Regional Currency Areas In Financial Globalization: A Survey by Patrick Artus, Andre Cartapanis, Florence Legros

By Patrick Artus, Andre Cartapanis, Florence Legros

This e-book is an updated, authoritative and finished research of the major matters and demanding situations dealing with local forex zone initiatives within the context of economic globalization. The authors specialise in numerous crucial concerns that emerged in the course of the studies of the Nineties and 2000s: exchange-rate regimes and optimum forex sector idea; exchange-rate regimes in rising nations, overseas capital markets and local forex components; EMU and the euro; exchange-rate regimes in crucial and japanese Europe; Asia and Latin the United States; dollarization and the coordination of macroeconomic guidelines within the presence of nearby foreign money components.

Regional forex components in monetary Globalization could have large attract students and researchers of cash and finance, and foreign economics, in addition to economists operating in overseas monetary associations or improvement banks, and bankers.

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For example, the two RCAs in Africa have established supranational banking supervisory agencies. However in practice such gains do not appear to have been fully realized, perhaps because the development of an integrated banking system depends on many factors other than the use of a common currency. For instance van Beek et al. (2000) find that domestic financial institutions in the Eastern Caribbean Currency Union often restrict their activities to their home country. This tendency is reinforced by restrictions on foreign ownership (even by companies from other member countries), different tax arrangements for non-members, and prohibitions on residents’ purchase of foreign currency securities or real estate abroad.

Strauss-Kahn (2003) provides some contradictory evidence. The CFA franc zone members seem to have a comparable degree of financial development to their neighbours. 3 is based on daily volatility but using monthly changes gives a similar picture. But there may be some reasons why eliminating volatility in overnight interest rates may not be desirable even if it were feasible. Van der Merwe (1999) says that South Africa was concerned about deterring the development of money markets. Another concern is that too little volatility may hide signals of liquidity pressures in the bank reserves market.

2002), ‘Managing the world economy’, The Economist, 3 August. , M. Bayle and C. Thygesen (2000), ‘The impact of the euro on money and bond markets’, European Central Bank Occasional Papers, 1, July. Spörndli, E. and D. Moser (1997), ‘Monetary policy operating procedures in Switzerland’, BIS Conference Papers, 3, March, 140–5. Strauss-Kahn, M. (2003), ‘Regional currency areas, a few lessons from the experiences of the Eurosystem and the CFA franc zone’, BIS Papers, 17, September, 43–58. Temprano Arroyo, H.

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