The Monetary Geography Of Africa

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The Monetary Geography Of Africa

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Author : Paul R. Masson
language : en
Publisher: Rowman & Littlefield
Release Date : 2004-11-30

The Monetary Geography Of Africa written by Paul R. Masson and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-11-30 with Business & Economics categories.

Africa is working toward the goal of creating a common currency that would serve as a symbol of African unity. The advantages of a common currency include lower transaction costs, increased stability, and greater insulation of central banks from pressures to provide monetary financing. Disadvantages relate to asymmetries among countries, especially in their terms of trade and in the degree of fiscal discipline. More disciplined countries will not want to form a union with countries whose excessive spending puts upward pressure on the central bank's monetary expansion. In T he Monetary Geography of Africa, Paul Masson and Catherine Pattillo review the history of monetary arrangements on the continent and analyze the current situation and prospects for further integration. They apply lessons from both experience and theory that lead to a number of conclusions. To begin with, West Africa faces a major problem because Nigeria has both asymmetric terms of trade—it is a large oil exporter while its potential partners are oil importers—and most important, large fiscal imbalances. Secondly, a monetary union among all eastern or southern African countries seems infeasible at this stage, since a number of countries suffer from the effects of civil conflicts and drought and are far from achieving the macroeconomic stability of South Africa. Lastly, the plan by Kenya, Tanzania, and Uganda to create a common currency seems to be generally compatible with other initiatives that could contribute to greater regional solidarity. However, economic gains would likely favor Kenya, which, unlike the other two countries, has substantial exports to its neighbors, and this may constrain the political will needed to proceed. A more promising strategy for monetary integration would be to build on existing monetary unions—the CFA franc zone in western and central Africa and the Common Monetary Area in southern Africa. Masson and Pattillo argue that the goal of a creating a s

Monetary Union In West Africa

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Author : Xavier Debrun
language : en
Publisher:
Release Date : 2002

Monetary Union In West Africa written by Xavier Debrun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Africa, West categories.

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, and thus affects the incentives countries would have to participate in a monetary union. This feature, ignored by the monetary union literature for Europe, is potentially important in Africa. We calibrate the model to data for West Africa and use it to assess proposed ECOWAS monetary unions. We conclude that monetary union with Nigeria would not be in the interests of other ECOWAS countries, unless it were accompanied by effective discipline over Nigeria's fiscal policies.

Money And Finance In Africa

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Author : Erin E. Jucker-Fleetwood
language : en
Publisher: London : G. Allen & Unwin
Release Date : 1964

Money And Finance In Africa written by Erin E. Jucker-Fleetwood and has been published by London : G. Allen & Unwin this book supported file pdf, txt, epub, kindle and other format this book has been release on 1964 with Banks and banking categories.

Measuring Financial Development In Sub Saharan Africa

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Author : Mr.Enrique Gelbard
language : en
Publisher: International Monetary Fund
Release Date : 1999-08-01

Measuring Financial Development In Sub Saharan Africa written by Mr.Enrique Gelbard and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-08-01 with Business & Economics categories.

This study introduces an index for measuring financial development and a set of six indices representing key characteristics of the financial systems in 38 sub-Saharan African countries. The results show that these countries have made good progress in improving and modernizing their financial systems during the last decade, particularly with regard to financial liberalization and the adoption of indirect instruments of monetary policy. In many countries, however, the range of financial products remains extremely limited, interest rate spreads are wide, capital adequacy ratios are insufficient, judicial loan recovery is a problem, and the share of nonperforming loans is large.

Should African Monetary Unions Be Expanded An Empirical Investigation Of The Scope For Monetary Integration In Sub Saharan Africa

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Author : Mr. Xavier Debrun
language : en
Publisher: International Monetary Fund
Release Date : 2010-07-01

Should African Monetary Unions Be Expanded An Empirical Investigation Of The Scope For Monetary Integration In Sub Saharan Africa written by Mr. Xavier Debrun and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-01 with Business & Economics categories.

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 policy, while the costs derive from real shock asymmetries and fiscal disparities. The model is calibrated using African data. Simulations indicate that the proposed EAC, ECOWAS, and SADC monetary unions bring about net benefits to some potential members, but modest net gains and sometimes net losses for others. Strengthening domestic macroeconomic frameworks is shown to provide some of the same improvements as monetary integration, reducing the latter’s relative attractiveness.

Contrasting Monetary Regimes In Africa

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Author : Patrick Honohan
language : en
Publisher: International Monetary Fund
Release Date : 1997-05

Contrasting Monetary Regimes In Africa written by Patrick Honohan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-05 with Business & Economics categories.

In post-independence sub-Saharan Africa, institutional arrangements for monetary policy have taken a variety of forms, although the historical evolution of many African financial systems has been similar. This paper identifies five different regimes and examines how they evolved over time. It focuses on how the alternative institutional arrangements have influenced the performance of monetary policy under fiscal pressure, and concludes that, although the trend appears to be toward more flexible regimes, the transition to greater flexibility can exacerbate problems of credibility and of macroeconomic management.

Africa S Last Colonial Currency

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Author : Fanny Pigeaud
language : en
Publisher:
Release Date : 2021

Africa S Last Colonial Currency written by Fanny Pigeaud and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Africa, French-speaking categories.

Colonialism persists in many African countries due to the continuation of imperial monetary policy. This is the little-known account of the CFA Franc and economic imperialism. The CFA Franc was created in 1945, binding fourteen African states and split into two monetary zones. Why did French colonial authorities create it and how does it work? Why was independence not extended to monetary sovereignty for former French colonies? Through an exploration of the genesis of the currency and an examination of how the economic system works, the authors seek to answer these questions and more. As protests against the colonial currency grow, the need for myth-busting on the CFA Franc is vital and this expose of colonial infrastructure proves that decolonisation is unfinished business.

Credit Currencies And Culture

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Author : Endre Stiansen
language : en
Publisher: Nordic Africa Institute
Release Date : 1999

Credit Currencies And Culture written by Endre Stiansen and has been published by Nordic Africa Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.

A striking feature of African history is the volume of commerce and production that has been possible without the full panoply of credit, insurances, future markets, stock companies, limited liability, and other legal and financial services that make up the formal sector of modern economies. The contributions to this volume investigate institutional nexuses through which money has been managed in Africa. Together they present important perspectives that are needed to understand the present economic crisis on the continent.

Atlas Of Africa

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Author : Agence Française de Développement
language : en
Publisher: Routledge
Release Date : 2021-07-07

Atlas Of Africa written by Agence Française de Développement and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-07 with Reference categories.

This innovative Atlas of Africa, by the Agence Française de Développement, offers comprehensive insights into contemporary Africa through the use of full-colour maps, charts, graphics and text which demonstrate and explain Africa’s growing importance in the world and its demographic, economic, social and environmental transformation, while also outlining the challenges that the continent faces. The three sections, offering new perspectives on the continent, comprise: Taking Full Measure of Africa – examining the major economic, demographic, social and political transformations that Africa has undergone in a short space of time. A Multifaceted Continent with Shared Challenges – looking at the major intraregional economic, demographic, environmental and social dynamics that are currently shaping the continent. Africa Inventing Itself and Taking up the Key Challenges of Tomorrow – an overview of the challenges that Africa is currently facing and will need to face in the future, including the environment and climate change, social cohesion and demographic issues, economic development and governance. Full-colour maps, charts and graphics cover such wide-ranging topics as economic development, urbanization, education, the rule of law, gender, the blue economy, regional organizations, energy and culture, to form a volume which offers a wide-ranging overview in graphic form of Africa in the world today, of interest to all those studying, working in or with Africa, and those with a general interest in the continent.

Financial Systems And Monetary Policy In Africa

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Author : Mthuli Ncube
language : en
Publisher:
Release Date : 2006

Financial Systems And Monetary Policy In Africa written by Mthuli Ncube and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Financial institutions categories.

This paper examines the role of the financial system in the operation and evolution of monetary policy. The financial system is comprised of the banking system, non-bank financial institutions and the capital markets. The role of the central bank is two-fold, that of price stability, and stability of the payment system. We look at the evolution of monetary policy in Africa over the last forty years, through five stages namely, Currency Board, Rationing Regime, Discretionary Regime, Credit Ceiling regime, and Market Clearing Regime. The paper shows how the financial system is important for the effective conduct of monetary policy. The paper discusses the objectives of financial sector reforms in Africa namely, to reduce financial sector repression by liberalizing interest rates; to institute transition from direct to indirect monetary policy; to restructure the balance sheets of banks and restore their solvency; and to develop financial markets. We then present the state of the financial sector in most African countries before and after the financial sector reforms--Publisher's website.