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Regional Integration in West Africa
Is There a Role for a Single Currency?
Authors:
|
Publisher:
2021
Summary
Assessing the potential benefits and risks of a currency union
Leaders of the fifteen-member Economic Community of West African States (ECOWAS) have set a goal of achieving a monetary and currency union by late 2020. Although some progress has been made toward achieving this ambitious goal, major challenges remain if the region is to realize the necessary macroeconomic convergence and establish the required institutional framework in a relatively short period of time.
The proposed union offers many potential benefits, especially for countries with historically high inflation rates and weak central banks. But, as implementation of the euro over the past two decades has shown, folding multiple currencies, representing disparate economies, into a common union comes with significant costs, along with operational challenges and transitional risks. All these potential negatives must be considered carefully by ECOWAS leaders seeking tomeet a self-imposed deadline.
This book, by two leading experts on economics and Africa, makes a significant analytical contribution to the debates now under way about how ECOWAS could achieve and manage its currency union, andthe ramifications for the African continent.
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Bibliographic data
Copyright year
2021
ISBN-Print
978-0-8157-3853-4
ISBN-Online
978-0-8157-3854-1
Publisher
Rowman & Littlefield, Lanham
Language
English
Pages
backcover1
Product type
Book Titles
Table of contents
ChapterPages
Table of Contents No access
Acknowledgments No access
Introduction and Overview No access Pages 1 - 12
Basic Analytical Considerations No access Pages 13 - 26
Integration through Trade No access Pages 27 - 40
Macroeconomic and Structural Convergence No access Pages 41 - 68
Exchange Rate and Monetary Policy Regimes No access Pages 69 - 82
Illustrative Monetary Policy Rules No access Pages 83 - 106
Institutional Framework, Policy Coordination No access Pages 107 - 114
The Path Forward No access Pages 115 - 120
Appendix A: Comparing and Contrasting Asia's and Europe's Approaches to Economic Integration No access Pages 121 - 132
Appendix B: Macroeconomic Convergence Criteria for Existing Monetary/Currency Unions No access Pages 133 - 136
Appendix C: General Equilibrium Analysis of Alternative Exchange Rate and Monetary Policy Regimes No access Pages 137 - 154
Appendix D: Details on Construction of Data for Analytical Exercises No access Pages 155 - 164
