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This paper explores income and consumption smoothing patterns among the member countries of each of the CFA zones-the CEMAC2 and the WAEMU3-during the period 1980-2000. I find that for the CEMAC, only about 15 percent of shocks to GDP are smoothed through the standard channels (that is, capital market, credit market, and remittances). On the other hand, I find that 44 percent of shocks are smoothed via foreign aid from France, and 5 percent via central bank contributions, while reserves pooling provides no shock smoothing. For the WAEMU, I find that only 13 percent of shocks are smoothed through the standard channels, while 63 percent are smoothed via foreign aid from France, 7 percent via central bank contributions, and no smoothing via reserves pooling. I compare these results with the risksharing pattern in the Unites States. I argue that creating public venture capital at a regional level might help promote free capital flows within each zone and alleviate the apparently insufficient degree of risk-sharing observed through the standard channels.

Capital market -- Africa -- Econometric models. --- Electronic books. -- local. --- Monetary unions -- Africa -- Econometric models. --- Risk -- Africa -- Econometric models. --- Finance: General --- Macroeconomics --- Macroeconomics: Consumption --- Saving --- Wealth --- General Financial Markets: General (includes Measurement and Data) --- Aggregate Factor Income Distribution --- International Financial Markets --- Finance --- Consumption --- Capital markets --- Income --- Currency markets --- Stock markets --- Economics --- Capital market --- Foreign exchange market --- Stock exchanges --- France

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This paper seeks to elucidate the debate over currency union in Africa. The paper examines whether empirical investigation points to the gradual emergence of currency blocs. Based on the historical data on inflation, trade, and the comovements of prices and outputs, I argue that the emergence of large-scale currency blocs in Africa will follow a gradual path and that this dynamic does not lead to the emergence of a single continental currency at this time. Rather, the pattern which emerges seems to suggest three blocs: one in West Africa, a second around South Africa, and a third in Central Africa. Although little evidence is found supporting the emergence of a single African currency at this time, the emergence of an African currency union is not necessarily precluded, since the ultimate decision to surrender a nation's monetary policy to a supranational institution is not made based solely on economic considerations. I then address the issue of a possible anchor for the union, were it to emerge and opt for an anchorage. I find- based on the trade criterion-that the euro seems to be a good choice.

Currency question -- Africa. --- Electronic books. -- local. --- Monetary policy -- Africa. --- Monetary unions -- Africa. --- Exports and Imports --- Inflation --- Money and Monetary Policy --- Financial Aspects of Economic Integration --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Price Level --- Deflation --- Empirical Studies of Trade --- International economics --- Monetary economics --- Macroeconomics --- Monetary unions --- Currencies --- Trade balance --- Economic unions --- Money --- Prices --- Balance of trade --- International economic integration --- São Tomé and Príncipe, Democratic Republic of

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Applying techniques of clustering analysis to a set of variables suggested by the convergence criteria and the theory of optimal currency areas, this paper looks for country homogeneities to assess membership in the existing and proposed monetary unions of the broader west African region. Our analysis reveals considerable dissimilarities in the economic characteristics of the countries in west and central Africa. In particular, the West African Monetary Zone (WAMZ) countries do not form a cluster with the West Africa Economic and Monetary Union (WAEMU) countries; and, within the WAMZ, there is a significant lack of homogeneity. Furthermore, when west and central African countries are considered together, we find significant heterogeneities within the CFA franc zone, and some interesting similarities between the Economic and Monetary Community of Central Africa (CEMAC) and WAMZ countries. Overall, our findings raise some questions about the geographical boundaries of several existing and proposed monetary unions.

Electronic books. -- local. --- Monetary unions -- Africa, West -- Econometric models. --- Money -- Africa, West. --- Finance --- Business & Economics --- International Finance --- Monetary unions --- Money --- Econometric models. --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Exchange --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Financial Aspects of Economic Integration --- Empirical Studies of Trade --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- International economics --- Foreign exchange --- Economic growth --- Terms of trade --- Exchange rates --- Real exchange rates --- Business cycles --- Economic policy --- nternational cooperation --- Nigeria

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Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.

Africa, West -- Economic conditions.. --- Economic development.. --- International Monetary Fund.. --- Monetary unions -- Africa, West. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Banks and Banking --- Exports and Imports --- Inflation --- Macroeconomics --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Financial Aspects of Economic Integration --- Price Level --- Deflation --- Banking --- Public finance & taxation --- International economics --- Economic & financial crises & disasters --- Public debt --- Fiscal stance --- Regional integration --- Banks and banking --- Debts, Public --- Fiscal policy --- International economic integration --- Prices --- Burkina Faso --- Africa, West --- Monetary unions --- Economic development. --- International finance. --- Economic conditions.. --- Monetary unions. --- Economic conditions.

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This chapter evaluates whether a monetary union makes economic sense and discusses the institutional requirements for a successful Monetary Union in West Africa (ECOWAS). The chapter considers how best the political momentum for a union can be channeled toward a fundamental improvement in underlying policies. The paper also reviews the economic situation of the ECOWAS members, with the objective of evaluating the ease with which they can proceed to a common currency. Regional integration resulting in greater trade among ECOWAS countries may help increase efficiency of production. Trade among developing countries, in general, is likely to have fewer efficiency benefits than trade with developed countries, however, because the possibilities of exploiting complementarities are less. The foregoing considerations suggest that the momentum in favor of monetary union should be channelled into the crucial first phase of enhanced mutual surveillance and emphasis on each country improving its macroeconomic and structural policies. Success in this endeavor would in and of itself help to increase exchange rate stability.

International finance --- International Monetary Fund --- West Africa --- Monetary unions --- Economic Community of West African States --- Africa, West --- Economic integration --- Afrika --- monetair beleid --- 339.92 <6> --- -afrique --- pays en voie de developpement --- union monetaire --- 333.431 --- AFR / Africa - Afrika - Afrique --- 330.05 --- 332.4966 --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Economische samenwerking en integratie. Tolunie--Afrika --- afrika --- ontwikkelingslanden --- monetaire unie --- Monetaire Unies. --- C.E.D.E.A.O. --- CEDEAO --- Communauté économique des Etats de l'Afrique de l'Ouest --- Comunidade Económica dos Estados da África do Oeste --- Comunidade Económica dos Estados da África Ocidental --- E.C.O.W.A.S. --- ECOWAS --- Africa, Western --- Western Africa --- Economic integration. --- Working papers --- Economic Community of West African States. --- 339.92 <6> Economische samenwerking en integratie. Tolunie--Afrika --- afrique --- Monetaire Unies --- Monetary unions - Africa, West --- Africa, West - Economic integration --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Industries: Manufacturing --- Agribusiness --- Financial Aspects of Economic Integration --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Empirical Studies of Trade --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Industry Studies: Manufacturing: General --- International economics --- Currency --- Foreign exchange --- Monetary economics --- Banking --- Manufacturing industries --- Agricultural economics --- Currencies --- Exchange rates --- Terms of trade --- Real effective exchange rates --- International trade --- Economic policy --- nternational cooperation --- Banks and banking --- Nigeria