06467oam 22014294 450 991081946020332120240402045140.01-4755-9365-11-4755-4117-1(CKB)2550000000107095(EBL)1606755(SSID)ssj0000944122(PQKBManifestationID)11597306(PQKBTitleCode)TC0000944122(PQKBWorkID)10995281(PQKB)11724559(MiAaPQ)EBC1606755(Au-PeEL)EBL1606755(CaPaEBR)ebr10574688(OCoLC)870244954(IMF)WPIEE2012136(IMF)WPIEA2012136(EXLCZ)99255000000010709520020129d2012 uf 0engur|n|---|||||txtccrWelfare Effects of Monetary Integration : The Common Monetary Area and Beyond /Tamon Asonuma, Xavier Debrun, Paul Masson1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (34 p.)IMF Working Papers"African Department.""May 2012."1-4755-4511-8 1-4755-0389-X Includes bibliographical references.Cover; Contents; I. Introduction; II. Literature Review; III. Theoretical Model; IV. The CMA: History, Institutional Arrangements, and Economic Convergence; A. History and Institutional Arrangements; B. Economic Convergence; Tables; 1. CMA Countries: Selected Indicators, 2008-2010; Figures; 1. CMA Countries and Botswana: Central Bank Rates, Treasury Bill Rates, and Inflation Rates; 2. Small CMA Countries: Reserve Adequacy Ratio; 2. CMA Countries and Botswana: Fiscal Balance and Total Government Debt; V. Welfare Impact of the Common Monetary Area and Variants of It; A. The CMA3. CMA Countries: Key Model Inputs, 1994-2010B. Hypothetical Expansions of the Common Monetary Area; 4. CMA: Welfare Gains and Losses; 5. SADC Countries: Selected Indicators, 1994-2010; 6. Welfare Gains or Losses from Adding a Single SADC Country to the CMA; VI. Hegemony Versus a Regional Central Bank; A. A Full Common Monetary Union with Current Members; 7. A Greater CMA/SADC: Welfare Gains and Losses; B. A Larger Currency Union with SADC Members; 8. Welfare Effect of a CMA Monetary Union Versus Existing Arrangement; VII. Concluding Remarks; 9. A Larger SADC Currency Union; ReferencesAppendixesI. History of the Common Monetary Area; II. Institutional Framework of the Common Monetary Area; III. Description of the DMP ModelThis paper proposes a quantitative assessment of the welfare effects arising from the Common Monetary Area (CMA) and an array of broader grouping among Southern African Development Community (SADC) countries. Model simulations suggest that (i) participating in the CMA benefits all members; (ii) joining the CMA individually is beneficial for all SADC members except Angola, Mauritius and Tanzania; (iii) creating a symmetric CMA-wide monetary union with a regional central bank carries some costs in terms of foregone anti-inflationary credibility; and (iv) SADC-wide symmetric monetary union continues to be beneficial for all except Mauritius, although the gains for existing CMA members are likely to be limited.IMF Working Papers; Working Paper ;No. 2012/136Monetary unionsAfrica, SouthernBanks and BankingimfExports and ImportsimfInflationimfMoney and Monetary PolicyimfCentral Banks and Their PoliciesimfPolicy ObjectivesimfPolicy Designs and ConsistencyimfPolicy CoordinationimfInternational Monetary Arrangements and InstitutionsimfFinancial Aspects of Economic IntegrationimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfPrice LevelimfDeflationimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfInternational economicsimfMonetary economicsimfBankingimfMacroeconomicsimfMonetary unionsimfCurrenciesimfMonetary baseimfMoneyimfBanks and bankingimfPricesimfMoney supplyimfSouth AfricaimfMonetary unionsBanks and BankingExports and ImportsInflationMoney and Monetary PolicyCentral Banks and Their PoliciesPolicy ObjectivesPolicy Designs and ConsistencyPolicy CoordinationInternational Monetary Arrangements and InstitutionsFinancial Aspects of Economic IntegrationMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsBanksDepository InstitutionsMicro Finance InstitutionsMortgagesPrice LevelDeflationMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralInternational economicsMonetary economicsBankingMacroeconomicsMonetary unionsCurrenciesMonetary baseMoneyBanks and bankingPricesMoney supply332.1/52Asonuma Tamon1157565Debrun Xavier1619196Masson Paul137029DcWaIMFBOOK9910819460203321Welfare Effects of Monetary Integration4092235UNINA