Following a serious deterioration of the competitive position of the WAEMU region in the 1980s and the eary 1990s, the countries took steps that have led to a significant turnaround in economic activity, a drop in inflation, and increases in output, exports and investment. This study describes...

We present a novel and comprehensive dataset of bilateral gross and net external positions in various financial instruments for the main advanced and emerging economies and regions, designed to improve our understanding of cross-border financial linkages. The data show no strong correspondence...

We investigate the extent of regional financial integration in the member countries of the Gulf Cooperation Council. The limited volume data available suggests that regional integration is non-negligible. Bahrain and Kuwait investments especially are oriented towards the region. The development...

This paper investigates Central America''s external linkages over the last fifteen years of increased integration in light of the 2008-09 global recession. Using structural VAR models, it is found that a one percent shock to U.S. growth shifts economic activity in Central America by 0.7 to 1...

The six member states of the Gulf Cooperation Council (GCC)-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE)-have laid out a path to a common market by 2007 and monetary union by 2010, based on economic convergence. To monitor convergence and support economic and...

The economic effects of German unification are first discussed in the context of a global saving/investment model. Next, simulations of MULTIMOD are presented, suggesting for the FRG an initial increase in long-term real interest rates equal to 3/4 of a percentage point, increased output, a...

The Founding Treaty of the Arab Maghreb Union (AMU), signed in February 1989, calls for a strengthening of all ties among its member states (Algeria, Libya, Mauritania, Morocco, and Tunisia), including a gradual move toward free circulation of goods, services, and factors of production among...

The staff report on discussions with regional institutions of the West African Economic and Monetary Union is presented. The region faced a number of challenges in 2011, with the intensification of the political crisis in Côte d’Ivoire and a large increase in global food and fuel prices. A...

Member countries of the Central African Economic and Monetary Community are recovering from the global financial crisis, although growth in 2011 has not returned to precrisis levels. Executive Directors welcomed the region’s economic recovery from the global financial crisis and its overall...

In 2010, average inflation has remained low in all West African Economic and Monetary Union (WAEMU) countries, but has edged up in the second half of the year. After a moderate fiscal easing by about 11⁄2 percentage points of GDP in 2009, mostly the result of higher capital spending, the...