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Currency Union for West Africa

PhD, Tamsir Cham

ISBN 10: 3843355770 / ISBN 13: 9783843355773
Published by LAP Lambert Academic Publishing
New Condition: New Soft cover
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About this Item

Paperback. 200 pages. Dimensions: 8.7in. x 5.9in. x 0.5in.This text analyses the benefits and costs of currency unions, focusing on the West African Monetary Zone (WAMZ). Openness, co-movement, and labor mobility are explored for each country using econometric techniques to determine the optimum currency area (OCA) criteria. Analysis of the data reveals that none of the countries under consideration satisfies all of the convergence and OCA criteria. The study also relies on the gravity model to measure the effect of currency union on trade, income, and welfare. The principal findings are that WAMZ will increase trade, income, and welfare. The cost of WAMZ is examined using real exchange rate misalignment. The results reveal that misalignment has increased substantially across the zone. The study concludes that, despite the obvious benefits of the monetary union, these countries face significant challenges before the zone can become a full-fledged monetary union. To increase the effectiveness of WAMZ, each country must demonstrate the political will to implement serious reforms to improve economic fundamentals. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Bookseller Inventory # 9783843355773

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Bibliographic Details

Title: Currency Union for West Africa

Publisher: LAP Lambert Academic Publishing

Binding: Paperback

Book Condition:New

Book Type: Paperback

About this title

Synopsis:

This text analyses the benefits and costs of currency unions, focusing on the West African Monetary Zone (WAMZ). Openness, co-movement, and labor mobility are explored for each country using econometric techniques to determine the optimum currency area (OCA) criteria. Analysis of the data reveals that none of the countries under consideration satisfies all of the convergence and OCA criteria. The study also relies on the gravity model to measure the effect of currency union on trade, income, and welfare. The principal findings are that WAMZ will increase trade, income, and welfare. The cost of WAMZ is examined using real exchange rate misalignment. The results reveal that misalignment has increased substantially across the zone. The study concludes that, despite the obvious benefits of the monetary union, these countries face significant challenges before the zone can become a full-fledged monetary union. To increase the effectiveness of WAMZ, each country must demonstrate the political will to implement serious reforms to improve economic fundamentals.

About the Author:

Dr.Tamsir Cham was born in Albreda, The Gambia. He attended Nusrat High School. He received his PhD in International Economics from Howard University, USA in 2007. He lectured at Howard and Cleveland State University. He worked as an Analyst at Key Bank, USA and Director at the Ministry of Finance, The Gambia. Cham is an Economist at the IMF.

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