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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:CFA Franc Zone Membership and Exchange Rate Variability
Author:Savvides, A.
Year:1996
Periodical:Journal of African Economies
Volume:5
Issue:1
Period:March
Pages:52-68
Language:English
Geographic term:French-speaking Africa
Subjects:franc zone
exchange rates
Economics and Trade
Inter-African Relations
Link:http://jae.oxfordjournals.org/content/5/1/52.full.pdf
Abstract:This paper investigates the issue of exchange rate variability across selected African countries. In particular, it tests in a systematic fashion whether members of the CFA franc zone were able to achieve a lower level of variability in comparison with other African economies. This issue is particularly important in view of the fixed-peg practice of the zone members. The study shows that both nominal and real exchange variability increased during the flexible exchange era (1974-1987) for all countries. Second, zone members experienced lower nominal variability in comparison with their real variability. Finally, membership of the zone results in lower nominal variability in comparison with that of non-members. The zone members, however, experience no significant difference in real variability compared with that of non-members. Bibliogr., notes, ref., sum.
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