IMF paper assesses welfare effects of monetary integration

IMF headquarters in Washington DC

An IMF working paper published in May uses quantitative methods to analyse the welfare effects of membership of the Common Monetary Area (CMA) and a number of broader groupings within the South African development community.

The authors, Tamon Asonuma, Xavier Debrun and Paul Masson, develop a simulation that compares the cost of losing monetary sovereignty with the benefits of greater policy credibility. They find that membership of the CMA is beneficial "because it provides large offsetting

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