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Currency Convertibility in the Economic Community of West African States

Currency Convertibility in the Economic Community of West African States »

Series: Occasional Papers

Author(s): Saleh Nsouli , John McLenaghan , and Klaus-Walter Riechel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 1982

DOI: http://dx.doi.org/10.5089/9781557750594.084

ISBN: 9781557750594

Keywords: monetary union, clearing house, foreign exchange, exchange restrictions, exchange rate

One of the principal aims of the effort to integrate the economies of the 16 member countries of the Economic Community of West African States (ECOWAS) is to expand intra-Community trade. This objective is to be ac...

Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa

Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa »

Source: Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa

Volume/Issue: 2010/157

Series: IMF Working Papers

Author(s): Xavier Debrun , Catherine Pattillo , and Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455201402

Keywords: Monetary integration, monetary union, monetary unions, inflation, monetary policy, International Monetary Arrangements and Institutions,

This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary...

Monetary Union in West Africa

Monetary Union in West Africa »

Source: Monetary Union in West Africa : An Agency of Restraint for Fiscal Policies?

Volume/Issue: 2001/34

Series: IMF Working Papers

Author(s): Catherine Pattillo , and Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2001

ISBN: 9781451845266

Keywords: monetary union, fiscal discipline, ECOWAS, CFA franc zone, central bank, inflation, fiscal policies,

Could a West African monetary union (either of the non-CFA countries, or all ECOWAS members) be an effective "agency of restraint" on fiscal policies? We discuss how monetary union could affect fiscal discipline an...

Monetary Union in West Africa

Monetary Union in West Africa »

Source: Monetary Union in West Africa : Who Might Gain, Who Might Lose, and Why?

Volume/Issue: 2002/226

Series: IMF Working Papers

Author(s): Paul Masson , Xavier Debrun , and Catherine Pattillo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2002

ISBN: 9781451875393

Keywords: Monetary union, fiscal distortions, inflation, monetary policy, terms of trade, International Monetary Arrangements and Institutions,

We develop a multicountry model in which governments aim at excessive spending in order to serve the narrow interests of the group in power. This puts pressure on the monetary authorities to extract seigniorage, an...

V Payments Arrangements for Intraregional Trade

V Payments Arrangements for Intraregional Trade »

Source: Currency Convertibility in the Economic Community of West African States

Series: Occasional Papers

Author(s): Saleh Nsouli , John McLenaghan , and Klaus-Walter Riechel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 1982

ISBN: 9781557750594

Keywords: monetary union, clearing house, foreign exchange, exchange restrictions, exchange rate

There are three principal modes of settlement of intraregional trade in the Community. The first involves essentially a clearing at the commercial banking level only, though foreign exchange must usually be...

VI Currency Convertibility, Monetary Integration, and Intraregional Trade: Views in Member Countries of the Community

VI Currency Convertibility, Monetary Integration, and Intraregional Trade: Views in Member Countries of the Community »

Source: Currency Convertibility in the Economic Community of West African States

Series: Occasional Papers

Author(s): Saleh Nsouli , John McLenaghan , and Klaus-Walter Riechel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 1982

ISBN: 9781557750594

Keywords: monetary union, clearing house, foreign exchange, exchange restrictions, exchange rate

A primary objective of the Fund’s mission to selected member countries of the Community and the related Fund questionnaire forwarded to all countries in the Community was to elicit views on the prospects for...

VII Summary and Conclusions

VII Summary and Conclusions »

Source: Currency Convertibility in the Economic Community of West African States

Series: Occasional Papers

Author(s): Saleh Nsouli , John McLenaghan , and Klaus-Walter Riechel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 1982

ISBN: 9781557750594

Keywords: monetary union, clearing house, foreign exchange, exchange restrictions, exchange rate

1. This study has addressed itself to issues relating to the inconvertibility of the majority of the currencies of the countries belonging to the Economic Community of West African States. The absence of cur...

Appendix Exchange and Trade Arrangements in the Community

Appendix Exchange and Trade Arrangements in the Community »

Source: Currency Convertibility in the Economic Community of West African States

Series: Occasional Papers

Author(s): Saleh Nsouli , John McLenaghan , and Klaus-Walter Riechel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 1982

ISBN: 9781557750594

Keywords: monetary union, clearing house, foreign exchange, exchange restrictions, exchange rate

Exchange Rate Arrangements The exchange arrangements maintained by member countries of the Economic Community of West African States (ECOWAS) as of December 31, 1980 are shown in Tab...

I Introduction

I Introduction »

Source: Currency Convertibility in the Economic Community of West African States

Series: Occasional Papers

Author(s): Saleh Nsouli , John McLenaghan , and Klaus-Walter Riechel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 1982

ISBN: 9781557750594

Keywords: monetary union, clearing house, foreign exchange, exchange restrictions, exchange rate

One of the principal aims of the effort to integrate the economies of the 16 member countries of the Economic Community of West African States (ECOWAS) 1 is to expand intra-Commun...

II Concepts of Convertibility and Stages of Monetary Integration

II Concepts of Convertibility and Stages of Monetary Integration »

Source: Currency Convertibility in the Economic Community of West African States

Series: Occasional Papers

Author(s): Saleh Nsouli , John McLenaghan , and Klaus-Walter Riechel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 1982

ISBN: 9781557750594

Keywords: monetary union, clearing house, foreign exchange, exchange restrictions, exchange rate

This chapter considers concepts of convertibility and the meaning of convertibility under different exchange arrangements. It also reviews the benefits and costs of various stages of monetary integration....