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On the feasibility of a monetary union in the Southern Africa Development Community

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Author Info
Terence D.Agbeyegbe () (Hunter College, CUNY)

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Abstract

This paper investigates the feasibility of a monetary union in Southern Africa Development Community (SADC) by looking at evidence of nominal exchange rate and inflation convergence. Using a methodology based on estimating time varying parameters, the evidence suggests non-convergence. The non-convergence of nominal exchange rate and consumer price inflation suggests that presently, the chances of SADC member countries satisfying some form of Maastricht-type criteria is quite low.

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Publisher Info
Paper provided by Hunter College: Department of Economics in its series Hunter College Department of Economics Working Papers with number 306.

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Length: 25 pages
Date of creation: 2003
Date of revision: 2003
Handle: RePEc:htr:hcecon:306

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Keywords: Inflation and Exchange Rate Convergence in SADC.;

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Find related papers by JEL classification:
F1 - International Economics - - Trade
F3 - International Economics - - International Finance
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    Other versions:
  3. Ademola Oyejide, T., 1997. "Regional Integration and Trade Liberalization in Sub-Saharan Africa," Papers 28s, African Economic Research Consortium.
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    Other versions:
  5. Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-72, August.
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    Other versions:
    • Alberto Alesina & Robert J. Barro & Silvana Tenreyro, 2002. "Optimal Currency Areas," NBER Working Papers 9072, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    • Alberto Alesina & Robert J. Barro & Silvana Tenreyro, 2003. "Optimal Currency Areas," NBER Chapters, in: NBER Macroeconomics Annual 2002, Volume 17, pages 301-356 National Bureau of Economic Research, Inc. [Downloadable!]
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  11. Guillaume, Dominique M. & Stasavage, David, 2000. "Improving Policy Credibility: Is There a Case for African Monetary Unions?," World Development, Elsevier, vol. 28(8), pages 1391-1407, August. [Downloadable!] (restricted)
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    Other versions:
  13. Hall, S G & Robertson, D & Wickens, M R, 1992. "Measuring Convergence of the EC Economies," The Manchester School of Economic & Social Studies, Blackwell Publishing, vol. 60(0), pages 99-111, Supplemen.
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  16. Mills, Terence C & Holmes, Mark J, 1999. "Common Trends and Cycles in European Industrial Production: Exchange Rate Regimes and Economic Convergence," Manchester School, University of Manchester, vol. 67(4), pages 557-87, September. [Downloadable!] (restricted)
  17. Rodney Thom, 1995. "Inflation convergence in the EMS: Some additional evidence. A comment," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 131(3), pages 577-586, September. [Downloadable!] (restricted)
  18. MacKinnon, James G, 1996. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(6), pages 601-18, Nov.-Dec.. [Downloadable!] (restricted)
    Other versions:
  19. Bayoumi, T. & Eichengreen, B., 1994. "One Money or Many? Analysing the Prospects for Monetary Unification in Various Parts of the World," Princeton Studies in International Economics 76, International Economics Section, Departement of Economics Princeton University,.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Fabrizio Carmignani, 2009. "Endogenous optimal currency areas: The case of the Central African Economic and Monetary Community," Discussion Papers Series 390, School of Economics, University of Queensland, Australia. [Downloadable!]
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