Devarajan, Shantayanan; Walton, Michael; DEC - Economics Research, World Bank Group - 1994
On January 12, 1994, the CFA franc - the currency of the thirteen African states of the CFA Franc Zone - was devalued 50 percent. The event had been expected for some time, but the magnitude and one-shot nature of the devaluation posed problems for members of the zone's two monetary unions. The...