Will the Euro Trigger More Monetary Unions in Africa?

The authors analyze the prospects for greater monetary integration in Africa, in the wake of the European Monetary Union. They argue that the structural characteristics of African economies, are quite different from those of European economies, but that much can be gained from monetary cooperation -...

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Bibliographic Details
Main Authors:	Honohan, Patrick, Lane, Philip R.
Format:	Publications & Research
Language:	en_US
Published:	World Bank, Washington, DC 2015
Subjects:	administrative costs balance sheet balance sheets bank insolvency bank lending Bank of England bank regulation bank reserves bank supervision banking crisis banking sector banking system banking systems banks Banque de France borrowing capital flows Central Bank central banking central banks commercial banks competitiveness contagion convertibility creditor currency currency boards currency unions depositors deposits devaluation diversification economic growth economic integration economics EMU Euro exchange controls exchange rate exchange rate policies exchange rate policy exchange rate stability exchange rate variability exchange rates external debt external shocks externalities financial authorities financial crisis financial factors financial intermediaries financial markets financial systems fiscal authorities fiscal deficits fiscal discipline fiscal policies fiscal pressure fiscal pressures fiscal restraint fixed exchange rate foreign banks formal sector French francs government debt growth rates hard currency illiquidity import substitution inflation inflation rates insolvent banks interbank markets interdependence interest rates international investment international payments lender of last resort liquidity local currencies local currency macroeconomic stability monetary authority monetary cooperation monetary financing monetary integration monetary policy monetary regimes monetary system monetary systems monetary union monetary unions nominal exchange rate nominal interest rates operating expenses payments arrears pooling portfolios prudential regulation public debt public enterprises public sector real exchange rate recession reserves securities seigniorage shareholders South African rand speculative attacks stock markets terms of trade trading transport treasury volatility vulnerability working capital eurocurrency markets financial stability economies of scale prudential regulations international cooperation pound sterling
Online Access:	http://hdl.handle.net/10986/21403

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http://hdl.handle.net/10986/21403

Will the Euro Trigger More Monetary Unions in Africa?

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