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" Contains case studies and real life examples to highlight the challenges and opportunities within the CFA franc zone Links the CFA franc zone to broader discussions on African development and employment Utilizes graphs and diagrams to illustrate key trends and developments seen within the CFA franc zone"--Provided by publisher.

Franc, CFA. --- Monetary unions --- Economic development --- COVID-19 (Disease) --- Economic aspects --- Africa, French-speaking West --- Economic conditions. --- 2019-nCoV disease --- 2019 novel coronavirus disease --- Coronavirus disease-19 --- Coronavirus disease 2019 --- COVID-19 virus disease --- Novel coronavirus disease, 2019 --- SARS-CoV-2 disease --- Coronavirus infections --- Respiratory infections --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- CFA franc --- Colonie française d'Afrique franc --- Communateé financière africaine franc --- Communauteé financère d'Afrique franc --- French franc area --- COVID19 (Disease) --- SARS coronavirus 2 disease --- Monetary unions. --- Economic development. --- Economic aspects.

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Veterans of Africa's development usually say that the countries in the CFA zone face the same challenges as the rest of the continent. It is just that they face them all at once, have little analysis of the causes, and cannot talk about their currency arrangement. That is about right. This book is a pioneer attempt at filling the knowledge gap that has, for far too long, prevented governments--and the army of donors, financiers, and academics who support them--from articulating an agenda that unleashes the economic potential of a region the world has left behind. From poverty to migration, from governance to extractives, and from business climate to climate change, it is all here. And to the delight of macroeconomists, Zafar looks at the CFA regime right in the eye: is it a vestige of colonial times or is it still the right exchange rate policy when institutions are weak and trade shocks are frequent? His answers are path-breaking and kick off a debate that is as fascinating as it is overdue. Marcelo Giugale, Professor at Georgetown University and former Director of the World Bank's Department of Financial Advisory and Banking Services When monetary unions were first established in Africa, there were reasons to believe that they might reduce transaction costs by integrating economies of member countries and promoting market efficiency, both of which should have led to better economic performance in the member countries. This book shows us how CFA Franc zones have failed to promote strong economic growth. It presents the glaring problems of institutional design in two CFA Franc Zones in Francophone Africa. It exposes how political interests, both in Africa and France, trumped the functioning of monetary and fiscal institutions. Serdar Yilmaz, Lead Public Sector Specialist, World Bank Exchange rate management is among the most important policy instruments for use by a country in its quest for rapid economic growth and external balance. Yet for over 75 years, the 14 countries of the CFA zone in Africa did not have this choice, having kept the same exchange rate and monetary arrangements with their colonial power, France. Very few studies have been pursued on this issue; it is as if the world has largely passed by these countries. Zafar fills this important knowledge gap by carefully dissecting the CFA zone, reviewing its history and analyzing the effects of the fixed exchange rate regime on these economies. He makes a substantive contribution to the current policy debate by evaluating the development outcome of this currency arrangement from different economic and political perspectives. This is a fascinating and must-read book for policy makers and anyone interested in Africa development. Hinh T. Dinh, Senior Fellow, Policy Center for the New South, Rabat, Morocco and Senior Research Fellow, Indiana University, Bloomington, Indiana, USA. This book provides an empirical analysis of economic and political structures impacting the CFA franc zone. Concise and practical chapters explore the history of the CFA franc zone, challenges to development, geopolitical issues, the importance of flexible exchanges rates, growth trends, and the impact of the Covid crisis. Policy reform is examined to detail economic approaches that could reduce poverty and increase the quality of life within the area. This book aims to present a macroeconomic and exchange rate framework to promote development and post-Covid recovery within the CFA franc zone. It will be of interest to students, researchers, and policymakers involved in African economics, the political economy, and development economics. Ali Zafar is a macroeconomist and private sector specialist with more than 20 years of experience researching policy and advising governments in sub-Saharan Africa, South Asia, and the Middle East. Over the course of his career he has served as a Senior Economist with the International Finance Corporation and World Bank, as well as a consultant to the United Nations, Gates Foundation, and USAID.

Politics --- Economic conditions. Economic development --- Developing countries: economic development problems --- Economics --- economie --- politiek --- ontwikkelingssamenwerking --- Africa

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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek

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A notable contrast in modern economic history has been the rapid economic growth of China and the slower and volatile economic growth in Sub-Saharan Africa. As the engagement between the two continues to grows, there will be a greater cross-fertilization of experiences. Total factor productivity comparisons suggest that capital accumulation in China coupled with more efficient factor usage explains the differential with Africa. Although the two have similar populations and patterns of inequality, their growth trajectories have been divergent. What can Africa learn from China? Although the lessons vary depending on country location and resource endowment, seven basic lessons are visible. First, the political economy of Chinese reforms and the shared gains between political elites and the private sector can be partially transplanted to the African context. Second, the Chinese used diaspora capital and knowledge in the early reform years. Third, rural reforms in China helped accelerate economic takeoff through a restructuring of property rights and a boost to both savings rates and output. Fourth, Chinese growth has taken place in the context of a competitive exchange rate. Five, port governance in China has been exemplary, and African landlocked economies can benefit significantly from port reform in the coastal countries. Six, China has experimented with a degree of decentralization that could yield benefits for many Sub-Saharan African countries. Seventh, Africa can learn from China's policies toward autonomous areas and ethnic minorities to stave off conflict. Africa can learn from China's experiences and conduct developmental experiments for poverty alleviation goals.

Access to Finance --- Agriculture --- Banks & Banking Reform --- Centrally planned economy --- Debt Markets --- Decentralization --- Development strategy --- Economic expansion --- Economic growth --- Economic history --- Economic takeoff --- Economic Theory & Research --- Emerging Markets --- Exports --- Finance and Financial Sector Development --- GDP --- GDP per capita --- Growth rate --- International trade --- Living standards --- Macroeconomics and Economic Growth --- Natural resources --- Political economy --- Private Sector Development --- Property rights --- Real GDP --- Savings --- Total factor productivity

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"The author estimates the degree of misalignment of the CFA franc since the introduction of the euro in 1999. Using a relative purchasing power parity-based methodology, he develops a monthly panel time series dataset for both the Economic and Monetary Community of Central Africa (CEMAC) zone and the West African Economic and Monetary Union (UEMOA) zone to compute a trade-weighted real effective exchange rate indexed series from January 1999 to December 2004. The author's main finding is that the real effective exchange rate appreciated by close to 8 percent in UEMOA and 7 percent in CEMAC, influenced by volatility in the euro-dollar bilateral exchange rate and conservative monetary policies in the two zones, resulting in a partial loss of competitiveness in export markets. The lower appreciation in Central Africa can be explained by lower inflation in CEMAC than in UEMOA and by the greater trade with higher inflation East Asian countries, partially offset by the peg to the dollar. However, the inclusion of "unrecorded trade" results in an appreciation of only 6 percent in the UEMOA zone and 6 percent in the CEMAC zone due to higher inflation in the two countries with unmonitored cross-border flows, Ghana and Nigeria. Using time series econometrics, an Engle-Granger two stage procedure for cointegration, and an error correction framework, a single equation modeling of the real exchange rate from 1970 to 2005 as a function of terms of trade, economic openness, aid inflows, and a dummy representing the 1994 devaluation, the author finds little statistical evidence of a long-run equilibrium exchange rate that is a vector of economic fundamentals. The dummy explains most of the real exchange rate behavior in the two zones, while openness in UEMOA has contributed to an appreciation of the real effective exchange rate. "--World Bank web site.

Euro. --- Foreign exchange