The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges

65 Pages Posted: 23 Aug 2007

See all articles by Iyabo Masha

Iyabo Masha

International Monetary Fund (IMF)

Jian-Ye Wang

International Monetary Fund (IMF) - European Department

Kazuko Shirono

International Monetary Fund (IMF)

Leighton Harris

International Monetary Fund (IMF)

Date Written: July 2007

Abstract

This study assesses the experience of the Common Monetary Area (CMA) based on available empirical evidence over the last two decades. It pays particular attention to member countries' adjustment to economic shocks in recent years and the inter-country linkages, including the spillover effects of policies. The paper draws the main lessons from the CMA experience, identifies key policy challenges, and discusses the issues facing the member countries in their efforts to achieve sustained growth. Implications for further economic integration in a broader regional context are also noted.

Keywords: Working Paper, Monetary unions, Economic policy, Adjustment process, Financial integration, Financial sector

Suggested Citation

Masha, Iyabo and Wang, Jian-Ye and Shirono, Kazuko and Harris, Leighton, The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges (July 2007). IMF Working Papers, Vol. , pp. 1-63, 2007. Available at SSRN: https://ssrn.com/abstract=1007907

Iyabo Masha (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Jian-Ye Wang

International Monetary Fund (IMF) - European Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Kazuko Shirono

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Leighton Harris

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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