WEKO3
アイテム
THE WEST AFRICAN MONETARY ZONE:ELIGIBILITY FOR MONETARY UNIFICATION
https://doi.org/10.51073/15138
https://doi.org/10.51073/15138736cd20f-2363-43b3-b46a-266c2dc5bbc9
| 名前 / ファイル | ライセンス | アクション |
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Kei_Hakubun_3.pdf
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| Item type | デフォルトアイテムタイプ（フル）(1) | |||||||||
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| 公開日 | 2013-06-24 | |||||||||
| タイトル | ||||||||||
| タイトル | THE WEST AFRICAN MONETARY ZONE:ELIGIBILITY FOR MONETARY UNIFICATION | |||||||||
| 言語 | en | |||||||||
| 作成者 |
Asenso, Joseph Kwadwo
× Asenso, Joseph Kwadwo
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| アクセス権 | ||||||||||
| アクセス権 | open access | |||||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||||
| 内容記述 | ||||||||||
| 内容記述 | The study seeks to ascertain the feasibility of a plan by the members of the West African Monetary Zone (WAMZ) to form a monetary union. It applies the optimum currency areas (OCA) paradigm to analyse the appropriateness of this major policy prescription by analysing ex ante and ex post (or endogeneity) eligibility criteria to arrive at its conclusions. The conclusions of the study are arrived at based on shocks correlations, sizes and adjustment speed of shocks, the share of regional shocks in individual countries' business cycles, price trends (to analyze price convergence), the gravity model (to ascertain trade endogeneity) and an analysis of alternative exchange rate arrangements, in lieu of a full monetary union, in the short-to-medium term. The ex ante results indicate that supply shocks have the greatest influence on business cycles and as such, most of the analyses centre around it. It also finds that the countries have asymmetric demand and supply shocks and that traces of symmetric shocks existed in the past rather than the present. Moreover, each of the countries' business cycles are explained more by domestic than by regional shocks while global shocks are gaining momentum, an indication that the maintenance of monetary policy independence might be necessary. Finally, the sizes of demand and supply shocks are found to be larger, individually and averagely, than those of the Euro Area. For the ex post analysis, the study analyzes price, demand and supply shocks and trade endogeneities in the West African Economic and Monetary Union (WAEMU), an existing monetary union in West Africa, and finds that demand shocks synchronicity has been achieved. It also finds that prices in the WAEMU have converged as a result of the pursuit of common monetary policies as opposed to the WAMZ, where prices only began to show signs of convergence after they had started adhering to some common monetary rules. The study also finds that the establishment of the West African Monetary Institute (WAMI), as a precursor to a regional central bank, has not engendered intra-WAMZ trade. On trade endogeneity, the single currency in the WAEMU is found to have increased intra-regional trade significantly, but the 1994 devaluation of the currency is found to have diverted trade from the WAEMU to other regions. Thus, the ex ante analyses hold that the formation of a monetary union in the WAMZ will not be optimal, based on the fact that the countries do not have common demand and supply shocks with business cycles being caused primarily by domestic rather than regional shocks. However, the ex post analyses have shown that it is possible to achieve price convergence, demand shocks synchronicity and trade enhancement endogenously, as evidenced in the WAEMU. One notable absentee is supply shocks (the most important shocks) synchronicity, which the WAEMU has thus far failed to achieve after more than sixty years of existence. Based on the WAEMU's failure to achieve supply shocks and the fact that the WAMZ is geographically disjointed (the study confirms that the border effect is important to trade), the study posits that it may not be advisable to form a monetary union in the WAMZ anytime soon since it may not achieve trade endogeneity unless it gets the WAEMU to activate the single economic space agreement, to which they are both signatories, to facilitate the free movement of goods through the WAEMU into other WAMZ countries. As an alternative to a full-fledged monetary union, the study suggests the investiture of an exchange rate arrangement which would not necessarily involve the issuance of a new single currency but that would enable the countries to attain convergence over a period of time before the creation of the monetary union. Based on a series of analyses, the study recommends that the WAMZ should operate an exchange rate mechanism with the euro as the anchor currency, in the intervening period, to help stabilize the macroeconomic environment, since the euro performs better in explaining their business cycles than the dollar. This arrangement, which is expected to take place between five and no more than ten years, is meant to adequately prepare the WAMZ for the eventual objective of creating a monetary union. | |||||||||
| 言語 | en | |||||||||
| 出版者 | ||||||||||
| 出版者 | 大分大学 | |||||||||
| 言語 | ja | |||||||||
| 日付 | ||||||||||
| 日付 | 2011-03-01 | |||||||||
| 日付タイプ | Issued | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| 資源タイプ | ||||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_db06 | |||||||||
| 資源タイプ | doctoral thesis | |||||||||
| 識別子 | ||||||||||
| 識別子 | http://hdl.handle.net/10559/15138 | |||||||||
| 識別子タイプ | HDL | |||||||||
| 識別子 | ||||||||||
| 識別子 | https://doi.org/10.51073/15138 | |||||||||
| 識別子タイプ | DOI | |||||||||
| ID登録 | ||||||||||
| ID登録 | 10.51073/15138 | |||||||||
| ID登録タイプ | JaLC | |||||||||
| 関連情報 | ||||||||||
| 識別子タイプ | NCID | |||||||||
| 関連識別子 | BB06925017 | |||||||||
| 学位授与番号 | ||||||||||
| 学位授与番号 | 甲第3号 | |||||||||
| 学位名 | ||||||||||
| 言語 | ja | |||||||||
| 学位名 | 博士(経済学) | |||||||||
| 学位授与年月日 | ||||||||||
| 学位授与年月日 | 2011-03-25 | |||||||||
| 学位授与機関 | ||||||||||
| 言語 | ja | |||||||||
| 学位授与機関名 | 大分大学 | |||||||||
