Economics, Econometrics and Finance
8 years ago

CFA Franc Zone Stability: One Money, Two Monies No More!

Journal of African Economies
One money to two monies? Monetary policy in the CFA franc zone, 1968-1993
Kimiko Sugimoto

Paper Summary

The CFA franc zone had stable money demand before the 1994 devaluation and currency restrictions in 1993. Money demand was more stable for the whole CFA franc zone than for individual currency unions or countries. This shows that the CFA franc zone could be seen as a single monetary area with two currency unions before 1994.

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