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The West African Monetary Union An Analytical Review

The West African Monetary Union An Analytical Review »

Series: Occasional Papers

Author(s): Rattan Bhatia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 1985

DOI: http://dx.doi.org/10.5089/9781616351083.084

ISBN: 9781616351083

Keywords: West African Monetary Union, rediscount, monetary fund, central bank, money supply, money market

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...

Framework Administered Account for Selected Fund Activities-West Africa Regional Technical Assistance Center (AFRITAC West) Subaccount

Framework Administered Account for Selected Fund Activities-West Africa Regional Technical Assistance Center (AFRITAC West) Subaccount »

Source: Framework Administered Account for Selected Fund Activities-West Africa Regional Technical Assistance Center (AFRITAC West) Subaccount

Volume/Issue: 2009/070

Series: Policy Papers

Author(s): International Monetary Fund. Legal Dept.;International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2009

ISBN: 9781498335430

Keywords: Administered accounts, African Regional Technical Assistance Center, Executive Board decisions, Financial instruments, Lapse of time approval, Technical Assistance, West Africa

In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the 'SFA Instrument'). The financing of activities under the terms...

I The West African Monetary Union and the Theory of Currency Unions

I The West African Monetary Union and the Theory of Currency Unions »

Source: The West African Monetary Union An Analytical Review

Series: Occasional Papers

Author(s): Rattan Bhatia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 1985

ISBN: 9781616351083

Keywords: West African Monetary Union, rediscount, monetary fund, central bank, money supply, money market

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 19...

II The Central Bank of West African States, 1962–74: Its Structure and Functions

II The Central Bank of West African States, 1962–74: Its Structure and Functions »

Source: The West African Monetary Union An Analytical Review

Series: Occasional Papers

Author(s): Rattan Bhatia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 1985

ISBN: 9781616351083

Keywords: West African Monetary Union, rediscount, monetary fund, central bank, money supply, money market

The “politico-economic” framework within which the BCEAO operated changed between the time it look on the broader functions of a common central bank in 1962, and the revision of its statutes in 1974. At the...

III The Money Supply Process and the Use of Monetary Instruments, 1963–74

III The Money Supply Process and the Use of Monetary Instruments, 1963–74 »

Source: The West African Monetary Union An Analytical Review

Series: Occasional Papers

Author(s): Rattan Bhatia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 1985

ISBN: 9781616351083

Keywords: West African Monetary Union, rediscount, monetary fund, central bank, money supply, money market

The BCEAO area is open to trade and payments, which sets obvious limits on how far it can have an independent monetary policy because the balance of payments outcome is almost exogenously determined by produ...

IV Credit Inflation and the Reform of the Monetary Union, 1974

IV Credit Inflation and the Reform of the Monetary Union, 1974 »

Source: The West African Monetary Union An Analytical Review

Series: Occasional Papers

Author(s): Rattan Bhatia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 1985

ISBN: 9781616351083

Keywords: West African Monetary Union, rediscount, monetary fund, central bank, money supply, money market

As observed earlier, between 1963 and 1974 the deposits of commercial banks increased faster than their demand for rediscountable credit. This, coupled with the BCEAO’s readiness to provide liberal rediscoun...

V Credit Policy and Developments, 1974–82

V Credit Policy and Developments, 1974–82 »

Source: The West African Monetary Union An Analytical Review

Series: Occasional Papers

Author(s): Rattan Bhatia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 1985

ISBN: 9781616351083

Keywords: West African Monetary Union, rediscount, monetary fund, central bank, money supply, money market

As noted in the Section IV, until recently the BCEAO continued to rely mainly on its rediscount policy to influence monetary developments and, to some extent, on the mechanism of prior authorization to deter...

VI Fiscal Policy

VI Fiscal Policy »

Source: The West African Monetary Union An Analytical Review

Series: Occasional Papers

Author(s): Rattan Bhatia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 1985

ISBN: 9781616351083

Keywords: West African Monetary Union, rediscount, monetary fund, central bank, money supply, money market

A monetary union, with its explicit coordination of monetary and exchange policies, also implies some cooperation in the fiscal policies of member countries. Unduly divergent fiscal policies could lead to un...

VII Cost-Price Distortions and Adjustment

VII Cost-Price Distortions and Adjustment »

Source: The West African Monetary Union An Analytical Review

Series: Occasional Papers

Author(s): Rattan Bhatia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 1985

ISBN: 9781616351083

Keywords: West African Monetary Union, rediscount, monetary fund, central bank, money supply, money market

The earlier sections have demonstrated that, notwithstanding the reforms of the BCEAO in 1974, monetary and fiscal developments have differed considerably among member countries. Theoretically, in a union wi...

Establishing Conversion Values for New Currency Unions

Establishing Conversion Values for New Currency Unions »

Source: Establishing Conversion Values for New Currency Unions : Method and Application to the planned Gulf Cooperation Council (GCC) Currency Union

Volume/Issue: 2009/184

Series: IMF Working Papers

Author(s): Bassem Kamar , Jean-Etienne Carlotti , and Russell Krueger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2009

ISBN: 9781451873313

Keywords: Currency union, conversion rates, EAC, East African Community, ECOWAS, ECU, GCC, Gulf Cooperation Council, SADC, South African Development Community

A key issue in creating a new currency union is setting the rates to convert national currencies into the new union currency. Planned unions in the Gulf region and Africa are seeking methods to set the conversion r...