Macroeconomic Convergence in Southern Africa: The Rand Zone Experience
收藏Organisation for Economic Co-operation and Development2026-04-11 收录
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In this paper we aim to answer the following two questions: 1) has the Common Monetary Area in Southern Africa (henceforth CMA) ever been an optimal currency area (OCA)? 2) What are the costs and benefits of the CMA for its participating countries? In order to answer these questions, we carry out a two-step econometric exercise based on the theory...
