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dc.description.abstractThe 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).en
dc.titleWelfare effects of monetary union and flexible exchange rate regimes in the economic community of West African Statesen
ags.descriptionNotesIncludes bibliographical references and appendix.en
ags.publisherPlaceAddis Ababa :en
ags.publisherNameUN.ECA,en
ags.citationTitleESPD working paper series ;en
ags.citationTitleNo.2en
dc.coverage.spatialAFR
dc.coverage.spatialWest Africa
dc.date.accessioned2011-04-27T08:45:08Z
dc.date.available2011-04-27T08:45:08Z
dc.date.issued2003-03
dc.identifier.urihttps://hdl.handle.net/10855/5120
dc.format.extentvii, 28 p. :
dc.languageeng
dc.typeWorking paper
uneca.subject.fulltaxonomyUNBIS::ECONOMIC DEVELOPMENT AND DEVELOPMENT FINANCE::MONETARY ISSUES::FOREIGN EXCHANGE RATES
uneca.subject.fulltaxonomyUNBIS::ECONOMIC DEVELOPMENT AND DEVELOPMENT FINANCE::ECONOMIC THEORY::MACROECONOMICS
uneca.subject.fulltaxonomyUNBIS::ECONOMIC DEVELOPMENT AND DEVELOPMENT FINANCE::ECONOMIC THEORY::WELFARE ECONOMICS
uneca.subject.fulltaxonomyUNBIS::POLITICAL AND LEGAL QUESTIONS::INTERNATIONAL RELATIONS::POLICY-MAKING
uneca.subject.fulltaxonomyUNBIS::ECONOMIC DEVELOPMENT AND DEVELOPMENT FINANCE::MONETARY ISSUES::MONETARY UNIONS
uneca.subject.fulltaxonomyUNBIS::DEVELOPPEMENT ECONOMIQUE ET FINANCEMENT DU DEVELOPPEMENT::QUESTIONS MONETAIRES::TAUX DE CHANGE
uneca.subject.fulltaxonomyUNBIS::DESARROLLO ECONOMICO Y FINANCIACION DEL DESARROLLO::CUESTIONES MONETARIAS::TIPOS DE CAMBIO
uneca.subject.fulltaxonomyUNBIS::DEVELOPPEMENT ECONOMIQUE ET FINANCEMENT DU DEVELOPPEMENT::THEORIE ECONOMIQUE::MACROECONOMIE
uneca.subject.fulltaxonomyUNBIS::DESARROLLO ECONOMICO Y FINANCIACION DEL DESARROLLO::TEORIA ECONOMICA::MACROECONOMIA
uneca.subject.fulltaxonomyUNBIS::DEVELOPPEMENT ECONOMIQUE ET FINANCEMENT DU DEVELOPPEMENT::THEORIE ECONOMIQUE::ECONOMIE DE BIEN-ETRE
uneca.subject.fulltaxonomyUNBIS::DESARROLLO ECONOMICO Y FINANCIACION DEL DESARROLLO::TEORIA ECONOMICA::ECONOMIA DEL BIENESTAR
uneca.subject.fulltaxonomyUNBIS::QUESTIONS POLITIQUES ET JURIDIQUES::RELATIONS INTERNATIONALES::ELABORATION D'UNE POLITIQUE
uneca.subject.fulltaxonomyUNBIS::CUESTIONES POLITICAS Y JURIDICAS::RELACIONES INTERNACIONALES::ELABORACION DE POLITICAS
uneca.subject.fulltaxonomyUNBIS::DEVELOPPEMENT ECONOMIQUE ET FINANCEMENT DU DEVELOPPEMENT::QUESTIONS MONETAIRES::UNIONS MONETAIRES
uneca.subject.fulltaxonomyUNBIS::DESARROLLO ECONOMICO Y FINANCIACION DEL DESARROLLO::CUESTIONES MONETARIAS::UNIONES MONETARIAS
uneca.workflow.processedtrue
ags.creatorPersonalDupasquier, Chantal
ags.creatorPersonalOsakwe, Patrick N.
ags.creatorCorporateUnited Nations. Economic Commission for Africa. Economic and Social Policy Division
ags.subjectThesaurusTransaction costs
ags.subjectThesaurusFOREIGN EXCHANGE RATES
ags.subjectThesaurusMACROECONOMICS
ags.subjectThesaurusWELFARE ECONOMICS
ags.subjectThesaurusPOLICY-MAKING
ags.subjectThesaurusMONETARY UNIONS
ags.subjectThesaurusTAUX DE CHANGE
ags.subjectThesaurusTIPOS DE CAMBIO
ags.subjectThesaurusMACROECONOMIE
ags.subjectThesaurusMACROECONOMIA
ags.subjectThesaurusECONOMIE DE BIEN-ETRE
ags.subjectThesaurusECONOMIA DEL BIENESTAR
ags.subjectThesaurusELABORATION D'UNE POLITIQUE
ags.subjectThesaurusELABORACION DE POLITICAS
ags.subjectThesaurusUNIONS MONETAIRES
ags.subjectThesaurusUNIONES MONETARIAS
ags.subjectClassification02.09.00 Monetary policy
ags.citationNumberNo.2
ags.availabilityNumber339.738(6-15)
ags.availabilityNumberESPD2
ags.availabilityLocationECA-HQ
ags.rights.termsofusepublic
ags.JN33652
uneca.language.supporteden


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