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Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa

Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa »

Source: Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa : Implications for Optimum Currency Arrangements

Volume/Issue: 1995/142

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Jonathan Ostry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

ISBN: 9781451927498

Keywords: Optimum Currency Areas, correlations, exchange rate, exchange rate arrangements, correlation, currency areas

Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper looks at whether the existing highly fractured monetary arrangements...

Price Impacts of Non-Adoption of the Euro for Small European Countries

Price Impacts of Non-Adoption of the Euro for Small European Countries »

Source: Price Impacts of Non-Adoption of the Euro for Small European Countries

Volume/Issue: 2006/151

Series: IMF Working Papers

Author(s): Harald Anderson , and Sibel Beadle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

ISBN: 9781451864113

Keywords: Optimal Currency Area, Major World Currency, Currency Peg, Self-Enforcing Currency Area, equation, exchange rate, exchange rates, time series, foreign exchange, Self Enforcing Currency Area,

Debates surrounding the adoption of a common currency have focused on its benefits weighed against the long-term costs of losing monetary independence. These debates have assumed that the penalty for not adopting a...

Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice

Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice »

Source: Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice

Volume/Issue: 2008/132

Series: IMF Working Papers

Author(s): Nienke Oomes , and Christopher Meissner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2008

ISBN: 9781451869910

Keywords: exchange rate regime, anchor, network externalities, optimal currency area, exchange rate, exchange rate regimes, trade partners,

What determines the currency to which countries peg or "anchor" their exchange rate? Data for over 100 countries between 1980 and 1998 reveal that trade network externalities are a key determinant. This implies tha...

A Model of an Optimum Currency Area1

A Model of an Optimum Currency Area1 »

Source: A Model of an Optimum Currency Area

Volume/Issue: 1997/76

Series: IMF Working Papers

Author(s): Luca Ricci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1997

ISBN: 9781451849837

Keywords: Optimum currency areas, cost-benefit analysis, exchange rate regimes, currency union, monetary integration, inflation, exchange rate, monetary shocks, exchange rates, currency areas

This paper investigates the circumstances under which it is beneficial to participate in a currency area. A two-country monetary model of trade with nominal rigidities encompasses the real and monetary arguments su...

The CFA Franc Zone and the EMU1

The CFA Franc Zone and the EMU1 »

Source: The CFA Franc Zone and the EMU

Volume/Issue: 1997/156

Series: IMF Working Papers

Author(s): Michel Galy , and Michael Hadjimichael

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1997

ISBN: 9781451857368

Keywords: Monetary Union, Optimum Currency Areas, CFA Franc Zone, EMU, exchange rate, monetary fund, central bank, effective exchange rate

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...

Trade, Finance, Specialization, and Synchronization

Trade, Finance, Specialization, and Synchronization »

Source: Trade, Finance, Specialization, and Synchronization

Volume/Issue: 2003/81

Series: IMF Working Papers

Author(s): Jean Imbs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

ISBN: 9781451850383

Keywords: specialization, financial openness, international business cycle, optimal currency area, financial integration, equation, correlations, correlation, bilateral trade, Open Economy Macroeconomics,

The paper investigates the determinants of business cycles synchronization across regions. It uses both international and intranational data to evaluate the linkages between trade in goods, trade in financial asset...

Economic Convergence in the Euro Area: Coming Together or Drifting Apart?

Economic Convergence in the Euro Area: Coming Together or Drifting Apart? »

Source: Economic Convergence in the Euro Area: Coming Together or Drifting Apart?

Volume/Issue: 2018/10

Series: IMF Working Papers

Author(s): Jeffrey Franks , Bergljot Barkbu , Rodolphe Blavy , William Oman , and Hanni Schoelermann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2018

ISBN: 9781484338490

Keywords: Business cycles, Economic integration, Euro Area, Financial cycles, Convergence, synchronization, Economic and Monetary Union, Optimum Currency Area, Financial Aspects of Economic Integration

We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred a...

Choosing the Correct Currency Anchor for a Small Economy

Choosing the Correct Currency Anchor for a Small Economy »

Source: Choosing the Correct Currency Anchor for a Small Economy : The Case of Nepal

Volume/Issue: 2004/142

Series: IMF Working Papers

Author(s): Sibel Beadle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2004

ISBN: 9781451856286

Keywords: Optimum Currency Area, Asian Crisis, Exchange Rate Basket, Currency Peg, exchange rate, export prices, import prices, currency basket, exchange rate rule, Asian Crises,

This paper uses the Sjaastad model to estimate the optimal currency area for the Nepalese rupee and concludes that, currently, Nepal may be reasonably well off with its peg to the Indian rupee. As its economy opens...

Beauty Queens and Wallflowers

Beauty Queens and Wallflowers »

Source: Beauty Queens and Wallflowers : Currency Unions in the Middle East and Central Asia

Volume/Issue: 2006/226

Series: IMF Working Papers

Author(s): Katrin Elborgh-Woytek , and Julian Berengaut

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2006

ISBN: 9781451864861

Keywords: Currency Union, Optimum Currency Areas, inflation, monetary union, monetary fund, central bank, International Monetary Arrangements and Institutions, Financial Aspects of Economic Integration,

Against the background of the theory of optimum currency areas, the paper analyzes possible sequences for establishing a currency union (CU) in the Middle East and Central Asia region. Between the corner solutions...

Exchange Rate Regime Considerations for Jordan and Lebanon

Exchange Rate Regime Considerations for Jordan and Lebanon »

Source: Exchange Rate Regime Considerations for Jordan and Lebanon

Volume/Issue: 2003/137

Series: IMF Working Papers

Author(s): Rina Bhattacharya

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2003

ISBN: 9781451855937

Keywords: exchange rate regime, optimum currency area, nominal anchor, exchange rate, equations, statistic, equation, Financial Aspects of Economic Integration, Open Economy Macroeconomics,

This paper addresses the issue of the appropriate exchange rate regimes for Jordan and Lebanon in the context of the literature on optimum currency areas and the arguments concerning the use of the exchange rate as...