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Private Sector Development in West AfricaProposed Architecture for an ECOWAS Common Currency Union

Private Sector Development in West Africa: Proposed Architecture for an ECOWAS Common Currency Union [The present study seeks to propose architecture for an ECOWAS common currency union. It takes into account the diversity of current currency arrangements in the sub-region, the disparity of country sizes and of volatility of key macroeconomic variables. Furthermore, some central banks of members of the West African Monetary Zone (WAMZ), which includes The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone, have a history of financing their governments’ fiscal deficits which has resulted in higher inflation than in the Union Economique et Monétaire Ouest-Africaine (UEMOA). Although it seems that WAMZ countries would benefit more from the new common currency zone than their UEMOA counterparts, the strong political commitment of all key stakeholders in the sub-region favors establishment of the new currency.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Private Sector Development in West AfricaProposed Architecture for an ECOWAS Common Currency Union

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Publisher
Springer International Publishing
Copyright
© Springer International Publishing Switzerland 2014
ISBN
978-3-319-05187-1
Pages
3 –30
DOI
10.1007/978-3-319-05188-8_1
Publisher site
See Chapter on Publisher Site

Abstract

[The present study seeks to propose architecture for an ECOWAS common currency union. It takes into account the diversity of current currency arrangements in the sub-region, the disparity of country sizes and of volatility of key macroeconomic variables. Furthermore, some central banks of members of the West African Monetary Zone (WAMZ), which includes The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone, have a history of financing their governments’ fiscal deficits which has resulted in higher inflation than in the Union Economique et Monétaire Ouest-Africaine (UEMOA). Although it seems that WAMZ countries would benefit more from the new common currency zone than their UEMOA counterparts, the strong political commitment of all key stakeholders in the sub-region favors establishment of the new currency.]

Published: May 16, 2014

Keywords: Common currency; Regional integrations; UEMOA; WAMZ; Nominal convergence

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