Reserve Pooling in the Eastern Caribbean Currency Union and the CFA Franc Zone [electronic resource] : A Comparative Analysis / Hazel Selvon.
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TextSeries: IMF Working Papers; Working Paper ; No. 01/104Publication details: Washington, D.C. : International Monetary Fund, 2001Description: 1 online resource (31 p.)ISBN: 1451852762 :ISSN: 1018-5941Subject(s): Central Bank | CFA Franc Zone | Econometric and Statistical Methods: General | Financial Aspects of Economic Integration | Monetary Authority | Monetary Union | Antigua and Barbuda | Cameroon | Central African Republic | Saint Vincent and the GrenadinesAdditional physical formats: Print Version:: Reserve Pooling in the Eastern Caribbean Currency Union and the CFA Franc Zone : A Comparative AnalysisOnline resources: IMF e-Library | IMF Book Store Abstract: The paper presents a comparison of the gains from the pooling of reserves, and hence reserve variability, in the Eastern Caribbean Currency Union (ECCU) and the CFA franc zone. The results indicate that countries within the ECCU area have achieved greater balance of payments protection than the CFA zone countries from the pooling of reserves. Unanticipated changes in the terms of trade lowered reserves in the CFA relative to the ECCU, which may reflect a greater reliance on primary commodities in the CFA compared with services in the ECCU.
The paper presents a comparison of the gains from the pooling of reserves, and hence reserve variability, in the Eastern Caribbean Currency Union (ECCU) and the CFA franc zone. The results indicate that countries within the ECCU area have achieved greater balance of payments protection than the CFA zone countries from the pooling of reserves. Unanticipated changes in the terms of trade lowered reserves in the CFA relative to the ECCU, which may reflect a greater reliance on primary commodities in the CFA compared with services in the ECCU.
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