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10 Banking Sector Integration and Competition in CEMAC

10 Banking Sector Integration and Competition in CEMAC »

Source: The CFA Franc Zone : Common Currency, Uncommon Challenges

Series: Books

Author(s): Anne Gulde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

ISBN: 9781589066755

Keywords: exchange rate, inflation, terms of trade, exchange rates, monetary policy

This chapter examines the issue of banking sector integration and competition in CEMAC, with a focus on the integration of products and services in retail banking, as financial markets are limited in size (B...

The CFA Franc Zone
			: Common Currency, Uncommon Challenges

The CFA Franc Zone : Common Currency, Uncommon Challenges »

Series: Books

Author(s): Anne Gulde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

DOI: http://dx.doi.org/10.5089/9781589066755.071

ISBN: 9781589066755

Keywords: exchange rate, inflation, terms of trade, exchange rates, monetary policy

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...

7 Competitiveness in the CFA Franc Zone

7 Competitiveness in the CFA Franc Zone »

Source: The CFA Franc Zone : Common Currency, Uncommon Challenges

Series: Books

Author(s): Anne Gulde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

ISBN: 9781589066755

Keywords: exchange rate, inflation, terms of trade, exchange rates, monetary policy

The 1994 devaluation of the CFA franc was a result of a prolonged deterioration of the terms of trade of the countries of the CFA franc zone, a steep rise in the labor costs of those countries, and a nominal...

6 Economic Fundamentals and the CFA Franc Zone Real Exchange Rates

6 Economic Fundamentals and the CFA Franc Zone Real Exchange Rates »

Source: The CFA Franc Zone : Common Currency, Uncommon Challenges

Series: Books

Author(s): Anne Gulde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

ISBN: 9781589066755

Keywords: exchange rate, inflation, terms of trade, exchange rates, monetary policy

The debate in the literature on structural adjustment and macroeconomic stabilization has emphasized the crucial role played by the real exchange rate, given its importance for export promotion and for the g...

9 Financial Sector Integration in WAEMU

9 Financial Sector Integration in WAEMU »

Source: The CFA Franc Zone : Common Currency, Uncommon Challenges

Series: Books

Author(s): Anne Gulde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

ISBN: 9781589066755

Keywords: exchange rate, inflation, terms of trade, exchange rates, monetary policy

This study examines different aspects of financial integration in WAEMU in order to complement the literature on macroeconomic integration. Historically, the emphasis has been on the objective of macroeconom...

4 Fiscal Reaction Functions in the CFA Franc Zone

4 Fiscal Reaction Functions in the CFA Franc Zone »

Source: The CFA Franc Zone : Common Currency, Uncommon Challenges

Series: Books

Author(s): Anne Gulde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

ISBN: 9781589066755

Keywords: exchange rate, inflation, terms of trade, exchange rates, monetary policy

The two monetary unions in the CFA franc zone conduct their national economic policies within the framework of macroeconomic convergence criteria. The CFA franc zone includes WAEMU and CEMAC member countries...

11 Growth and Convergence in the CFA Franc Zone

11 Growth and Convergence in the CFA Franc Zone »

Source: The CFA Franc Zone : Common Currency, Uncommon Challenges

Series: Books

Author(s): Anne Gulde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

ISBN: 9781589066755

Keywords: exchange rate, inflation, terms of trade, exchange rates, monetary policy

Strongly linked to external price and exchange rate developments, growth performance during the post-devaluation period has varied within the CFA franc zone. Relative to sub-Saharan Africa averages, real per...

3 Long-Run Determinants of Inflation in WAEMU

3 Long-Run Determinants of Inflation in WAEMU »

Source: The CFA Franc Zone : Common Currency, Uncommon Challenges

Series: Books

Author(s): Anne Gulde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

ISBN: 9781589066755

Keywords: exchange rate, inflation, terms of trade, exchange rates, monetary policy

In this chapter, we propose an empirical model of the long-run determinants of the inflation rate in WAEMU member countries. Understanding the economic processes that drive inflation is important because pri...

2 Monetary Policy in a Currency Union? The Case of CEMAC

2 Monetary Policy in a Currency Union? The Case of CEMAC »

Source: The CFA Franc Zone : Common Currency, Uncommon Challenges

Series: Books

Author(s): Anne Gulde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

ISBN: 9781589066755

Keywords: exchange rate, inflation, terms of trade, exchange rates, monetary policy

Is there scope and need for monetary policy in CEMAC? Because CEMAC is a currency union with a fixed peg to the euro, at first glance the answer would appear to be “no.” However, the persistence of limited d...

1 Overview

1 Overview »

Source: The CFA Franc Zone : Common Currency, Uncommon Challenges

Series: Books

Author(s): Anne Gulde , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

ISBN: 9781589066755

Keywords: exchange rate, inflation, terms of trade, exchange rates, monetary policy

Most independent states have their own national currencies. Worldwide, only four groups of countries issue a common currency and conduct joint monetary policy. 1 With so few count...