Welfare effects of monetary union and flexible exchange rate regimes in the economic community of West African States
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2003-03Author(s)/Corporate Author (s)
Dupasquier, Chantal;Osakwe, Patrick N.;
United Nations. Economic Commission for Africa. Economic and Social Policy Division;
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The quest for improved macroeconomic performance in African countries, coupled with the suc-
cessful launching of the euro in 1999, has rekindled interest in the establishment of monetary
unions in African Regional Economic Communities. To date, no attempt has been made to quan-
tify the welfare consequences of alternative exchange rate regimes in Economic Community of
West African States (ECOWAS) subregion within a rigorous theoretical framework that explic-
itly captures the crucial trade-off between the savings in transaction costs, resulting from a com-
mon currency, and the macroeconomic stabilization benefits of a flexible exchange rate regime.
This paper overcomes the limitation. The main result is that a monetary union will dominate a
flexible exchange rate regime in the ECOWAS region if transaction costs are greater than 1 per
cent of regional Gross Domestic Product (GDP).
Citation
“Dupasquier, Chantal; Osakwe, Patrick N.; United Nations. Economic Commission for Africa. Economic and Social Policy Division (2003-03). Welfare effects of monetary union and flexible exchange rate regimes in the economic community of West African States. ESPD working paper series ;; No.2. No.2, vii, 28 p. :. Addis Ababa :. © UN.ECA,. https://hdl.handle.net/10855/5120”Serial Title
ESPD working paper series ; No.2Collections
- Development Finance [1549]
- Economic Development [8070]
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