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Fixed Exchange Rates and the Autonomy of Monetary Policy : the Franc Zone Case.

Author: Romain Veyrune
Publisher: Washington : International Monetary Fund, Feb. 2007.
Series: IMF Working Papers.
Edition/Format:   eBook : Document : EnglishView all editions and formats
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Veyrune, Romain.
Fixed Exchange Rates and the Autonomy of Monetary Policy: The Franc Zone Case.
Washington : International Monetary Fund, ©2007
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Romain Veyrune
ISBN: 9781451910513 1451910517
OCLC Number: 887381204
Description: 1 online resource (126 pages).
Contents: I. Introduction; II. Monetary Policy Autonomy in the Franc Zone; A. Franc Zone Institutional Setup; Tables; 1. Franc Zone Members; Box; 1. The Compte d'Operations; Figures; 1. Potential Fiscal Effort for the French Treasury; 2. Foreign Reserve Target; 2. Foreign Reserves Target; B. The Eastern Caribbean Currency Union; 3. Eastern Caribbean Currency Union: Members and Rules; 4. Franc Zone and Eastern Carribbean, Currency Union: Differences and Similarities; III. Testing Monetary Autonomy in the Franc Zone; A. Long-Run Relationship Between Base Money and Foreign Reserves. 5. Long-Run Relationships6. Franc Zone : Time Breaks in Long-Run Relationships; B. Short-Run Dynamic Between Changes in Foreign Reserves and Money Supply; 7. Short-Run Relationship; 8. Offsetting Coefficients; C. Foreign Reserve Thresholds; IV. Conclusions; 9. Monetary Policy Thresholds; References; References.
Series Title: IMF Working Papers.

Abstract:

Annotation

This paper compares monetary policy of currency boards with that of the franc zone during the period 1956-2005. It concludes that monetary policy in the zone was more autonomous than under a currency board, even though both systems faced the same exchange rate constraint. So far, the contingency line provided by the French treasury and capital controls have allowed the zone to combine a fixed exchange rate and a relatively autonomous monetary policy. Financial development and zone enlargement would challenge this relative autonomy for two reasons: (1) the potential cost to the French treasury would increase; and (2) residents would potentially be able to avoid capital controls. for the zone to maintain its fixed exchange rate, close targeting of foreign reserves would become important.

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