{
  "title": "Welfare Effects of Monetary Integration: The Common Monetary Area and Beyond",
  "publication": "IMF Working Papers, May 1, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/welfare-effects-of-monetary-integration-the-common-monetary-area-and-beyond-25945",
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  "summary": "This paper proposes a quantitative assessment of the welfare effects arising from the Common Monetary Area (CMA) and an array of broader grouping among Southern African Development Community (SADC) countries.",
  "sections": [
    {
      "heading": "Summary of objective and method",
      "content": "- Proposes a quantitative assessment of the welfare effects arising from the Common Monetary Area (CMA) and an array of broader groupings among Southern African Development Community (SADC) countries.\n- Uses model simulations to evaluate welfare implications for different membership and union configurations."
    },
    {
      "heading": "Main findings (from model simulations)",
      "content": "- Participating in the CMA benefits all members.\n- Joining the CMA individually is beneficial for all SADC members except Angola, Mauritius and Tanzania.\n- Creating a symmetric CMA-wide monetary union with a regional central bank carries some costs in terms of foregone anti-inflationary credibility.\n- SADC-wide symmetric monetary union continues to be beneficial for all except Mauritius, although the gains for existing CMA members are likely to be limited."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Banking, Currencies, Inflation, Monetary base, Monetary unions\n- Keywords: CMA agreement, CMA arrangement, CMA country, CMA member, CMA monetary policy, monetary union, terms of trade, WP\n\n---\n\n Content in this bundle\n\n- wp12136\n  - wp12136 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp12136 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/welfare-effects-of-monetary-integration-the-common-monetary-area-and-beyond-25945"
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    "Authors: Tamon Asonuma, Xavier Debrun, Paul R Masson",
    "Published: May 1, 2012",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475503890.001",
    "Proposes a quantitative assessment of the welfare effects arising from the Common Monetary Area (CMA) and an array of broader groupings among Southern African Development Community (SADC) countries.",
    "Uses model simulations to evaluate welfare implications for different membership and union configurations.",
    "Participating in the CMA benefits all members.",
    "Joining the CMA individually is beneficial for all SADC members except Angola, Mauritius and Tanzania.",
    "Creating a symmetric CMA-wide monetary union with a regional central bank carries some costs in terms of foregone anti-inflationary credibility.",
    "SADC-wide symmetric monetary union continues to be beneficial for all except Mauritius, although the gains for existing CMA members are likely to be limited.",
    "Subject: Banking, Currencies, Inflation, Monetary base, Monetary unions",
    "Keywords: CMA agreement, CMA arrangement, CMA country, CMA member, CMA monetary policy, monetary union, terms of trade, WP",
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