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Monetary Union in West Africa: An Agency of Restraint for Fiscal Policies?

Monetary Union in West Africa: An Agency of Restraint for Fiscal Policies? Could a monetary union in West Africa (either an informal monetary union of the non‐CFA countries, or a possible future monetary union of all ECOWAS members) be an effective ‘agency of restraint’ (Collier, 1991) on fiscal policies? We discuss the ways, both positive and negative, that monetary union could affect fiscal discipline and the arguments for explicit fiscal restraints considered in the literature about the European Monetary Union (EMU), and consider their applicability to West Africa. The empirical evidence, EMU literature and CFA experience all suggest the possibility that monetary union could create the temptation for fiscal profligacy through prospects of a bail‐out, or costs that are diluted through the membership. We conclude that a monetary union in West Africa can be an effective agency of restraint on fiscal policies only if the hands of the fiscal authorities are also tied by a strong set of fiscal restraint criteria, applicable not just for accession to monetary union, but throughout the life of the union. Copyright Oxford University Press 2002 « Previous | Next Article » Table of Contents This Article J Afr Econ (2002) 11 (3): 387-412. doi: 10.1093/jae/11.3.387 » Abstract Free Full Text (PDF) Free Classifications Article Services Article metrics Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Citing articles via Google Scholar Google Scholar Articles by Masson, P. Articles by Pattillo, C. Search for related content Related Content E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization F36 - Financial Aspects of Economic Integration O23 - Fiscal and Monetary Policy in Development Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this? Search this journal: Advanced » Current Issue November 2015 24 (5) Alert me to new issues The Journal About this journal AERC/Journal of African Economies, Visiting Scholars Programme Rights & Permissions Dispatch date of the next issue We are mobile – find out more This journal is a member of the Committee on Publication Ethics (COPE) Journals Career Network Published on behalf of The Centre for the Study of African Economies Impact factor: 0.761 5-Yr impact factor: 0.933 Turnaround Statistics Over the last three and a half years, 56% of submissions to JAE received a decision within 31 days and 73% within 61 days of submission. Over the same period, 64% of initial submissions were rejected after internal review. Of the submissions sent for review, 27% were eventually accepted for publication after revision. During the same period the average time from receipt at OUP to online publication was approximately 42 days. Editor-in-Chief Douglas Gollin View full editorial board For Authors Submit now! Instructions to authors Online submission instructions Self-archiving policy Alerting Services Email table of contents Email Advance Access CiteTrack XML RSS feed Corporate Services Advertising sales Reprints Supplements var taxonomies = ("SOC00710", "SOC00810", "SOC02440"); Most Most Read Can Africa Industrialise? Institutions and African Economies: An Overview Unemployment in South Africa, 1995 2003: Causes, Problems and Policies Crises, Economic Integration and Growth Collapses in African Countries Households' Income-Generating Activities and Marginal Returns to Labour in Rural Tanzania » View all Most Read articles Most Cited Why are there so many civil wars in Africa? Understanding and preventing violent conflict Sources of Slow Growth in African Economies Economic and Welfare Impact of the Abolition of Health User Fees: Evidence from Uganda Bypassing Health Centres in Tanzania: Revealed Preferences for Quality Urban-Rural Inequality in Living Standards in Africa » View all Most Cited articles Disclaimer: Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department. Online ISSN 1464-3723 - Print ISSN 0963-8024 Copyright © 2015 Centre for the Study of African Economies Oxford Journals Oxford University Press Site Map Privacy Policy Cookie Policy Legal Notices Frequently Asked Questions Other Oxford University Press sites: Oxford University Press Oxford Journals China Oxford Journals Japan Academic & Professional books Children's & Schools Books Dictionaries & Reference Dictionary of National Biography Digital Reference English Language Teaching Higher Education Textbooks International Education Unit Law Medicine Music Online Products & Publishing Oxford Bibliographies Online Oxford Dictionaries Online Oxford English Dictionary Oxford Language Dictionaries Online Oxford Scholarship Online Reference Rights and Permissions Resources for Retailers & Wholesalers Resources for the Healthcare Industry Very Short Introductions World's Classics function fnc_onDomLoaded() { var query_context = getQueryContext(); PF_initOIUnderbar(query_context,":QS:default","","JRN"); PF_insertOIUnderbar(0); }; if (window.addEventListener) { window.addEventListener('load', fnc_onDomLoaded, false); } else if (window.attachEvent) { window.attachEvent('onload', fnc_onDomLoaded); } var gaJsHost = (("https:" == document.location.protocol) ? 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Monetary Union in West Africa: An Agency of Restraint for Fiscal Policies?

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Publisher
Oxford University Press
Copyright
Copyright © 2015 Centre for the Study of African Economies
ISSN
0963-8024
eISSN
1464-3723
DOI
10.1093/jae/11.3.387
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Abstract

Could a monetary union in West Africa (either an informal monetary union of the non‐CFA countries, or a possible future monetary union of all ECOWAS members) be an effective ‘agency of restraint’ (Collier, 1991) on fiscal policies? We discuss the ways, both positive and negative, that monetary union could affect fiscal discipline and the arguments for explicit fiscal restraints considered in the literature about the European Monetary Union (EMU), and consider their applicability to West Africa. The empirical evidence, EMU literature and CFA experience all suggest the possibility that monetary union could create the temptation for fiscal profligacy through prospects of a bail‐out, or costs that are diluted through the membership. We conclude that a monetary union in West Africa can be an effective agency of restraint on fiscal policies only if the hands of the fiscal authorities are also tied by a strong set of fiscal restraint criteria, applicable not just for accession to monetary union, but throughout the life of the union. Copyright Oxford University Press 2002 « Previous | Next Article » Table of Contents This Article J Afr Econ (2002) 11 (3): 387-412. doi: 10.1093/jae/11.3.387 » Abstract Free Full Text (PDF) Free Classifications Article Services Article metrics Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Citing articles via Google Scholar Google Scholar Articles by Masson, P. Articles by Pattillo, C. Search for related content Related Content E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization F36 - Financial Aspects of Economic Integration O23 - Fiscal and Monetary Policy in Development Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this? Search this journal: Advanced » Current Issue November 2015 24 (5) Alert me to new issues The Journal About this journal AERC/Journal of African Economies, Visiting Scholars Programme Rights & Permissions Dispatch date of the next issue We are mobile – find out more This journal is a member of the Committee on Publication Ethics (COPE) Journals Career Network Published on behalf of The Centre for the Study of African Economies Impact factor: 0.761 5-Yr impact factor: 0.933 Turnaround Statistics Over the last three and a half years, 56% of submissions to JAE received a decision within 31 days and 73% within 61 days of submission. Over the same period, 64% of initial submissions were rejected after internal review. Of the submissions sent for review, 27% were eventually accepted for publication after revision. During the same period the average time from receipt at OUP to online publication was approximately 42 days. Editor-in-Chief Douglas Gollin View full editorial board For Authors Submit now! Instructions to authors Online submission instructions Self-archiving policy Alerting Services Email table of contents Email Advance Access CiteTrack XML RSS feed Corporate Services Advertising sales Reprints Supplements var taxonomies = ("SOC00710", "SOC00810", "SOC02440"); Most Most Read Can Africa Industrialise? Institutions and African Economies: An Overview Unemployment in South Africa, 1995 2003: Causes, Problems and Policies Crises, Economic Integration and Growth Collapses in African Countries Households' Income-Generating Activities and Marginal Returns to Labour in Rural Tanzania » View all Most Read articles Most Cited Why are there so many civil wars in Africa? Understanding and preventing violent conflict Sources of Slow Growth in African Economies Economic and Welfare Impact of the Abolition of Health User Fees: Evidence from Uganda Bypassing Health Centres in Tanzania: Revealed Preferences for Quality Urban-Rural Inequality in Living Standards in Africa » View all Most Cited articles Disclaimer: Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department. Online ISSN 1464-3723 - Print ISSN 0963-8024 Copyright © 2015 Centre for the Study of African Economies Oxford Journals Oxford University Press Site Map Privacy Policy Cookie Policy Legal Notices Frequently Asked Questions Other Oxford University Press sites: Oxford University Press Oxford Journals China Oxford Journals Japan Academic & Professional books Children's & Schools Books Dictionaries & Reference Dictionary of National Biography Digital Reference English Language Teaching Higher Education Textbooks International Education Unit Law Medicine Music Online Products & Publishing Oxford Bibliographies Online Oxford Dictionaries Online Oxford English Dictionary Oxford Language Dictionaries Online Oxford Scholarship Online Reference Rights and Permissions Resources for Retailers & Wholesalers Resources for the Healthcare Industry Very Short Introductions World's Classics function fnc_onDomLoaded() { var query_context = getQueryContext(); PF_initOIUnderbar(query_context,":QS:default","","JRN"); PF_insertOIUnderbar(0); }; if (window.addEventListener) { window.addEventListener('load', fnc_onDomLoaded, false); } else if (window.attachEvent) { window.attachEvent('onload', fnc_onDomLoaded); } var gaJsHost = (("https:" == document.location.protocol) ? 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Journal

Journal of African EconomiesOxford University Press

Published: Sep 1, 2002

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