Macroeconomic Policy in the Franc Zone [Hardcover]

The fourteen members of the African CFA Franc Zone represent the largest monetary unions in the southern hemisphere, predating the European Monetary Union by decades. This book analyzes the recent economic experiences of the Franc Zone's member states and of its economic institutions. It pays particular attention to the way this disparate group of countries exploit the advantages and manage the costs of adhering to a single currency. It also analyzes the impact Franc Zone institutions have on poverty.Introduction; D.Fielding PART 1: CONVERGENCE IN THE FRANC ZONE AND OPTIMUM CURRENCY AREA THEORY Analysis of the Convergence Process in the UEMOA Zone; L.N.Bamba The Characteristics of Macroeconomic Shocks in the Franc Zone; D.Fielding, K.Lee & K.Shields Variance Decomposition of Macroeconomic Shocks in the Franc Zone and other Sub-Saharan African Countries; S.Coleman PART 2: ANALYSIS OF MONETARY POLICY Monetary Policy in the Franc Zone: Country-level Credit Policy; A.Shortland & D.Stasavage Estimating an Interest Rate Reaction Function for the BCEAO; A.Shortland & D.Stasavage PART 3: THE FRANC ZONE AND POVERTY Poverty and Growth in the WAEMU after the 1994 Devaluation; J-P.Azan Economic Growth, Income Distribution and Poverty: Time Series and Cross-country Evidence from the Franc Zone Countries of Sub-Saharan Africa; M.Bleaney & A.Nishiyama How Does Monetary Policy Affect the Poor? Evidence from the West African Economic and Monetary Union; D.Fielding

'This volume featuring contributions by some of the leading scholars in development macroeconomics provides theoretically informed, empirically grounded and factual evidence on macroeconomic developments in the CFA Franc Zone in West and Central Africa. The combination of historical developments and methodological depth renders it the ideal, unique and comprehensive guide for all those interested in monetary union in Africa. Moreover, it extends the frontier of knowledge on the impact of monetary unlƒ$