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

Author/Editor:

Iyabo Masha ; Leighton S Harris ; Jian-Ye Wang ; Kazuko Shirono

Publication Date:

July 1, 2007

Electronic Access:

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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.

Series:

Working Paper No. 2007/158

Subject:

Banking Currencies Exchange rate arrangements International reserves Monetary unions

English

Publication Date:

July 1, 2007

ISBN/ISSN:

9781451867220/1018-5941

Stock No:

WPIEA2007158

Pages:

63

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