Public Debt and the Exchange Rate in the CFA France Zone

Jean-Paul Azam ()

Journal of African Economies, 1997, vol. 6, issue 1, 54-84

Abstract: This paper presents a theoretical framework for understanding the reforms that occurred in the CFA franc zone in the 1980s and 199Os, focusing on public debt and the exchange rate. It analyses the real-side adjustment strategy that was adopted initially. It shows how the debt problem and misdirected policy decisions led to the historical devaluation of January 1994, the first since 1948. Copyright 1997 by Oxford University Press.

Date: 1997
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