ECOWAS common currency: how prepared are its members?
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| Formato: | Artículo científico |
| Lenguaje: | en |
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Universidad Nacional Autónoma de México
2019
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| author | Sagiru Mati |
| author_facet | Sagiru Mati |
| contents | ECOWAS common currency: how prepared are its members? Sagiru Mati Irfan Civcir Hüseyin Ozdeser Economía y Finanzas EMU ECOWAS Blanchard structural VAR Quah decomposition This study operationalizes the Optimum Currency Area (OCA) to investigate the preparedness of Economic Community of West African States (ECOWAS) members to form a Monetary Union (MU). Inflation and output models are estimated, with the sample 1988:01 to 2017:12 for the former and 1967 to 2016 for the latter. Analyses of ECOWAS convergence criteria, impulse responses, variance decompositions and correlations of shocks of these two models, reveal that the shocks across the ECOWAS members are asymmetric. The conclusion is that ECOWAS members as a whole are not well-prepared and therefore a full-fledged pan-ECOWAS MU is not advisable. It is also found that members of the European Monetary Union (EMU) tend to be a better fit for OCA than the ECOWAS members. The study recommends various courses of action such as fostering coordination among Central Banks of ECOWAS members, and providing a fund to serve as an incentive for countries that may incur cost rather than benefit if the single currency is created. 2019 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60171799005 https://www.redalyc.org/journal/601/60171799005/ https://www.redalyc.org/journal/601/60171799005/html/ https://www.redalyc.org/journal/601/60171799005/60171799005.epub https://www.redalyc.org/journal/601/60171799005/movil 10.22201/fe.01851667p.2019.308.69625 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.308 Vol.LXXVIII |
| format | Artículo científico |
| id | redalyc_60171799005 |
| institution | Redalyc |
| language | en |
| publishDate | 2019 |
| publisher | Universidad Nacional Autónoma de México |
| spellingShingle | ECOWAS common currency: how prepared are its members? Sagiru Mati Economía y Finanzas EMU ECOWAS Blanchard structural VAR Quah decomposition ECOWAS common currency: how prepared are its members? Sagiru Mati Irfan Civcir Hüseyin Ozdeser Economía y Finanzas EMU ECOWAS Blanchard structural VAR Quah decomposition This study operationalizes the Optimum Currency Area (OCA) to investigate the preparedness of Economic Community of West African States (ECOWAS) members to form a Monetary Union (MU). Inflation and output models are estimated, with the sample 1988:01 to 2017:12 for the former and 1967 to 2016 for the latter. Analyses of ECOWAS convergence criteria, impulse responses, variance decompositions and correlations of shocks of these two models, reveal that the shocks across the ECOWAS members are asymmetric. The conclusion is that ECOWAS members as a whole are not well-prepared and therefore a full-fledged pan-ECOWAS MU is not advisable. It is also found that members of the European Monetary Union (EMU) tend to be a better fit for OCA than the ECOWAS members. The study recommends various courses of action such as fostering coordination among Central Banks of ECOWAS members, and providing a fund to serve as an incentive for countries that may incur cost rather than benefit if the single currency is created. 2019 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60171799005 https://www.redalyc.org/journal/601/60171799005/ https://www.redalyc.org/journal/601/60171799005/html/ https://www.redalyc.org/journal/601/60171799005/60171799005.epub https://www.redalyc.org/journal/601/60171799005/movil 10.22201/fe.01851667p.2019.308.69625 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.308 Vol.LXXVIII |
| title | ECOWAS common currency: how prepared are its members? |
| topic | Economía y Finanzas EMU ECOWAS Blanchard structural VAR Quah decomposition |
| url | https://www.redalyc.org/articulo.oa?id=60171799005 https://www.redalyc.org/journal/601/60171799005/ https://www.redalyc.org/journal/601/60171799005/html/ https://www.redalyc.org/journal/601/60171799005/60171799005.epub https://www.redalyc.org/journal/601/60171799005/movil |