West African Single Currency and Competitiveness

Gilles Dufrénot () and Kimiko Sugimoto
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Kimiko Sugimoto: 大阪学院大学 - Osaka Gakuin University

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Abstract: This paper compares different nominal anchors to promote internal and external competitiveness in the case of a fixed exchange rate regime for the future single regional currency of the Economic Community of the West African States (ECOWAS). We use counterfactual analyses and estimate a model of dependent economy for small commodity exporting countries. We consider four foreign anchor currencies: the US dollar, the euro, the yen and the yuan. Our simulations show little support for a dominant peg in the ECOWAS area if they pursue several goals: maximizing the export revenues, minimizing their variability, stabilizing them and minimizing the real exchange rate misalignments from the fundamental value.

Keywords: Economie; quantitative (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (4)

Published in Review of Development Economics, 2013, 17 (4), pp.763-777. ⟨10.1111/rode.12064⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01500863

DOI: 10.1111/rode.12064

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