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Responding to Shocks and Maintaining Stability in the West African Economic and Monetary Union
Author:
Ms. Christina Kolerus
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Ms. Aleksandra Zdzienicka
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Mr. Ermal Hitaj
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Mr. Douglas J Shapiro
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Series:
Departmental Papers
Volume/Issue:
Volume 2013: Issue 007
Language:
English
Publication Date:
22 Oct 2013
DOI:
https://doi.org/10.5089/9781484341186.087
ISBN:
9781484341186
ISSN:
2616-5333
Pages:
41
Keywords:
DPPP; DP; WAEMU country; financial market; exchange rate; business cycle; current account; trade elasticity; excess reserves; exports to Mali; debt relief; Monetary unions; Debt sustainability; Debt sustainability analysis; Business cycles; West Africa; Global; WAEMU government securities market
Legal-disclaimer:
The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The West African Economic and Monetary Union (WAEMU), like other monetary unions, faces a number of challenges in dealing with macroeconomic shocks. The region experiences a large number of exogenous shocks: climate-related (e.g., droughts, floods), with a heavy toll on populations and agriculture, but also economic (e.g., terms of trade), with a large impact on key sectors and the cost of living. More generally business cycle synchronization within the WAEMU seems low. Addressing these shocks, while preserving the stability of the union, is therefore a critical issue in the WAEMU.This paper discusses these issues and suggests possible reforms.
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Cover Departmental Papers
Departmental Papers
ISSN:
2616-5333
Publisher:
International Monetary Fund