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West African Single Currency and Competitiveness

Abstract : This paper compares different nominal anchors to promote internal and external competitiveness in the case of a fixed exchange rate regime for the future single regional currency of the Economic Community of the West African States (ECOWAS). We use counterfactual analyses and estimate a model of dependent economy for small commodity exporting countries. We consider four foreign anchor currencies: the US dollar, the euro, the yen and the yuan. Our simulations show little support for a dominant peg in the ECOWAS area if they pursue several goals: maximizing the export revenues, minimizing their variability, stabilizing them and minimizing the real exchange rate misalignments from the fundamental value.
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https://hal-amu.archives-ouvertes.fr/hal-01500863
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Submitted on : Monday, April 3, 2017 - 5:12:39 PM
Last modification on : Thursday, November 4, 2021 - 11:58:07 AM

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Gilles Dufrénot, Kimiko Sugimoto. West African Single Currency and Competitiveness. Review of Development Economics, 2013, 17 (4), pp.763-777. ⟨10.1111/rode.12064⟩. ⟨hal-01500863⟩

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