Artikel
Ecowas common currency: How prepared are its members?
This study operationalizes the Optimum Currency Area (OCA) to investigate the preparedness of Economic Community of West African States (ECOWAS) members to form a Monetary Union (MU). Inflation and output models are estimated, with the sample 1988:01 to 2017:12 for the former and 1967 to 2016 for the latter. Analyses of ECOWAS convergence criteria, impulse responses, variance decompositions and correlations of shocks of these two models, reveal that the shocks across the ECOWAS members are asymmetric. The conclusion is that ECOWAS members as a whole are not well-prepared and therefore a full-fledged pan-ECOWAS MU is not advisable. It is also found that members of the European Monetary Union (EMU) tend to be a better fit for OCA than the ECOWAS members. The study recommends various courses of action such as fostering coordination among Central Banks of ECOWAS members, and providing a fund to serve as an incentive for countries that may incur cost rather than benefit if the single currency is created.
- Sprache
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Englisch
- Erschienen in
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Journal: Investigación Económica ; ISSN: 2594-2360 ; Volume: 78 ; Year: 2019 ; Issue: 308 ; Pages: 89-119 ; Ciudad de México: Universidad Nacional Autónoma de México (UNAM), Faculdad de Economía
- Klassifikation
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Wirtschaft
Estimation: General
Price Level; Inflation; Deflation
Monetary Policy
Central Banks and Their Policies
International Monetary Arrangements and Institutions
International Policy Coordination and Transmission
- Thema
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Optimal Currency Area
ECOWAS
EMU
structural VAR
Blanchard-Quah decomposition
- Ereignis
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Geistige Schöpfung
- (wer)
-
Mati, Sagiru
Civcir, çIrfan
Ozdeser, Hüseyin
- Ereignis
-
Veröffentlichung
- (wer)
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Universidad Nacional Autónoma de México (UNAM), Faculdad de Economía
- (wo)
-
Ciudad de México
- (wann)
-
2019
- DOI
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doi:10.22201/fe.01851667p.2019.308.69625
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Mati, Sagiru
- Civcir, çIrfan
- Ozdeser, Hüseyin
- Universidad Nacional Autónoma de México (UNAM), Faculdad de Economía
Entstanden
- 2019
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