{
  "title": "The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges",
  "publication": "IMF Working Papers, July 1, 2007",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/the-common-monetary-area-in-southern-africa-shocks-adjustment-and-policy-challenges-21004",
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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.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- This study assesses the experience of the Common Monetary Area (CMA) based on available empirical evidence over the last two decades.\n- Pays particular attention to member countries' adjustment to economic shocks in recent years and the inter-country linkages, including the spillover effects of policies.\n- 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.\n- Notes implications for further economic integration in a broader regional context."
    },
    {
      "heading": "Key findings and analytical focus",
      "content": "- Empirical assessment of CMA experience over the last two decades.\n- Member countries' adjustment mechanisms to economic shocks.\n- Inter-country linkages within the CMA and spillover effects of national policies.\n- Identification of main lessons from the CMA experience relevant for sustained growth and regional integration."
    },
    {
      "heading": "Policy challenges and recommendations",
      "content": "- Identifies key policy challenges facing CMA member countries in achieving sustained growth.\n- Discusses policy implications for deeper economic integration in a broader regional context.\n- Emphasizes consideration of spillover effects when designing national policies within a monetary union arrangement."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Authors: Iyabo Masha, Leighton S Harris, Jian-Ye Wang, Kazuko Shirono\n- Publication date: July 1, 2007\n- Series: Working Paper No. 2007/158\n- Issue: 158\n- Volume: 2007\n- Pages: 63\n- DOI: https://doi.org/10.5089/9781451867220.001\n- ISBN: 9781451867220\n- ISSN: 1018-5941\n- Subject: Banking, Currencies, Exchange rate arrangements, International reserves, Monetary unions\n- Keywords: central bank, CMA agreement, CMA country, interest rate, monetary union, real GDP, WP\n\nIMF Working Paper No. 2007/158\n\n---\n\n Content in this bundle\n\n- wp07158\n  - wp07158 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp07158 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-common-monetary-area-in-southern-africa-shocks-adjustment-and-policy-challenges-21004"
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    "Authors: Iyabo Masha, Leighton S Harris, Jian-Ye Wang, Kazuko Shirono",
    "Published: July 1, 2007",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451867220.001",
    "This study assesses the experience of the Common Monetary Area (CMA) based on available empirical evidence over the last two decades.",
    "Pays particular attention to member countries' adjustment to economic shocks in recent years and the inter-country linkages, including the spillover effects of policies.",
    "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.",
    "Notes implications for further economic integration in a broader regional context.",
    "Empirical assessment of CMA experience over the last two decades.",
    "Member countries' adjustment mechanisms to economic shocks.",
    "Inter-country linkages within the CMA and spillover effects of national policies.",
    "Identification of main lessons from the CMA experience relevant for sustained growth and regional integration.",
    "Identifies key policy challenges facing CMA member countries in achieving sustained growth.",
    "Discusses policy implications for deeper economic integration in a broader regional context.",
    "Emphasizes consideration of spillover effects when designing national policies within a monetary union arrangement.",
    "Authors: Iyabo Masha, Leighton S Harris, Jian-Ye Wang, Kazuko Shirono",
    "Publication date: July 1, 2007",
    "Series: Working Paper No. 2007/158",
    "Issue: 158",
    "Volume: 2007",
    "Pages: 63",
    "DOI: https://doi.org/10.5089/9781451867220.001",
    "ISBN: 9781451867220",
    "ISSN: 1018-5941",
    "Subject: Banking, Currencies, Exchange rate arrangements, International reserves, Monetary unions",
    "Keywords: central bank, CMA agreement, CMA country, interest rate, monetary union, real GDP, WP",
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