-4.000-2.3221.800-4.060
    Credit to the private sector21.60028.66632.40938.70045.75053.50054.81264.50056.81169.40060.565
    Other items (net)-2.900-20.589-0.716-1.900-2.060-2.000-1.326-2.000-2.996-1.500-0.033
    Domestic liquidity24.30026.39031.55138.20035.57044.10042.51556.00046.24155.40053.217
    Sources: Information provided by the BCEAO; and International Monetary Fund, International Financial Statistics (Washington: IMF).

    The data prepared by the BCEAO in its exercise include, in net foreign assets, foreign long-term liabilities but exclude allocations of SDRs. The latter are included under other items (net).

    Table 16.Ivory Coast: Monetary Survey—Targets and Actuals, 1975–80(In millions of CFA francs)
    197519761977197819791980
    TargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActuals
    Net foreign assets1-13.200-17.100-18.00012.50017.43140.00024.27741.000-68.986-28.300-243.617
    Net domestic credit267.200303.250389.700392.400529.110518.200588.808680.600677.753877.300835.040
    Net credit to the Government-25.300-19.650-2.200-21.200-76.004-59.300-107.507-59.400-113.963-60.700-55.724
    Credit to the private sector292.500322.900391.900413.600605.114577.500696.315740.000791.716938.000890.764
    Other items (net)-9.400-3.650-21.700-6.300-22.056-9.500-31.48151.600-42.616-66.000-9.589
    Domestic liquidity244.600282.500350.000398.600524.485548.700581.604670.000566.151783.000581.834
    Sources: Information provided by the BCEAO: and International Monetary Fund. International Financial Statistics (Washington: IMF).

    The data prepared by the BCEAO in its exercise include, in net foreign assets, foreign long-term liabilities but exclude allocations of SDRs. The latter are included under other items (net).

    Table 17.Niger: Monetary Survey—Targets and Actuals, 1975–80(In millions of CFA francs)
    197519761977197819791980
    TargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActuals
    Net foreign assets18.7007.30016.3007.30020.77415.00017.45717.00013.64214.300-3.035
    Net domestic credit17.10028.20016.30034.20016.26240.00042.36051.60057.45677.40082.440
    Net credit to the Government-11.500-4.750-12.300-9.000-16.410-10.000-11.876-14.000-18.360-10.700-7.497
    Credit to the private sector28.60032.95028.60043.20032.67250.00054.23665.60075.81688.10089.937
    Other items (net)-3.500-4.500-3.400-4.5000.600-5.000-5.620-4.000-6.592-5.500-1.342
    Domestic liquidity22.30031.00029.20037.00037.63650.00054.19764.60064.50686.20078.063
    Sources: Information provided by the BCEAO: and International Monetary Fund, International Financial Statistics (Washington: IMF).

    The data prepared by the BCEAO in its exercise include, in net foreign assets, foreign long-term liabilities but exclude allocations of SDRs. The latter are included under other items (net).

    Table 18.Senegal: Monetary Survey—Targets and Actuals, 1975–80(In millions of CFA francs)
    197519761977197819791980
    TargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActuals
    Net foreign assets1-16.800-20.500-17.300-13.500-20.171-27.800-43.212-33.000-78.953-60.600-104.567
    Net domestic credit108.800118.500137.000147.900162.722144.000213.349213.500250.584265.100293.569
    Net credit to the Government1.9007.40014.00010.00016.66322.30015.99922.50018.76122.30028.675
    Credit to the private sector106.900111.100123.000137.900146.059121.700197.350191.000231.823242.800264.894
    Other items (net)-5.900-6.100-5.400-11.584-6.200-11.304-11.500-10.507-13.000-11.312
    Domestic liquidity86.10098.000113.600129.000130.967110.000158.833169.000161.124191.500177.690
    Sources: Information provided by the BCEAO: and International Monetary Fund. International Financial Statistics (Washington: IMF).

    The data prepared by the BCEAO in its exercise include, in net foreign assets, foreign long-term liabilities but exclude allocations of SDRs. The latter are included under other items (net).

    Table 19.Togo: Monetary Survey—Targets and Actuals, 1975–80(In millions of CFA francs)
    197519761977197819791980
    TargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActualsTargetsActuals
    Net foreign assets12.8005.71012.7001.2097.8006.889-1.3005.7432.8000.014
    Net domestic credit25.90029.89033.39036.50046.43757.40057.75976.50062.33684.10069.724
    Net credit to the Government1.4001.9601.1604.9001.8527.8006.1779.5003.95911.6004.529
    Credit to the private sector24.50027.93032.23031.60044.58549.60051.58267.00058.37772.50065.195
    Other items (net)-0.300-1.200-4.8700.432-2.0000.294-0.700-1.5440.2002.832
    Domestic liquidity28.40034.40041.22036.50048.07863.20064.94274.50066.53581.50072.570
    Sources: Information provided by the BCEAO; and International Monetary Fund, International Financial Statistics (Washington: IMF).

    The data prepared by the BCEAO in its exercise include, in net foreign assets, foreign long-term liabilities but exclude allocations of SDRs, The latter are included under other items (net).

    Table 20.WAMU and Members: Time and Savings Deposits, 1963–83(In billions of CFA francs)
    YearTotalBeninBurkina

    Faso
    Ivory

    Coast
    NigerSenegalTogo
    19633.700.140.152.230.041.040.10
    196410.320.210.218.920.870.11
    19658.140.110.146.621.040.23
    19668.940.080.097.540.380.700.15
    196711.620.270.069.710.540.740.30
    196816.970.360.1413.440.731.281.01
    196926.940.360.2022.150.671.761.80
    197029.930.400.2323.240.772.772.53
    197133.360.740.4625.521.562.842.23
    197228.881.190.7119.671.523.722.08
    197347.832.460.9929.971.888.174.35
    197481.832.721.1660.402.689.495.38
    197591.344.991.8264.722.1710.926.72
    1976130.145.004.0089.654.4618.768.27
    1977190.595.604.79141.415.3021.8511.63
    1978239.148.008.12166.067.8132.3116.85
    1979211.897.0011.48132.387.2439.9113.88
    1980240.9616.0011.55143.0913.3439.7517.23
    1981298.7615.0014.89175.2619.3253.6920.60
    1982344.5315.0017.02200.0312.0573.3427.10
    1983373.3515.0019.73203.9416.1483.8534.69
    Source: International Monetary Fund, International Financial Statistics (Washington: IMF).
    Table 21.BCEAO Members: Ratio of Short-Term Credit to Claims on the Private Sector, 1975–80
    YearBeninBurkina

    Faso
    Ivory

    Coast
    NigerSenegalTogo
    19750.390.470.720.850.850.74
    19760.530.530.730.810.820.75
    19770.590.570.740.700.800.78
    19780.660.570.700.710.790.73
    19790.610.580.650.650.750.74
    19800.520.560.610.670.760.73
    Source: International Monetary Fund, International Financial Statistics (Washington; IMF).
    Table 22.BCEAO Members: Ratio of Medium-Term Credit to Claims on the Private Sector, 1975–80
    YearBeninBurkina

    Faso
    Ivory

    Coast
    NigerSenegalTogo
    19750.060.270.170.100.120.15
    19760.110.290.180.130.150.17
    19770.130.290.180.250.180.16
    19780.150.300.210.260.190.22
    19790.170.310.260.300.230.22
    19800.140.360.330.250.230.24
    Source: International Monetary Fund, International Financial Statistics (Washington: IMF).
    Table 23.WAMU and Members: Total Domestic Credit, 1963–82(In billions of CFA francs)
    YearTotalBeninBurkina

    Faso
    Ivory

    Coast
    NigerSenegalTogo
    196368.454.403.3230.254.7123.602.17
    196483.714.864.0241.085.0826.252.42
    196584.234.654.2138.507.6127.891.37
    196684.344.783.9240.8611.0422.051.69
    196798.854.963.3951.2214.8622.561.86
    1968114.265.623.1455.1716.7630.243.33
    1969136.977.683.4470.2417.0234.903.67
    1970135.047.251.7976.448.4037.523.63
    1971157.537.711.6595.117.4139.865.78
    1972197.139.902.16122.707.2147.217.92
    1973250.8211.572.88150.159.0665.6711.48
    1974344.0514.036.10205.6413.8290.6813.77
    1975465.2929.4916.67267.2317.05108.8026.03
    1976612.2129.8025.45370.3516.23136.9933.38
    1977824.4331.4758.01529.5216.26162.7246.43
    1978993.9740.1751.52588.8142.36213.3457.74
    19791,149.5369.8156.50835.0382.30293.5669.72
    19801,406.9569.8156.50835.0382.30293.5669.72
    19811,701.7664.2264.641,027.9798.96368.8877.07
    19821,937.98115.7173.291,097.77129.37441.0480.78
    Source: International Monetary Fund. International Financial Statistics (Washington: IMF).
    Table 24.WAMU and Members: Total Credit to Governments, 1963–82(In billions of CFA francs)
    YearTotalBeninBurkina

    Faso
    Ivory

    Coast
    NigerSenegalTogo
    19630.093.620.160.080.03
    19640.192.950.151.680.06
    19650.215.160.182.200.01
    19660.685.872.672.210.01
    19670.737.296.881.990.09
    196812.220.870.021.937.461.910.01
    196914.351.150.011.678.203.290.01
    19704.520.520.010.140.453.380.01
    19715.680.010.021.690.393.560.01
    197212.010.890.044.940.785.340.01
    19738.941.330.050.280.996.270.01
    197414.121.270.283.331.227.990.01
    197524.930.845.292.083.2311.052.43
    197644.380.424.8414.424.3917.812.48
    197739.720.0013.912.815.3820.736.89
    197865.742.299.4012.389.5620.4711.61
    1979135.185.6111.1160.779.8830.6217.16
    1980215.826.4513.72104.5021.3352.3917.41
    1981339.297.9620.27179.9531.2574.1425.71
    1982493.479.9723.52262.3138.85132.7626.04
    Source: International Monetary Fund, International Financial Statistics (Washington: IMF).
    Table 25.WAMU and Members: Total Credit to the Private Sector, 1963–82(In billions of CFA francs)
    YearTotalBeninBurkina

    Faso
    Ivory

    Coast
    NigerSenegalTogo
    196388.194.443.3136.545.6634.273.97
    1964102.354.864.0147.336.5735.174.41
    196599.654.524.0844.738.6434.543.14
    1966100.394.263.6248.179.8430.813.69
    1967103.614.573.7454.779.1327.084.32
    1968123.805.144.0565.5110.4932.635.96
    1969142.466.565.6879.0510.0634.736.36
    1970161.687.405.6392.6810.0437.558.37
    1971184.978.536.10111.359.7339.819.43
    1972218.7610.417.31132.9110.6747.2610.19
    1973286.5512.739.15175.3712.4663.4913.33
    1974402.4516.4515.38243.7420.9789.6516.25
    1975506.6832.4421.59292.5228.54106.9424.64
    1976635.6232.1032.23388.9828.33121.9232.05
    1977905.3337.6045.31601.1532.43144.6144.23
    19781,091.3145.1054.40690.6653.99196.1451.00
    19791,249.4463.5155.94774.0674.94223.9257.07
    19801,424.9985.0059.02866.5088.81261.5164.14
    19811,565.4782.8062.02944.48100.88313.4561.82
    19821,713.13125.9070.951,000.48112.70336.1766.91
    Source: International Monetary Fund. International Financial Statistics (Washington: IMF).
    References

      Allen, Polly Reynolds,Organization and Administration of a Monetary Union, Princeton Studies in International Finance No. 38 (Princeton, New Jersey: Princeton University. 1976).

      Aschheim, Joseph, and Y. S.Park,Artificial Currency Units: The Formation of Functional Currency Areas, Essays in International Finance No. 114 (Princeton, New Jersey: Princeton University, 1976).

      Bhatia, Rattan J., and A.Basu,“Présentation analytique et schématique du systéme monétaire de la zone franc de coopération financière d’Afrique centrale,” Revue Tiers Monde (Paris), October-December1975.

      Burger, Albert Ellis,The Money Supply Process (Belmont, California: Wadsworth, 1971).

      Corden, Warner Max,Monetary Integration, Essays in International Finance No. 93 (Princeton, New Jersey: Princeton University, 1972).

      Fleming, J. Marcus,“On Exchange Rate Unification,”The Economic Journal (London), Vol. 81 (September1971), pp. 46776.

      Frost, Peter A.,“Short-run Fluctuations in the Money Multiplier and Monetary Control,”Journal of Money, Credit, and Banking (Columbus, Ohio), Vol. 9 (January1977), pp. 16581.

      Haberler, Gottfried,“The International Monetary System: Some Recent Developments and Discussions,”in Approaches to Greater Flexibility of Exchange Rates, ed, byGeorge N.Halm (ed) (Princeton, New Jersey: Princeton University, 1970), pp. 11523.

      Haseeb, Khair El-Din, and SamirMakdisi,eds., Arab Monetary Integration: Issues and Prerequisites (London: Croom Helm, 1982).

      Ingram, James C.,The Case for European Monetary Integration, Essays in International Finance No. 98 (Princeton, New Jersey: Princeton University. 1973).

      International Monetary Fund, “The CFA Franc System,”Staff Papers (Washington), Vol. 10 (November1963), pp. 34596.

      Ishiyama, Yoshihide,“The Theory of Optimum Currency Areas: A Survey,”Staff Papers. International Monetary Fund (Washington), Vol. 22 (July1975), pp. 34483.

      Johnson, Harry G., and Alexander K.Swoboda,eds., The Economics of Common Currencies: Proceedings of the Madrid Conference on Optimum Currency Areas (London: Allen and Unwin. 1973).

      Kenen, Peter B.,“The Theory of Optimum Currency Areas; An Eclectic View,” inMonetary Problems of the International Economy, ed, byRobert A.Mundell and Alexander K.Swoboda (ed) (Chicago: University of Chicago Press, 1969), pp. 4160.

      Kindleberger, Charles P.,International Economics (Home-wood, Illinois: Irwin, fifth ed., 1973).

      Machlup, Fritz,ed., Economic Integration: Worldwide, Regional, Sectoral (London: Macmillan, 1976).

      Machlup, Fritz,ed., A History of Thought on Economic Integration (New York: Columbia University Press, 1977).

      McKinnon, Ronald I.,“Optimum Currency Areas,”American Economic Review (Nashville, Tennessee), Vol. 53 (September1963), pp. 71725.

      McLenaghan, John B., Saleh M.Nsouli, and Klaus-WalterRiechel,Currency Convertibility in the Economic Community of West African States, Occasional Paper No. 13 (Washington: International Monetary Fund, August1982).

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    In 1961, the financial advantage gained by these and other CFA franc countries as a result of French preferences, accorded in the form of guaranteed prices above world market prices, was estimated at about 10 percent of their total export receipts, and inflows of capital from France totaled CFAF 1.8 billion (see International Monetary Fund, 1963.)

    The French West African Federation consisted of Dahomey. Guinea. Ivory Coast. Mali, Mauritania, Niger. Senegal, and Upper Volta. Togo was also served by the same bank.

    Guinea did not sign the agreement.

    This can be shown with a numerical example. Assume cash reserves with the BCEAO = 10, rediscountable credit = 30, short-term deposits and other liabilities = 100, rediscounts with the BCEAO = 10. On this basis, “normal” reserve ratio would be 20 percent ((30-10)100), whereas under the BCEAO definition the reserve ratio would be 36 percent (10 + 30)(100 + 10).

    In Frost, ΔLt · Kt − 1 + Lt · kt which is more appropriate for considering continuous (as opposed to discrete) changes.

    These expressions follow readily by differentiating the above multiplier expression, and making the appropriate identification.

    The interaction affecting the change in the multiplier—ΔkΔkΔcΔr—is again ignored on the assumption that these changes are small.

    A slightly modified version that places emphasis on the adjustments to existing ceilings was found equally plausible:

    The actual amount of rediscountable credit held in the banks’ portfolio varied inversely with the level of nonrediscountable credit. The observed relationship between rediscountable credit held in the portfolios of banks, RDf, and nonrediscountable credit to the private sector. Cnrd, is given by the following equation:

    The total differential formula is an approximation of actual variations when the changes in the determining variables are small. In view of the large changes that occurred in 1974, the above formulation results in a substantial residual (CFAF 258 billion) approximated by mt. Bat which, however, cannot be assigned separately to these two factors.

    BCEAO. “Banques et Monnaies.” No. 290. Dakar, January 1981, p. 2.

    Occasional Papers of the International Monetary Fund

    * 1. International Capital Markets: Recent Developments and Short-Term Prospects, by a Staff Team Headed by R.C. Williams. Exchange and Trade Relations Department. 1980

    2. Economic Stabilization and Growth in Portugal, by Hans O. Schmitt. 1981.

    *3. External Indebtedness of Developing Countries, by a Staff Team Headed by Bahram Nowzad and Richard C. Williams. 1981.

    *4. World Economic Outlook: A Survey by the Staff of the International Monetary Fund, 1981.

    5. Trade Policy Developments in Industrial Countries, by S.J. Anjaria, Z. Iqbal, L.L. Perez, and W.S. Tseng. 1981.

    6. The Multilateral System of Payments: Keynes, Convertibility, and the International Monetary Fund’s Articles of Agreement, by Joseph Gold. 1981.

    7. International Capital Markets: Recent Developments and Short-Term Prospects, 1981, by a Staff Team Headed by Richard C. Williams, with G.G. Johnson. 1481

    8. Taxation in Sub-Saharan Africa. Part I: Tax Policy and Administration in Sub-Saharan Africa, by Carlos A. Aguirre, Peter S. Griffith, and M. Zühtü Yücelik. Part II: A Statistical Evaluation of Taxation in Sub-Saharan Africa, by Vito Tanzi. 1981.

    9. World Economic Outlook: A Survey by the Staff of the International Monetary Fund 1982.

    10. International Comparisons of Government Expenditure, by Alan A, Tait and Peter S. Heller. 1982.

    11. Payments Arrangements and the Expansion of Trade in Eastern and Southern Africa, by Shailendra J. Anjaria, Sena Eken, and John E. Laker. 1982.

    12. Effects of Slowdown in Industrial Countries on Growth in Non-Oil Developing Countries, by Morris Goldstein and Mohsin S. Khan. 1982.

    13. Currency Convertibility in the Economic Community of West African States, by John B. McLenaghan, Saleh M. Nsouli, and Klaus-Walter Riechel. 1982.

    14. International Capital Markets: Developments and Prospects, 1982, by a Staff Team Headed by Richard C. Williams, with G.G. Johnson. 1982.

    15. Hungary: An Economic Survey, by a Staff Team Headed by Patrick de Fontenay. 1982.

    16. Developments in International Trade Policy, by S.J. Anjaria, Z. Iqbal, N. Kirmani, and L.L. Perez. 1982.

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