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Toward a Monetary Union in the East African Community: Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Toward a Monetary Union in the East African Community: Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

This paper examines how susceptible East African Community (EAC) economies are to asymmetric shocks, assesses the value of the exchange rate as a shock absorber for these countries, and reviews adjustment mechanism...

Appendix I. Exchange Rate Classification Codes

Appendix I. Exchange Rate Classification Codes »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

Ilzetzki, Reinhart, and Rogoff (2010) [IRR] classification codes 1 N...

Appendix II. Country Specifications in the SVAR

Appendix II. Country Specifications in the SVAR »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

Our data set includes observations for the following periods (data for the United States, Canada, and the oil price are available for as long as is necessary for our purposes)....

Appendix III. Impulse Response Functions

Appendix III. Impulse Response Functions »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

Impulse responses functions are plotted below for the five endogenous variables and the five structural shocks. The dotted lines represent bootstrapped 90 percent confidence bands. United States* and Kenya*,...

Appendix IV. Variance Decompositions

Appendix IV. Variance Decompositions »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

Variance Decompositions with the United States* Burundi...

1. How Susceptible Are the EAC Economies to Asymmetric Shocks?

1. How Susceptible Are the EAC Economies to Asymmetric Shocks? »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

This section assesses susceptibility of the EAC countries to asymmetric shocks by first, looking at the similarity of economic structures across the region; second, examining the nature of recen...

2. Does the Exchange Rate Cause or Absorb Shocks in the EAC Countries?

2. Does the Exchange Rate Cause or Absorb Shocks in the EAC Countries? »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

When joining a currency union, countries give up control of their national currencies and can no longer count on the nominal exchange rate to stabilize their economies in the face of country-specific shocks....

3. Risk Sharing and Other Mechanisms to Mitigate the Impact of Shocks

3. Risk Sharing and Other Mechanisms to Mitigate the Impact of Shocks »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

The previous sections described some of the challenges that are likely to emerge in the lead up to the EAC Monetary Union. First, there is wide prevalence of asymmetric shocks in the member coun...

4. Conclusions

4. Conclusions »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

This paper identifies the degree of susceptibility of the EAC economies to asymmetric shocks; assesses the value of the exchange rate as a shock absorber for these countries; and reviews adjustment mechanism...

Overview

Overview »

Source: Toward a Monetary Union in the East African Community : Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

Series: Departmental Papers / Policy Papers

Author(s): Paulo Drummond , Ari Aisen , Emre Alper , Ejona Fuli , and Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

ISBN: 9781513562179

Keywords: Monetary unions, Burundi, Kenya, Rwanda, Tanzania, Uganda, East Africa, Economic growth, Agricultural sector, Natural resources

In late 2013 the East African Community (EAC) countries (Burundi, Kenya, Rwanda, Tanzania, and Uganda) signed a joint protocol setting out the process and convergence criteria for an EAC monetary union. The...