Optimum Currency Areas : A Monetary Union for Southern Africa.
Christian. Sorgenfrei
Bok Engelsk 2011 · Electronic books.
| Omfang | 1 online resource (85 pages)
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| Utgave | 1st ed.
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| Opplysninger | Optimum Currency Areas A Monetary Union for Southern Africa -- Contents -- List of Figures -- List of Tables -- Abbreviations -- 1 Introduction -- 2 Theoretical Foundations of the Optimum Currency Area Theory -- 2.1 Benefits and Costs of Monetary Integration -- 2.1.1 Benefits of Monetary Integration -- 2.1.2 Costs of Monetary Integration -- 2.2 Criteria of Optimum Currency Areas -- 2.3 Endogenous Effects in Monetary Integration -- 2.4 Policy Implications -- 2.5 Fiscal Distortions and Monetary Credibility -- 2.6 Theoretical Conclusions -- 3 Theory and Empirical Evidence in the Southern African Development Community -- 3.1 The Economic Situation and Convergence in Southern Africa -- 3.2 Empirical Approaches of the Optimum Currency Area Theory and Evidence in Southern Africa -- 3.3 Correlation and Structure of Output Shocks and Business Cycles -- 3.4 Results -- 4 Evaluating the feasibility of the SADC as a Monetary Union and future Prospects -- 4.1 The Experience of the Common Monetary Area -- 4.2 Lessons from the European Monetary Union -- 4.3 The role of Monetary and Fiscal Policies in Southern Africa -- 4.4 Challenges and the Path to a Monetary Union -- 5 Summary and Conclusion -- A Appendix -- A.1 Appendix for Section 2.5. -- A.2 Appendix for Section 3.3. -- References.. - With the current situation in the European Monetary Union in mind, a Monetary Union in other parts of the world seems highly inadvisable. Nevertheless, Africa has some of the oldest Monetary arrangements in the world, dating back to the beginning of the 19th century. Is Africa particularly qualified for a Monetary Union? And furthermore, what features are necessary to make Monetary Arrangements between countries endurable? This study evaluates the prospects and the feasibility of a monetary union in the Southern African Development Community (SADC) from an economic point of view. Both the theory of optimum currency areas and the recent example of the European Monetary Union are employed to analyze the pros and cons of monetary unification. The theoretical implications are operationalized, first, by a broad analysis of economic and socio graphic data, and second, by estimating the degree of structural shock synchronization between SADC countries. Results obtained by an Autoregressive and Vector Autoregressive model indicate that a monetary union which includes all SADC members is neither desirable nor feasible in the foreseeable future. However, the study concludes that a small subset of countries, including South Africa, Namibia, Swaziland, Lesotho, Mozambique, Botswana and Zambia, could gain from forming a smaller monetary union. Biographische Informationen Christian Sorgenfrei, Jahrgang 1984, Dipl.-Volkswirt, studierte Volkswirtschaftslehre an den Universitäten Konstanz und Lund. Über seine Schwerpunkte Internationale Wirtschaftsbeziehungen und Entwicklungsökonomie hinaus war er unter anderem am Zentrum für Europäische Wirtschaftsforschung und an der KfW Entwicklungsbank im Bereich Subsahara Afrika tätig.
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| ISBN | 9783842806757
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