Macroeconomic Convergence in Southern Africa: The Rand Zone Experience
In this paper we aim to answer the following two questions: 1) has the Common Monetary Area in Southern Africa (henceforth CMA) ever been an optimal currency area (OCA)? 2) What are the costs and benefits of the CMA for its participating countries? In order to answer these questions, we carry out a...
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2003
|
| Series: | OECD Development Centre Working Papers
|
| Subjects: | |
| Links: | https://doi.org/10.1787/731274772335 |
| Summary: | In this paper we aim to answer the following two questions: 1) has the Common Monetary Area in Southern Africa (henceforth CMA) ever been an optimal currency area (OCA)? 2) What are the costs and benefits of the CMA for its participating countries? In order to answer these questions, we carry out a two-step econometric exercise based on the theory of generalised purchasing power parity (G-PPP). The econometric evidence shows that the CMA (but also Botswana as a de facto member) form an OCA given the existence of common long-run trends in their bilateral real exchange rates. Second, we also test that in the case of the CMA and Botswana the smoothness of the operation of the common currency area - measured through the degree of relative price correlation - depends on a variety of factors. These factors signal both the advantages and disadvantages of joining a monetary union. On the one hand, the more open and more similarly diversified the economies are, the higher the benefits they ... |
| Physical Description: | 1 Online-Ressource (40 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/731274772335 |
Staff View
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV047931074 | ||
| 003 | DE-604 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220413s2003 xx o|||| 00||| eng d | ||
| 024 | 7 | |a 10.1787/731274772335 |2 doi | |
| 035 | |a (ZDB-13-SOC)061325597 | ||
| 035 | |a (OCoLC)1312702791 | ||
| 035 | |a (DE-599)BVBBV047931074 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-384 |a DE-91 |a DE-473 |a DE-824 |a DE-29 |a DE-739 |a DE-355 |a DE-20 |a DE-1028 |a DE-1049 |a DE-188 |a DE-521 |a DE-861 |a DE-898 |a DE-92 |a DE-573 |a DE-19 | ||
| 100 | 1 | |a Grandes, Martin |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Macroeconomic Convergence in Southern Africa |b The Rand Zone Experience |c Martin Grandes |
| 264 | 1 | |a Paris |b OECD Publishing |c 2003 | |
| 300 | |a 1 Online-Ressource (40 Seiten) |c 21 x 29.7cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Development Centre Working Papers | |
| 520 | |a In this paper we aim to answer the following two questions: 1) has the Common Monetary Area in Southern Africa (henceforth CMA) ever been an optimal currency area (OCA)? 2) What are the costs and benefits of the CMA for its participating countries? In order to answer these questions, we carry out a two-step econometric exercise based on the theory of generalised purchasing power parity (G-PPP). The econometric evidence shows that the CMA (but also Botswana as a de facto member) form an OCA given the existence of common long-run trends in their bilateral real exchange rates. Second, we also test that in the case of the CMA and Botswana the smoothness of the operation of the common currency area - measured through the degree of relative price correlation - depends on a variety of factors. These factors signal both the advantages and disadvantages of joining a monetary union. On the one hand, the more open and more similarly diversified the economies are, the higher the benefits they ... | ||
| 650 | 4 | |a Development | |
| 856 | 4 | 0 | |u https://doi.org/10.1787/731274772335 |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033312567 | |
Record in the Search Index
| DE-BY-OTHR_katkey | 6530434 |
|---|---|
| DE-BY-TUM_katkey | 2627437 |
| _version_ | 1831257599651086338 |
| adam_text | |
| any_adam_object | |
| author | Grandes, Martin |
| author_facet | Grandes, Martin |
| author_role | aut |
| author_sort | Grandes, Martin |
| author_variant | m g mg |
| building | Verbundindex |
| bvnumber | BV047931074 |
| collection | ZDB-13-SOC |
| ctrlnum | (ZDB-13-SOC)061325597 (OCoLC)1312702791 (DE-599)BVBBV047931074 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/731274772335 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000zc 4500</leader><controlfield tag="001">BV047931074</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220413s2003 xx o|||| 00||| eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/731274772335</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-13-SOC)061325597</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1312702791</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV047931074</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-384</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-1028</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-188</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-861</subfield><subfield code="a">DE-898</subfield><subfield code="a">DE-92</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Grandes, Martin</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Macroeconomic Convergence in Southern Africa</subfield><subfield code="b">The Rand Zone Experience</subfield><subfield code="c">Martin Grandes</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2003</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (40 Seiten)</subfield><subfield code="c">21 x 29.7cm</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Development Centre Working Papers</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">In this paper we aim to answer the following two questions: 1) has the Common Monetary Area in Southern Africa (henceforth CMA) ever been an optimal currency area (OCA)? 2) What are the costs and benefits of the CMA for its participating countries? In order to answer these questions, we carry out a two-step econometric exercise based on the theory of generalised purchasing power parity (G-PPP). The econometric evidence shows that the CMA (but also Botswana as a de facto member) form an OCA given the existence of common long-run trends in their bilateral real exchange rates. Second, we also test that in the case of the CMA and Botswana the smoothness of the operation of the common currency area - measured through the degree of relative price correlation - depends on a variety of factors. These factors signal both the advantages and disadvantages of joining a monetary union. On the one hand, the more open and more similarly diversified the economies are, the higher the benefits they ...</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Development</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1787/731274772335</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033312567</subfield></datafield></record></collection> |
| id | DE-604.BV047931074 |
| illustrated | Not Illustrated |
| indexdate | 2025-01-11T15:45:23Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033312567 |
| oclc_num | 1312702791 |
| open_access_boolean | 1 |
| owner | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
| owner_facet | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
| physical | 1 Online-Ressource (40 Seiten) 21 x 29.7cm |
| psigel | ZDB-13-SOC |
| publishDate | 2003 |
| publishDateSearch | 2003 |
| publishDateSort | 2003 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Development Centre Working Papers |
| spellingShingle | Grandes, Martin Macroeconomic Convergence in Southern Africa The Rand Zone Experience Development |
| title | Macroeconomic Convergence in Southern Africa The Rand Zone Experience |
| title_auth | Macroeconomic Convergence in Southern Africa The Rand Zone Experience |
| title_exact_search | Macroeconomic Convergence in Southern Africa The Rand Zone Experience |
| title_full | Macroeconomic Convergence in Southern Africa The Rand Zone Experience Martin Grandes |
| title_fullStr | Macroeconomic Convergence in Southern Africa The Rand Zone Experience Martin Grandes |
| title_full_unstemmed | Macroeconomic Convergence in Southern Africa The Rand Zone Experience Martin Grandes |
| title_short | Macroeconomic Convergence in Southern Africa |
| title_sort | macroeconomic convergence in southern africa the rand zone experience |
| title_sub | The Rand Zone Experience |
| topic | Development |
| topic_facet | Development |
| url | https://doi.org/10.1787/731274772335 |
| work_keys_str_mv | AT grandesmartin macroeconomicconvergenceinsouthernafricatherandzoneexperience |