Macroeconomics of Monetary Union: An Analysis of the CFA by David Fielding

By David Fielding

This e-book applies modern macroeconomic concept and econometric modelling strategies so as to deal with coverage matters when it comes to the CFA Franc area, a gaggle of francophone African international locations sharing a standard foreign money that's associated with the French Franc / Euro. inside of this methodological framework, the writer analyses the best way the financial associations of the CFA impression macroeconomic improvement and coverage formation.

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Extra resources for Macroeconomics of Monetary Union: An Analysis of the CFA Franc Zone (Routledge Studies in Development Economics)

Example text

Because the theoretical basis of the second model is rather more complex than that of the first, the next section reprises the theory of exchange rates and inflation determination in small open economies. 2. Monetary expansion and inflation in a stylised small open economy In order to examine the links between inflation, monetary growth and the exchange rate regime we take a simple stylised monetary model, similar to that discussed by Frenkel and Mussa (1985). The main point of exploring such a model is to see what impact the exchange rate regime has on inflation for a given rate of monetary expansion.

Std. err. 0929 a µ(dy/dt) is the average GDP growth rate for each country, µ(y) the average GDP level (in logs), µ(z) the mean ratio of imports plus exports to GDP (in logs), CFA a dummy for CFA Franc Zone membership and CBI the central bank independence index. The RESET test is calculated by adding squared fitted values of the LHS variable to the regression equation. b Indicates normalisation of the variable on its sample cross-country mean. HCSE: Heteroscedasticity-corrected standard error. The small-sample equations including CBIi do not generate significant coefficients on this variable, and other coefficients are insignificantly different from those in the larger samples.

Empirical results This section consists of two parts. The first is a cross-country model of the rate of monetary growth in LDCs. 1. 2, is a model of inflation conditional on this rate of growth. Data are taken from the World Bank World Development Indicators CD-ROM (1996), and cover the period 1980–89. 2) with adequate data for this period, once potential outliers (countries with annual inflation rates in excess of 50 per cent) have been excluded; longer sample periods would entail a substantial reduction in the number of countries included.

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