000			02936cam a22003257 4500
001			w1574
003			NBER
005			20211020115208.0
006			m o d
007			cr cnu||||||||
008			210910s1985 mau fo 000 0 eng d
100	1		_ade Macedo, Jorge Braga.
245	1	0	_aCollective Pegging to a Single Currency: _bThe West African Monetary Union / _cJorge Braga de Macedo.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1985.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w1574
500			_aMarch 1985.
520	3		_aThe paper presents a model of a monetary union designed to illuminate monetary and exchange rate policy in the West African Monetary Union (UMOA). Emphasis is placed on the interaction of the members of UMOA with each other, through the common central bank, and on their interaction with France and the rest of the world. As a consequence, the structure of the national economies depends essentially on their size.The relative size of the partners is reflected in the source and type of disturbances as well as in the trade pattern: large countries are not affected by disturbances originating in small countries. Small countries are affected by all external disturbances. The collective nature of the pegging becomes important because the small countries are taken to be of equal size.Using a four-country, two-tier macroeconomic model, it is shown that the pseudo-exchange rate union with the large partner has no effect on the real exchange rates of the small countries but affect their price levels, whereas a full monetary union requires in principle a transfer whose allocation between the two small countries by their common central bank may have real effects. This transfer is precisely provided by the large country, as guarantor of the fixed exchange rate arrangement. When both small countries are in surplus, there is a reverse transfer to the large country, with no monetary consequences. In line with the findings of the model, evidence is provided on monetary allocations in UMOA and on the real exchange rates of its major members, as compared to ot her African countries.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF - International Economics _2Journal of Economic Literature class.
690		7	_aE - Macroeconomics and Monetary Economics _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w1574.
856	4	0	_uhttps://www.nber.org/papers/w1574
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w1574
942			_2ddc _cW-PAPER
999			_c346987 _d305549