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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The Devaluation of the CFA Franc: Some Preliminary Results
Author:Thisen, Jean K.ISNI
Periodical:Africa Development: A Quarterly Journal of CODESRIA (ISSN 0850-3907)
Notes:biblio. refs.
Geographic terms:French-speaking Africa
Subsaharan Africa
economic policy
Economics and Trade
Economics, Commerce
monetary policy
Monetary correction
international monetary relations
Structural adjustment programmes
External link:https://www.jstor.org/stable/24484500
Abstract:This paper analyses the economic situation in the CFA zone countries after the devaluation of the CFA franc in January 1994, on the basis of information compiled by the author, member of the UN Economic Commission for Africa (ECA), during his mission to various CFA countries at the end of 1994. The author first summarizes the ECA simple simulation model of the macroeconomic effects of the CFA franc devaluation which was presented in March 1994 at the annual meeting of the African Ministers of Finance in Libreville, Gabon. Then he discusses the preliminary results of the devaluation. These show that the CFA zone area has performed better than expected both in the export and domestic sectors, with an upsurge in the import substitute sector. The impact in the long term is still shrouded in uncertainties. The author further assesses the impact of Structural Adjustment Programmes (SAPs) in Africa in order to understand the likely magnitude of impact of devaluation on the CFA zone countries' economies as compared to other African economies. In particular he examines how different African countries responded to the deregulation of markets and liberalization of prices, to fiscal policy and public enterprise reforms, to monetary policy and financial reforms, to income policies, and to the social dimensions of SAPs. Bibliogr., notes, ref., sum. in French.