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Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa Implications for Optimum Currency Arrangements

Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper looks at whether the existing highly fractured monetary arrangements in Sub-Saharan Africa correspond to what might be expected from the theory of optimum...

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Bibliographic Details
Main Author: Bayoumi, Tamim
Other Authors: Ostry, Jonathan
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1995
Series:IMF Working Papers
Subjects:
Inflation
Government And The Monetary System
Payment Systems
International Monetary Arrangements And Institutions
Exchange Rate Arrangements
Economic Integration
Regimes
Monetary Economics
Deflation
Financial Aspects Of Economic Integration
Currency
Exports And Imports
International Economics
Money
Price Level
Foreign Exchange
Standards
Conventional Peg
Currencies
Monetary Systems
Prices
Macroeconomics
Monetary Unions
Money And Monetary Policy
South Africa
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Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper looks at whether the existing highly fractured monetary arrangements in Sub-Saharan Africa correspond to what might be expected from the theory of optimum currency areas. This is done by analyzing both the size and correlation of real disturbances across countries and the level of intra-regional trade. The results indicate little evidence that Sub-Saharan African countries would benefit in the near future from larger currency unions
Physical Description:34 pages
ISBN:9781451927498

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