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Rattan J. Bhatia https://isni.org/isni/0000000404811396 International Monetary Fund

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Keywords:
OP; BCEAO; deficit
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Abstract

Until 1984, the West African Monetary Union (WAMU) consisted of six West African countries- Benin, Burkina Faso, Ivory Coast, Niger, Senegal, and Togo. (Mali withdrew from the Union in 1961 and rejoined in 1984; it is therefore excluded from this analysis, which deals with a period when it was not a member.)

Statistical Tables

Table 1.

Benin: Background Statistics, 1963–74

(In billions of CFA francs and percent)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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)

article image
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

article image
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

article image
Source: International Monetary Fund, International Financial Statistics (Washington: IMF).
Table 23.

WAMU and Members: Total Domestic Credit, 1963–82

(In billions of CFA francs)

article image
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)

article image
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)

article image
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).

    • Search Google Scholar
    • Export Citation

  • 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).

    • Search Google Scholar
    • Export Citation

  • 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-December 1975.

    • Search Google Scholar
    • Export Citation

  • 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 (September 1971), pp. 467–76.

  • Frost, Peter A., “Short-run Fluctuations in the Money Multiplier and Monetary Control,” Journal of Money, Credit, and Banking (Columbus, Ohio), Vol. 9 (January 1977), pp. 165–81.

    • Search Google Scholar
    • Export Citation

  • Haberler, Gottfried, “The International Monetary System: Some Recent Developments and Discussions,” in Approaches to Greater Flexibility of Exchange Rates, ed, by George N. Halm (Princeton, New Jersey: Princeton University, 1970), pp. 115–23.

    • Search Google Scholar
    • Export Citation

  • Haseeb, Khair El-Din, and Samir Makdisi, 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).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, “The CFA Franc System,” Staff Papers (Washington), Vol. 10 (November 1963), pp. 345–96.

  • Ishiyama, Yoshihide, “The Theory of Optimum Currency Areas: A Survey,” Staff Papers. International Monetary Fund (Washington), Vol. 22 (July 1975), pp. 344–83.

    • Search Google Scholar
    • Export Citation

  • 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).

    • Search Google Scholar
    • Export Citation

  • Kenen, Peter B., “The Theory of Optimum Currency Areas; An Eclectic View,” in Monetary Problems of the International Economy, ed, by Robert A. Mundell and Alexander K. Swoboda (Chicago: University of Chicago Press, 1969), pp. 41–60.

    • Search Google Scholar
    • Export Citation

  • 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 (September 1963), pp. 717–25.

    • Search Google Scholar
    • Export Citation

  • McLenaghan, John B., Saleh M. Nsouli, and Klaus-Walter Riechel, Currency Convertibility in the Economic Community of West African States, Occasional Paper No. 13 (Washington: International Monetary Fund, August 1982).

    • Search Google Scholar
    • Export Citation

  • Marquis, P., “Importance et efficacité des instruments d’une polilique d’émission en Afrique de l’Ouest,” seminar paper for the Institut de Développement Economique et de la Planification, Dakar, July 1966.

    • Search Google Scholar
    • Export Citation

  • Mundell, Robert A., “A Theory of Optimum Currency Areas.” American Economic Review (Nashville, Tennessee), Vol. 51 (September 1961), pp. 657–65.

    • Search Google Scholar
    • Export Citation

  • Mundell, Robert A., “African Currency Problems” in African and Monetary Integration, ed, by Rodrigue Tremblay (Montreal: Editions HRW, 1972), pp. 363–68.

    • Search Google Scholar
    • Export Citation

  • Scitovsky, Tibor, “The Theory of Balance of Payments Adjustment,” Journal of Political Economy (Chicago), Vol. 75 (August 1967), pp. 523–31.

    • Search Google Scholar
    • Export Citation

  • Tower, Edward, and Thomas D. Willett, The Theory of Optimum Currency Areas and Exchange Rate Flexibility, Special Papers in International Economics No. 11 (Princeton, New Jersey: Princeton University, 1976).

    • Search Google Scholar
    • Export Citation

  • Williamson, John H., in Fritz Machlup, ed., Economic Integration: Worldwide. Regional, Sectoral (London: Macmillan, 1976), pp. 233–36.

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    • Export Citation
1

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.)

2

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.

3

Guinea did not sign the agreement.

4

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).

5

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

6

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

The interaction affecting the change in the multiplier—Δ⁢k⋅Δ⁢kΔ⁢c⋅Δ⁢r—is again ignored on the assumption that these changes are small.

7

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

Qct = 80.98 ( − 4.44 ) + 0.18 ( 2.49 ) ⁢ ( X + M ) t ⁢ − 0.54 ⁢ TD t ( − 2.49 ) + 49.64 ( 2.99 ) ⁢ Cov t − 1 + 65.04 ( 6.18 ) ⁢ R d Qc t − 1 R 2 = 0.82 DW = 3.14 SE = 2.33
8

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:

R ⁢ D f = 17.08 ( 10.12 ) − 0.07 ( − 4.04 ) ⁢ C n ⁢ r ⁢ d R 2 = 0.66 DW = 0.95 SE = 2.16
9

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.

10

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.

17. Aspects of the International Banking Safety Net, by G.G, Johnson, with Richard K. Abrams. 1983.

18. Oil Exporters’ Economic Development in an Interdependent World, by Jahangir Amuzegar. 1983.

19. The European Monetary System: The Experience, 1979–82. by Horst Ungerer, with Owen Evans and Peter Nyberg. 1983.

20. Alternatives to the Central Bank in the Developing World, by Charles Collyns. 1983

21. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1983.

22. Interest Rate Policies in Developing Countries: A Study by the Research Department of the International Monetary Fund. 1983.

23. International Capital Markets: Developments and Prospects, 1983, by Richard Williams, Peter Keller, John Lipsky, and Donald Mathieson. 1983.

24. Government Employment and Pay: Some International Comparisons, by Peter S. Heller and Alan A. Tait. 1983. Revised 1984.

25. Recent Multilateral Debt Restructurings with Official and Bank Creditors, by a Staff Team Headed by E. Brau and R.C. Williams, with P.M. Keller and M. Nowak. 1983.

26. The Fund, Commercial Banks, and Member Countries, by Paul Mentré, 1984.

27. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1984.

28. Exchange Rate Volatility and World Trade: A Study by the Research Department of the International Monetary Fund. 1984.

29. Issues in the Assessment of the Exchange Rates of Industrial Countries: A Study by the Research Department of the International Monetary Fund, 1984

30. The Exchange Rate System—Lessons of the Past and Options for the Future: A Study by the Research Department of the International Monetary Fund. 1984

31. International Capital Markets: Developments and Prospects, 1984, by Maxwell Watson, Peter Keller, and Donald Mathieson. 1984.

32. World Economic Outlook, September 1984; Revised Projections by the Staff of the International Monetary Fund. 1984.

33. Foreign Private Investment in Developing Countries: A Study by the Research Department of the International Monetary Fund. 1985.

34. Adjustment Programs in Africa: The Recent Experience, by Justin B. Zulu and Saleh M, Nsouli. 1985.

35. The West African Monetary Union: An Analytical Review, by Rattan J. Bhatia 1985.

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Cover The West African Monetary Union An Analytical Review
The West African Monetary Union An Analytical Review
ISBN:
9781616351083
ISSN:
0251-6365
Publication Date:
15 May 1985
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781616351083.084
Pages:
70

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

    • Search Google Scholar
    • Export Citation

  • 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).

    • Search Google Scholar
    • Export Citation

  • 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-December 1975.

    • Search Google Scholar
    • Export Citation

  • 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 (September 1971), pp. 467–76.

  • Frost, Peter A., “Short-run Fluctuations in the Money Multiplier and Monetary Control,” Journal of Money, Credit, and Banking (Columbus, Ohio), Vol. 9 (January 1977), pp. 165–81.

    • Search Google Scholar
    • Export Citation

  • Haberler, Gottfried, “The International Monetary System: Some Recent Developments and Discussions,” in Approaches to Greater Flexibility of Exchange Rates, ed, by George N. Halm (Princeton, New Jersey: Princeton University, 1970), pp. 115–23.

    • Search Google Scholar
    • Export Citation

  • Haseeb, Khair El-Din, and Samir Makdisi, 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).

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund, “The CFA Franc System,” Staff Papers (Washington), Vol. 10 (November 1963), pp. 345–96.

  • Ishiyama, Yoshihide, “The Theory of Optimum Currency Areas: A Survey,” Staff Papers. International Monetary Fund (Washington), Vol. 22 (July 1975), pp. 344–83.

    • Search Google Scholar
    • Export Citation

  • 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).

    • Search Google Scholar
    • Export Citation

  • Kenen, Peter B., “The Theory of Optimum Currency Areas; An Eclectic View,” in Monetary Problems of the International Economy, ed, by Robert A. Mundell and Alexander K. Swoboda (Chicago: University of Chicago Press, 1969), pp. 41–60.

    • Search Google Scholar
    • Export Citation

  • 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 (September 1963), pp. 717–25.

    • Search Google Scholar
    • Export Citation

  • McLenaghan, John B., Saleh M. Nsouli, and Klaus-Walter Riechel, Currency Convertibility in the Economic Community of West African States, Occasional Paper No. 13 (Washington: International Monetary Fund, August 1982).

    • Search Google Scholar
    • Export Citation

  • Marquis, P., “Importance et efficacité des instruments d’une polilique d’émission en Afrique de l’Ouest,” seminar paper for the Institut de Développement Economique et de la Planification, Dakar, July 1966.

    • Search Google Scholar
    • Export Citation

  • Mundell, Robert A., “A Theory of Optimum Currency Areas.” American Economic Review (Nashville, Tennessee), Vol. 51 (September 1961), pp. 657–65.

    • Search Google Scholar
    • Export Citation

  • Mundell, Robert A., “African Currency Problems” in African and Monetary Integration, ed, by Rodrigue Tremblay (Montreal: Editions HRW, 1972), pp. 363–68.

    • Search Google Scholar
    • Export Citation

  • Scitovsky, Tibor, “The Theory of Balance of Payments Adjustment,” Journal of Political Economy (Chicago), Vol. 75 (August 1967), pp. 523–31.

    • Search Google Scholar
    • Export Citation

  • Tower, Edward, and Thomas D. Willett, The Theory of Optimum Currency Areas and Exchange Rate Flexibility, Special Papers in International Economics No. 11 (Princeton, New Jersey: Princeton University, 1976).

    • Search Google Scholar
    • Export Citation

  • Williamson, John H., in Fritz Machlup, ed., Economic Integration: Worldwide. Regional, Sectoral (London: Macmillan, 1976), pp. 233–36.

    • Search Google Scholar
    • Export Citation