کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
989293 935423 2009 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Is the CFA Franc Zone an Optimum Currency Area?
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Is the CFA Franc Zone an Optimum Currency Area?
چکیده انگلیسی

SummaryIn this paper, we explore the features of the CFA franc zone and compare them to those of the Economic and Monetary Union (EMU) by operationalizing the criteria for an optimum currency area. A structural vector autoregression method is used in modeling national outputs as determined by global, regional, and country-specific shocks. We find that domestic outputs of the CFA franc zone countries are strongly influenced by country-specific shocks while regional shocks are far more important in European countries that have joined the EMU. The results suggest that the CFA franc zone countries are structurally different from each other and thus are more likely to be subjected to asymmetric shocks. They do not appear to form an optimum currency area and the monetary union may have been a costly arrangement for the member countries unless they are compensated with some other benefits.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: World Development - Volume 37, Issue 12, December 2009, Pages 1877–1886
نویسندگان
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