Cover

pdf iconDownload PDF
 

Title Page

pdf iconDownload PDF
 

Contents

pdf iconDownload PDF

pp. vii-viii

read more

Foreword

pdf iconDownload PDF

pp. ix-xi

What has taken the place of the cold war as the defining division in world politics? One answer is the chasm between, on the one hand, those who feel that they are benefiting from globalization and, on the other, those who feel left behind. Today the split is, very roughly, 50-50; ...

read more

Preface

pdf iconDownload PDF

pp. xiii-xiv

This book describes the present use of currencies in Africa as well as their use in the recent past and attempts to draw conclusions concerning the evolution of exchange rate regimes in the future. Before getting into the substance, two questions need to be answered: what is the meaning of monetary geography, ...

read more

Acknowledgments

pdf iconDownload PDF

pp. xv-xvi

We would like to thank a great number of our colleagues at the IMF and World Bank, UN Economic Commission for Africa, WAMI, other official institutions, and in academe. Our collaboration began when Christian François, then in the IMF’s African Department, suggested that we analyze the proposed ...

Abbreviations and Acronyms

pdf iconDownload PDF

pp. xvii-xix

read more

Chapter 1. Monetary Union in Africa: Past, Present, and Future

pdf iconDownload PDF

pp. 1-11

Africa finds itself at an important juncture in its history as the twenty-first century gets under way. There is widespread consensus that Africans must take responsibility for their destiny. Nearly fifty years have passed since the beginning of decolonization and early hopes of rapid development have faded. ...

read more

Chapter 2. African Currency Regimes since World War II

pdf iconDownload PDF

pp. 12-32

Providing historical context for the current constellation of currency areas throws light on the potential success of initiatives toward greater monetary integration. Indeed the proposals to create monetary unions encompassing the countries of ECOWAS in West Africa and of EAC and of COMESA in East and southern Africa, ...

read more

Chapter 3. Criteria for Currency Unions or the Adoption of Another Currency

pdf iconDownload PDF

pp. 33-44

Currency regimes, in particular the adoption of a common currency in the context of regional integration, have been in the spotlight for more than four decades. In recent years, a more intense interest in developing-country monetary unions, especially in Africa, can be attributed to the EU’s successful launch of the euro zone. ...

read more

Chapter 4. African Monetary Integration in Practice: CFA Franc Zone and South African CMA

pdf iconDownload PDF

pp. 45-76

The prospects for monetary integration in Africa are best analyzed by first studying the two existing monetary or formal exchange rate unions on the continent. These are the CFA franc zone (or, to be more precise, the two regions composing it, namely, WAEMU and CAEMC)1 and the CMA based on South Africa’s rand. ...

read more

Chapter 5. Experiences of Countries in Managing Independent Currencies

pdf iconDownload PDF

pp. 77-94

What are the individual country experiences with independent currency regimes? We focus in this chapter on those sub-Saharan African nations that are not currently members of a monetary union (either the CFA franc or CMA zone), covering the period from the 1970s to the beginning of the current decade. ...

read more

Chapter 6. Proposed Single Currency for West Africa

pdf iconDownload PDF

pp. 95-112

On April 20, 2000, in Accra, Ghana, the leaders of six West African countries declared their intention to proceed, by January 2003, to a monetary union to be known as WAMZ.1 This would be a first step toward a wider monetary union in 2004, which would include all ECOWAS countries. ...

read more

Chapter 7. Regional Integration in SADC

pdf iconDownload PDF

pp. 113-128

SADC, a grouping of countries in southern Africa, emerged from the Southern African Development Coordination Conference (SADCC). In existence from 1980 until 1992, SADCC excluded South Africa and aimed to contain the apartheid regime and minimize its unfavorable effects on neighboring countries. ...

read more

Chapter 8. EAC and COMESA

pdf iconDownload PDF

pp. 129-146

Overlapping membership of countries in a number of regional organizations complicates plans for monetary integration in East Africa and southern Africa. There is a project under way to revive economic cooperation in a small, three-country group, the EAC, but two of these countries are also members of a much larger, ...

read more

Chapter 9. A Single Currency for Africa?

pdf iconDownload PDF

pp. 147-161

The creation of a common African currency has long been a pillar of African unity, a symbol of the strength that its backers hope will emerge from efforts to integrate the continent. A common currency was an objective of the OAU, created in 1963, and the AEC, established in 1991. ...

read more

Chapter 10. Africa's Monetary Georgraphy in the Coming Decades

pdf iconDownload PDF

pp. 162-170

In the more than forty years since independence, Africa’s monetary geography has been transformed. In part this is due to changes to the international environment, which make keeping fixed exchange rates against an external anchor more difficult for African nations (though the CFA franc is still rigidly fixed against the euro). ...

Appendix A. Calibration of the Model

pdf iconDownload PDF

pp. 171-181

Appendix B. Country Vignettes

pdf iconDownload PDF

pp. 182-196

References

pdf iconDownload PDF

pp. 197-206

Index

pdf iconDownload PDF

pp. 207-217