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

By David Fielding

This ebook applies modern macroeconomic conception and econometric modelling innovations for you to deal with coverage concerns in relation to the CFA Franc region, a gaggle of francophone African international locations sharing a typical forex that's associated with the French Franc / Euro. inside of this methodological framework, the writer analyses the way the financial associations of the CFA impression macroeconomic improvement and coverage formation.

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

Sample text

The variables in our monetary growth regression are: • The mean rate of growth of GDP, in real domestic currency, µ(dy/dt)i • The log of mean GDP, in real US$, µ(y)i • The log of the mean ratio of the value of exports plus imports to nominal GDP, µ(z)i • A dummy variable for membership of the CFA Franc Zone, CFAi • The Central Bank Independence index of Cukierman et al. (1992), CBIi. The dependent variable is the mean rate of growth of M1 (narrow money). Because the variance of regression residuals varies systematically with the exchange rate regime, we estimate two separate regressions for the two samples.

2. 1. Disaggregation of central bank assets and liabilities In order to model a central bank’s behaviour, we need to disaggregate its assets and liabilities. 1) where MON is the money base, CTE is central bank net lending to the private sector, NGD central bank net lending to government, NFA central bank net foreign assets, E the exchange rate and OAS a residual item. 1) holds for all three countries, including Côte d’Ivoire, for which the BCEAO holds individual accounts. Central bank policy will depend crucially on which variables are under its control.

16) +{θN/[γ+θN]}·{e+pM} where x=pX−pM represents the terms of trade. 16) with respect to t. 17) This equation decomposes inflation into three sources: monetary growth over and above real output growth, import price inflation and changes in the terms of trade. 18) and substituting into the definition of the cpi. 1. In the flexible exchange rate regime, a 1 per cent increase in the money stock leads to a 1 per cent increase in prices; in the managed exchange rate regime, the resulting increase in prices is only γ/[γ+θN] per cent, because some of the monetary expansion is translated into a deterioration of the trade balance.

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