Back Matter

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.
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.
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.
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.
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.
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.
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).
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.
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.
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).
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).
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).
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).
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).

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).

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).

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).

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).

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).

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).
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).
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).
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).
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).
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).
Source: International Monetary Fund. International Financial Statistics (Washington: IMF).
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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.

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

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