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Do Currency Unions Deliver More Economic Integration than Fixed Exchange Rates? Evidence from the CFA and the ECCU

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posted on 29.04.2009, 09:11 by David Fielding, Kalvinder K. Shields
In this paper we develop a model to identify determinants of macroeconomic integration 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 BCEAO-CFA 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

29/04/2009

Publisher version

http://www.le.ac.uk/economics/research/discussion/papers2003.html

Book series

Discussion Papers in Economics;03/9

Language

en

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