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Macroeconomic Reforms in the C.F.A. Franc Zone

Jean-Paul Azam

No 199615, Working Papers from CERDI

Abstract: This paper presents a theoretical framework for understanding the reforms that occurred in the CFA franc zone in the 1980s and 1990s, 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.

Date: 1996
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