The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges
July 1, 2007
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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
Pages:
63
Volume:
2007
DOI:
Issue:
158
Series:
Working Paper No. 2007/158
Stock No:
WPIEA2007158
ISBN:
9781451867220
ISSN:
1018-5941
