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The CFA Franc Zone Common Currency, Uncommon Challenges

by Anne-Marie Gulde Charalambos Tsangarides

About one-third of countries covered by the IMF's African Department are members of the CFA franc zone. With most other countries moving away from fixed exchange rates, the issue of an adequate policy framework to ensure the sustainability of the CFA franc zone is clearly of interest to policymakers and academics. However, little academic research on the subject exists in the public domain. This book aims to fill this void, by bringing together work undertaken in the context of intensified regional surveillance, and highlighting the current challenges and the main policy requirements if the arrangements are to be carried forward. The book is based on empirical research by a broad group of IMF economists, with contributions from several outside experts. Fourteen African countries are members of the CFA franc zone. The long-standing link between the West and Central African CFA francs and the euro (and before that the French franc) has contributed to monetary stability in the region. Yet the CFA franc zone, like other fixed exchange rate regimes, must be mindful of sustainability and competitiveness. Diversity and relatively loose economic integration among member countries add to the challenges. In reviewing policy options for the zone, the authors of this volume suggest policies that would safeguard the benefits to member countries from the common currency, and at the same time promote more flexible economic systems to absorb shocks and increase the rewards stemming from regional integration.

A Common Currency for Belarus and Russia?

by Anne-Marie Gulde Etibar Jafarov Vassili Prokopenko

A report from the International Monetary Fund.

The Credit Boom in the EU New Member States: Bad Luck or Bad Policies?

by Bas B. Bakker Anne-Marie Gulde

A report from the International Monetary Fund.

Currency Boards: The Ultimate Fix?

by Atish R. Ghosh Anne-Marie Gulde Holger C. Wolf

A report from the International Monetary Fund.

Exchange Rate Regimes: Choices and Consequences

by Atish R. Ghosh Anne-Marie Gulde Holger C. Wolf

Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth. This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence.

Financial Stability in Dollarized Economies

by Anne-Marie Gulde David S. Hoelscher Alain Ize

A report from the International Monetary Fund.

IMF Policy Discussion Papers

by Anne-Marie Gulde Juha Khknen Peter Keller

A report from the International Monetary Fund.

IMF Staff Country Reports

by Anne-Marie Gulde Lorenzo Giorgianni

A report from the International Monetary Fund.

Liquid Asset Ratios and Financial Sector Reform

by Anne-Marie Gulde Jean Claude Nascimento Lorena M. Zamalloa

A report from the International Monetary Fund.

Showing 1 through 10 of 10 results

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