A Summary of a Survey on Proposed African Monetary Unions

Development Finance Agenda, 3(2), pp. 12-18 (June 2017).

11 Pages Posted: 21 Mar 2017 Last revised: 17 Jun 2017

See all articles by Simplice Asongu

Simplice Asongu

African Governance and Development Institute

Jacinta Nwachukwu

Coventry University

Vanessa S. Tchamyou

African Governance and Development Institute

Date Written: March 19, 2017

Abstract

This review summarises a survey of about 70 empirical studies on proposed African monetary unions published during the past fifteen years. Four main strands are outlined in four tables. They include the: (i) West African Monetary Zone (WAMZ), (ii) East African Monetary Union (EAMU), (iii) Southern African Monetary Union (SAMU) and (iv) African Monetary Union (AMU). A number of concerns are apparent from the feasibility and/or desirability of potential monetary unions. They are variations in: empirical strategies, selection of variables, considered periodicities and sampled countries. The Hegelian dialectics are used to establish selective expansion as the predominant mode of monetary integration. Some studies make the case for strong institutions and pegs as alternatives to currency unions. The employment of cluster analysis, distinguishing shocks from responses in the examination of business cycle synchronisation and the disaggregation of panels into sub-samples provide more subtle policy implications.

Keywords: Currency Area, Policy Coordination, Africa

JEL Classification: F15; F36; F42; O55; P52

Suggested Citation

Asongu, Simplice and Nwachukwu, Jacinta and S. Tchamyou, Vanessa, A Summary of a Survey on Proposed African Monetary Unions (March 19, 2017). Development Finance Agenda, 3(2), pp. 12-18 (June 2017). . Available at SSRN: https://ssrn.com/abstract=2937210 or http://dx.doi.org/10.2139/ssrn.2937210

Simplice Asongu (Contact Author)

African Governance and Development Institute ( email )

P.O. Box 8413
Yaoundé, 8413
Cameroon

Jacinta Nwachukwu

Coventry University ( email )

Priory Street
Coventry, CV1 5FB
United Kingdom

Vanessa S. Tchamyou

African Governance and Development Institute ( email )

P.O. Box 8413
Yaoundé, 8413
Cameroon

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
16
Abstract Views
192
PlumX Metrics