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The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges

The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges by Iyabo Masha
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This study assesses the experience of the Common Monetary Area (CMA) based on available empirical evidence over the last two decades. It pays particular attention to member countries' adjustment to economic shocks in recent years and the inter-country linkages, including the spillover effects of policies. The paper draws the main lessons from the CMA experience, identifies key policy challenges, and discusses the issues facing the member countries in their efforts to achieve sustained growth. Implications for further economic integration in a broader regional context are also noted.
International Monetary Fund; July 2007
63 pages; ISBN 9781452744063
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Title: The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges
Author: Iyabo Masha; Leighton Harris; Jian-Ye Wang; Kazuko Shirono