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Currency Unions and International Integration: Evidence from the CFA and the ECCU

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posted on 19.05.2009, 15:41 by David Fielding, Kalvinder K. Shields
In this paper we develop a model to identify real exchange rate and output shocks in the African CFA Franc Zone and in Dollar-pegging Caribbean countries (including members of the East Caribbean Currency Union). These two groups of countries each comprise states using several different local currencies: on the one hand the BCEAOCFA Franc and the BEAC-CFA Franc (both pegged to the Euro), on the other the ECCU Dollar and other national Dollar-pegged currencies. The purpose of the analysis is to distinguish the effect of monetary union on macroeconomic integration from the effect of pegging to a common OECD currency.

History

Publisher

Dept. of Economics, University of Leicester

Available date

19/05/2009

Publisher version

http://www.le.ac.uk/economics/research/discussion/papers2002.html

Book series

Papers in Economics;02/8

Language

en

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