On the Adequacy of Monetary Arrangements in Sub-Saharian Africa

Agnès Bénassy-Quéré () and Maylis Coupet

Working Papers from CEPII research center

Abstract: We examine the economic rationale for monetary union(s) in Sub-Saharian Africa through the use of cluster analysis on a sample of 17 countries. The variables used stem from the theory of optimum currency areas and from the fear-of-floating literature. It is found that the existing CFA franc zone cannot be viewed as an optimum currency area: CEMAC and UEMOA countries do not belong to the same clusters, and a "core" of the UEMOA can be defined on economic grounds.

Keywords: Monetary unions; CFA franc zone; West African Monetary Union; ECOWAS; optimum currency areas; cluster analysis (search for similar items in EconPapers)
JEL-codes: F33 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev, nep-ifn and nep-mac
Date: 2003-08

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Related works:
Working Paper: On the Adequacy of Monetary Arrangements in Sub-Saharian Africa (2003)
Journal Article: On the Adequacy of Monetary Arrangements in Sub-Saharan Africa (2005)
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Persistent link: http://EconPapers.repec.org/RePEc:cii:cepidt:2003-11

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