The financial crisis in Europe has resulted in a new assessment of monetary and financial integration both in Europe and in Asia. Before the current crisis, regional integration in monetary and fiscal affairs including mechanisms to stabilize exchange rates enjoyed a lot of academic and...

Purpose - A major lesson of the EMU crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the CEMAC, UEMOA and CFA zones. Design/methodology/approach - In...

Purpose - A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of...

Purpose - A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real and monetary policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary...

This study analyzes the consumption risk sharing in the Association of Southeast Asian Nations (ASEAN) from a comparative perspective. Estimation results show that unlike ASEAN+3 and East Asia, the degree of consumption risk sharing increases in ASEAN after 1999. The increase is due to the rise...

The Brexit issue has caused much concern regarding the future economic scenario of Europe in particular and the world in general. There are several reasons for Brexit. One of them is that the very nature of Monetary Unions is its rigidity. The 'one size fits all' yardstick won't apply to many...

Does a common currency lead to price convergence? In this paper we both theoretically and empirically show that the effect of a common currency is ambiguous. First, we extend the Ganslandt and Maskus (2007) model of vertical pricing with parallel trade. Our innovation is to consider both...

Purpose – A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real and monetary policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary...

This article aims to investigate the implication of financial deepening dynamics for financial policy coordination in the WAEMU sub-region. For this purpose we adopted a hypothetical-deductive theoretical approach and an empirical investigation in both static and dynamic panel data econometrics...

We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency....