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Fixed exchange rates have been a bad bargain for the CFA member countries. Under reasonable tradeoffs between output and inflation, these countries would have been better off having the flexibility to adjust to external shocks.
This book provides an empirical analysis of economic and political structures impacting the CFA franc zone. Concise and practical chapters explore the history of the CFA franc zone, challenges to development, geopolitical issues, the importance of flexible exchanges rates, growth trends, and the impact of the Covid crisis. Policy reform is examined to detail economic approaches that could reduce poverty and increase the quality of life within the area. This book aims to present a macroeconomic and exchange rate framework to promote development and post-Covid recovery within the CFA franc zone. It will be of interest to students, researchers, and policymakers involved in African economics, the political economy, and development economics.
Examines the interaction between macroeconomic and agricultural sector reforms in developing and East European economies.
This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustment policies; that is, it explores short-run macroeconomic management and structural adjustment policies aimed at promoting economic growth. It emphasizes the importance of structural microeconomic characteristics in the transmission of policy shocks and the response of the economy to adjustment policies. It has particular relevance to the economics of developing countries. The book is directed to economists interested in an overview of the economics of reform; economists in international organizations, such as the UN, the IMF, and the World Bank, dealing with development; and economists in developing countries. It is also a text for advanced undergraduate students pursuing a degree in economic policy and management and students in political science and public policy.
Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.
As we enter the third decade of the twenty-first century, the world is undergoing a major historical shift: Africa, and the Global South more generally, is increasingly becoming a principal theatre in which the future of the planet plays itself out. But not only this: Africa is at the same time emerging as one of the great laboratories for novel forms of social, economic, political, intellectual, cultural, and artistic life. Often arising in unexpected places, these new forms of life materialize in practices that draw deeply from collective memory while simultaneously assuming distinctly contemporary, even futuristic, guises. In November 2017, the second session of the Ateliers de la pensée – Workshops of Thought – was held in Dakar, Senegal. Fifty African and diasporic intellectuals and artists participated and their debates unfolded along numerous thematic lines, approached from the standpoints of many different disciplines. This volume is the result of that encounter. Among the many topics discussed were the concurrence and entanglement of multiple temporalities, the politics of life in the Anthropocene, the project of decolonization, and the preservation and transmission of different ways of knowing. At a time when the world is haunted by the specter of its own end, the contributors to this volume ask whether one can, by taking Africa as a point of departure, seize hold of other options for the future – not only for Africa, but for the world. The Politics of Time and its companion volume, To Write the Africa World, will be indispensable works for anyone interested in Africa – its past, present, and future – and in the new forms of critical thought emerging from Africa and the Global South.
The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.
In this 1998 study the authors isolate the effect of specific policy measures associated with adjustment programs in ten African countries.
The first edition of this book was published in 1994, as the future of monetary unification in Europe was very much in doubt. With Economic and Monetary Union now in place, it is appropriate to bring the scholarship on the topic up to date for the students of international political economics. To this effect, essayists Jeffry Frieden, Geoffrey Garrett, Lisa L. Martin, Benjamin J. Cohen revised four of the original chapters to reflect new conditions. Editors, Barry Eichengreen and Frieden completely rewrote the introductory essay. Three new chapters by Matthew Gabel, Charles Engel, and Paul De Grauwe et al cover public support for EMU, local currency pricing, and whether Europe is now better off? The updated volume's purpose remains that of bringing the latest in scholarship in Economics and Political Science to bear on the European monetary integration