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Title: Monetary Integration In Eastern And Southern Africa: Choosing A Currency Peg For Comesa
Authors: Vieira, Carlos
Vieira, Isabel
Keywords: African monetary integration
optimum currency areas
Issue Date: Sep-2013
Publisher: South African Journal of Economics
Citation: Vieira, C. and Vieira, I. (2013), Monetary Integration In Eastern And Southern Africa: Choosing A Currency Peg For Comesa. South African Journal of Economics, 81: 356–372.
Abstract: African countries involved in monetary integration projects have been advised to peg their currencies against an external anchor before the definite fixing of exchange rates. In this study, we estimate optimum currency area indices to determine, between four alternatives, which international currency would be the most suitable anchor for Common Market for Eastern and Southern Africa (COMESA) members and for a set of other selected African economies. We conclude that the euro and the British pound prevail over the US dollar or the yen; that the euro would be the best pegging for most, but not all, COMESA members; and that some of these economies display evidence of more intense integration with third countries, with which they share membership in other (overlapping) regional economic communities, than within COMESA.
Type: article
Appears in Collections:CEFAGE - Publicações - Artigos em Revistas Internacionais Com Arbitragem Científica

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