Linkages in Price Level and Inflation Rate Between Cfa Franc Zone Countries and France
Linkages in Price Level and Inflation Rate Between Cfa Franc Zone Countries and France

Author: Diep Nuven

Publisher: International Monetary Fund

Published: 1994-08-01

Total Pages: 18

ISBN-13: 1451951205

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The price level behaviors of the CFA franc zone countries with respect to the price level of France, defined in terms of long-run convergence in price level and short-run linear dependence of their inflation rates are not homogenous and have a break-point in the mid 1980s except for Congo. This paper quantifies the evolution of the price level behavior of each CFA franc zone country from 1979 to 1993 using the cointegration and error-correction model techniques. The interzone linkages are also examined using the simple vector autoregression model.

Working Paper Summaries (WP/94/77 - WP/94/147)
Working Paper Summaries (WP/94/77 - WP/94/147)

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1995-02-01

Total Pages: 94

ISBN-13: 1451843208

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Authors of Working Papers are normally staff members of the Fund or consultants, although on occasion outside authors may collaborate with a staff member in writing a paper. The views expressed in the Working Papers or their summaries are, however, those of the authors and should not necessarily be interpreted as representing the views of the Fund. Copies of individual Working Papers and information on subscriptions to the annual series of Working Papers may be obtained from IMF Publication Services, International Monetary Fund, 700 19th Street, Washington, D.C. 20431. Telephone: (202) 623-7430 Telefax: (202) 623-7201 This compilation of summaries of Working Papers released during July-December 1994 is being issued as a part of the Working Paper series. It is designed to provide the reader with an overview of the research work performed by the staff during the period.

IMF Staff papers
IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1995-01-01

Total Pages: 244

ISBN-13: 1451957068

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This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last twenty years rather than sooner? We begin by discussing the “tax smoothing” model and conclude that this approach alone cannot provide complete answers to these questions. We then proceed to a discussion of political economy models, which we organize into six groups: (1) models based upon opportunistic policy makers and naive voters with “fiscal illusion”; (2) models of intergenerational redistributions; (3) models of debt as a strategic variable, linking the current government with the next one; (4) models of coalition governments; (5) models of geographically dispersed interests; and (6) models emphasizing the effects of budgetary institutions. We conclude by briefly discussing policy implications.

Aftermath of the CFA Franc Devaluation
Aftermath of the CFA Franc Devaluation

Author: Mr.Stéphane Cossé

Publisher: International Monetary Fund

Published: 1996-06-18

Total Pages: 104

ISBN-13: 9781557755612

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Developments in the countries of the CFA franc zone in the aftermath of the January 1994 devaluation of the CFA franc are reviewed in this paper. Following a summary of the new adjusment strategy, the papers describes the progress made and the difficulties encountered during 1994 and early 1995 in implementing the programs supported by use of IMF resources.

Research Activities of the IMF, January 1991-December 1999
Research Activities of the IMF, January 1991-December 1999

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2000-01-01

Total Pages: 144

ISBN-13: 9781557759801

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Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.

The CFA Franc Zone and the EMU
The CFA Franc Zone and the EMU

Author: Mr.Michael T. Hadjimichael

Publisher: International Monetary Fund

Published: 1997-11-01

Total Pages: 40

ISBN-13: 1451857365

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Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of the free convertibility of the CFA franc guaranteed by France. Nonetheless, this shift is likely to leave the CFA franc arrangements and operating features of the zone essentially unchanged. The current parity of the CFA franc could be considered in line with fundamentals. The potential economic consequences for the CFA franc countries could be positive over the long term, but there is a risk of a weakening of external competitiveness.