Like Caesar’s Gaul, the landscape of theoretical approaches to the study of international monetary relations can be divided into three parts. Top-down explanations emphasize the rational choices of state officials seeking to maximize national welfare in the face of varying macroeconomic...

Macroeconomic convergence is critical for member states to achieve the level of harmonization required for establishing a stable and resilient monetary union. The East African Community (EAC) member states, therefore, established set targets for macroeconomic convergence, intending to eliminate...