TY  - BOOK
AU  - Zafar,Ali
TI  - The impact of the strong Euro on the real effective exchange rates of the two Francophone African CFA zones
PY  - 2005///
CY  - Washington, D. C
PB  - World Bank
KW  - Foreign exchange
KW  - Africa, Sub-Saharan
KW  - Euro
N1  - Also available online; "The author estimates the degree of misalignment of the CFA franc since the introduction of the Euro in 1999. Using a relative purchasing power parity-based methodology, he develops a monthly panel time series data set for both the Economic and Monetary Community of Central Africa (CEMAC) zone and the West African Economic and Monetary Union (UEMOA)zone to compute a trade-weighted real effective exchange rate indexed series from January 1999 to December 2004.  The author's main finding is that the real effective exchange rate appreciated by close to 8 percent in UEMOA and 7 percent in CEMAC, influenced by volatility in the euro-dollar bilateral exchange rate and conservative monetary policies in the two zones, resulting in a partial loss of competitiveness in export markets.  The lower appreciation in Central Africa can be explained by lower inflation in CEMAC than in UEMOA   and by th; Includes bibliographical references; Open access
ER  -