LEADER 03745nam 2200613 a 450 001 9910453004703321 005 20200520144314.0 010 $a1-4755-9365-1 010 $a1-4755-4117-1 035 $a(CKB)2550000000107095 035 $a(EBL)1606755 035 $a(SSID)ssj0000944122 035 $a(PQKBManifestationID)11597306 035 $a(PQKBTitleCode)TC0000944122 035 $a(PQKBWorkID)10995281 035 $a(PQKB)11724559 035 $a(MiAaPQ)EBC1606755 035 $a(Au-PeEL)EBL1606755 035 $a(CaPaEBR)ebr10574688 035 $a(OCoLC)870244954 035 $a(EXLCZ)992550000000107095 100 $a20120711d2012 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWelfare effects of monetary integration$b[electronic resource] $ethe Common Monetary Area and beyond /$fprepared by Tamon Asonuma, Xavier Debrun, and Paul R. Masson 210 $a[Washington, D.C.] $cInternational Monetary Fund$d2012 215 $a1 online resource (34 p.) 225 1 $aIMF working paper ;$vWP/12/136 300 $a"African Department." 300 $a"May 2012." 311 $a1-4755-4511-8 311 $a1-4755-0389-X 320 $aIncludes bibliographical references. 327 $aCover; 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 CMA 327 $a3. 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; References 327 $aAppendixesI. History of the Common Monetary Area; II. Institutional Framework of the Common Monetary Area; III. Description of the DMP Model 330 $aThis paper proposes a quantitative assessment of the welfare effects arising from the Common Monetary Area (CMA) and an array of broader grouping among Southern African Development Community (SADC) countries. Model simulations suggest that (i) participating in the CMA benefits all members; (ii) joining the CMA individually is beneficial for all SADC members except Angola, Mauritius and Tanzania; (iii) creating a symmetric CMA-wide monetary union with a regional central bank carries some costs in terms of foregone anti-inflationary credibility; and (iv) SADC-wide symmetric monetary union contin 410 0$aIMF working paper ;$vWP/12/136. 606 $aMonetary unions$zAfrica, Southern 608 $aElectronic books. 615 0$aMonetary unions 701 $aAsonuma$b Tamon$0854894 701 $aDebrun$b Xavier$0888786 701 $aMasson$b Paul R$0239247 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910453004703321 996 $aWelfare effects of monetary integration$92082916 997 $aUNINA