01908cas a2200265 a 4500 AALejournalIMF006586 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455201402 1018-5941 BD-DhAAL BD-DhAAL Debrun, Xavier. Should African Monetary Unions Be Expanded? : An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa / Xavier Debrun, Catherine Pattillo, Paul Masson. Washington, D.C. : International Monetary Fund, 2010. 1 online resource (68 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. The model is calibrated using African data. Simulations indicate that the proposed EAC, ECOWAS, and SADC monetary unions bring about net benefits to some potential members, but modest net gains and sometimes net losses for others. Strengthening domestic macroeconomic frameworks is shown to provide some of the same improvements as monetary integration, reducing the latter's relative attractiveness. Mode of access: Internet Masson, Paul. Pattillo, Catherine. IMF Working Papers; Working Paper ; No. 2010/157 Full text available on IMF http://elibrary.imf.org/view/journals/001/2010/157/001.2010.issue-157-en.xml IMF e-Library