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The Scope for Inflation Targeting in Developing Countries

Savastano, Miguel A.; Masson, Paul R.; Sharma, Sunil - International Monetary Fund (IMF) - 1997

Inflation targeting (IT) serves as monetary policy framework in several advanced economies, where it has enhanced … instruments to inflation. These prerequisites are largely absent among developing countries, though several of them could with … some further institutional changes and an overriding commitment to low inflation make use of an IT framework. …

Persistent link: https://www.econbiz.de/10005604816

Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa

Debrun, Xavier; Pattillo, Catherine A.; Masson, Paul R. - International Monetary Fund (IMF) - 2010

This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities....

Persistent link: https://www.econbiz.de/10008560420

Monetary Union in West Africa; Who Might Gain, Who Might Lose, and Why?

Masson, Paul R.; Debrun, Xavier; Pattillo, Catherine A. - International Monetary Fund (IMF) - 2002

We develop a multicountry model in which governments aim at excessive spending in order to serve the narrow interests of the group in power. This puts pressure on the monetary authorities to extract seigniorage, and thus affects the incentives countries would have to participate in a monetary...

Persistent link: https://www.econbiz.de/10005825633

Monetary and Exchange Rate Policy of Transition Economies of Central and Eastern Europe after the Launch of EMU

Masson, Paul R. - International Monetary Fund (IMF) - 1999

fixed exchange rate regimes, while trend real appreciation makes the combination of low inflation and exchange rate … alternative monetary framework, inflation targeting. …

Persistent link: https://www.econbiz.de/10005771370

Monetary Union in West Africa; An Agency of Restraint for Fiscal Policies

Pattillo, Catherine A.; Masson, Paul R. - International Monetary Fund (IMF) - 2001

Could a West African monetary union (either of the non-CFA countries, or all ECOWAS members) be an effective "agency of restraint" on fiscal policies? We discuss how monetary union could affect fiscal discipline and the arguments for explicit fiscal restraints considered in the European Monetary...

Persistent link: https://www.econbiz.de/10005599504

Welfare Effects of Monetary Integration; The Common Monetary Area and Beyond

Asonuma, Tamon; Debrun, Xavier; Masson, Paul R. - International Monetary Fund (IMF) - 2012

This paper proposes a quantitative assessment of the welfare effects arising from the Common Monetary Area (CMA) and an array of broader grouping among Southern African Development Community (SADC) countries. Model simulations suggest that (i) participating in the CMA benefits all members; (ii)...

Persistent link: https://www.econbiz.de/10011242297