LEADER 06467oam 22014294 450 001 9910819460203321 005 20240402045140.0 010 $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(IMF)WPIEE2012136 035 $a(IMF)WPIEA2012136 035 $a(EXLCZ)992550000000107095 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWelfare Effects of Monetary Integration : $eThe Common Monetary Area and Beyond /$fTamon Asonuma, Xavier Debrun, Paul Masson 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (34 p.) 225 1 $aIMF Working Papers 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 3 $aThis paper proposes a quantitative assessment of the welfare effects arising from the Common Monetary Area (CMA) and an array of broader grouping among Southern African Development Community (SADC) countries. Model simulations suggest that (i) participating in the CMA benefits all members; (ii) joining the CMA individually is beneficial for all SADC members except Angola, Mauritius and Tanzania; (iii) creating a symmetric CMA-wide monetary union with a regional central bank carries some costs in terms of foregone anti-inflationary credibility; and (iv) SADC-wide symmetric monetary union continues to be beneficial for all except Mauritius, although the gains for existing CMA members are likely to be limited. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/136 606 $aMonetary unions$zAfrica, Southern 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aPolicy Objectives$2imf 606 $aPolicy Designs and Consistency$2imf 606 $aPolicy Coordination$2imf 606 $aInternational Monetary Arrangements and Institutions$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aInternational economics$2imf 606 $aMonetary economics$2imf 606 $aBanking$2imf 606 $aMacroeconomics$2imf 606 $aMonetary unions$2imf 606 $aCurrencies$2imf 606 $aMonetary base$2imf 606 $aMoney$2imf 606 $aBanks and banking$2imf 606 $aPrices$2imf 606 $aMoney supply$2imf 607 $aSouth Africa$2imf 615 0$aMonetary unions 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aCentral Banks and Their Policies 615 7$aPolicy Objectives 615 7$aPolicy Designs and Consistency 615 7$aPolicy Coordination 615 7$aInternational Monetary Arrangements and Institutions 615 7$aFinancial Aspects of Economic Integration 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aPrice Level 615 7$aDeflation 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aInternational economics 615 7$aMonetary economics 615 7$aBanking 615 7$aMacroeconomics 615 7$aMonetary unions 615 7$aCurrencies 615 7$aMonetary base 615 7$aMoney 615 7$aBanks and banking 615 7$aPrices 615 7$aMoney supply 676 $a332.1/52 700 $aAsonuma$b Tamon$01157565 701 $aDebrun$b Xavier$01619196 701 $aMasson$b Paul$0137029 801 0$bDcWaIMF 906 $aBOOK 912 $a9910819460203321 996 $aWelfare Effects of Monetary Integration$94092235 997 $aUNINA