The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges

By Iyabo Masha, Leighton S Harris, Jian-Ye Wang, Kazuko Shirono

July 1, 2007

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Iyabo Masha, Leighton S Harris, Jian-Ye Wang, and Kazuko Shirono. The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges, (USA: International Monetary Fund, 2007) accessed September 19, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This study assesses the experience of the Common Monetary Area (CMA) based on available empirical evidence over the last two decades. It pays particular attention to member countries' adjustment to economic shocks in recent years and the inter-country linkages, including the spillover effects of policies. The paper draws the main lessons from the CMA experience, identifies key policy challenges, and discusses the issues facing the member countries in their efforts to achieve sustained growth. Implications for further economic integration in a broader regional context are also noted.

Subject: Banking, Currencies, Exchange rate arrangements, International reserves, Monetary unions

Keywords: Central bank, CMA agreement, CMA country, Interest rate, Monetary union, Real GDP, WP

Publication Details

Pages:

63
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2007/158
Stock No:

WPIEA2007158
ISBN:

9781451867220
ISSN:

1018-5941

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