英文文献:A Literature Survey on Proposed African Monetary Unions-关于拟议的非洲货币联盟的文献调查
英文文献作者:Simplice Asongu,Jacinta C. Nwachukwu,Vanessa S. Tchamyou
英文文献摘要:
This study provides a survey of recent advances in the literature on proposed African monetary unions. The survey comprises about 60 empirical papers published during the past fifteen years. Four main strands are discussed individually and collectively, notably, the proposed: West African Monetary Zone (WAMZ), East African Monetary Union (EAMU), Southern African Monetary Union (SAMU) and African Monetary Union (AMU). We observe a number of issues with establishing the feasibility and/or desirability of potential monetary unions, inter alia, variations in: choice of variables, empirical strategies, sampled countries and considered periodicities. We address this ambiguity by reviewing studies with scenarios that are consistent with Hegelian dialectics and establish selective expansion as the predominant mode of monetary integration. Some proponents make cases for strong pegs and institutions as viable alternatives to currency unions. Using cluster analysis, disaggregating panels into sub-samples and distinguishing shocks from responses in the examination of business cycle synchronisation provide more subtle policy implications. We caution that for inquiries using the same theoretical underpinnings, variables and methods just by modifying the scope/context and periodicity may only contribute to increasing the number of conflicting findings. Authors should place more emphasis on new perspectives and approaches based on caveats of, and lessons from the European Monetary Union (EMU) and CFA zones.
本研究提供了关于拟议的非洲货币联盟的文献的最新进展的调查。该调查包括过去15年中发表的约60篇实证论文。本文分别和集体讨论了四个主要方面,特别是提出的西非货币区(WAMZ)、东非货币联盟(EAMU)、南部非洲货币联盟(SAMU)和非洲货币联盟(AMU)。我们观察到建立潜在货币联盟的可行性和/或可取性的一些问题,特别是变量的选择、经验策略、抽样国家和考虑周期的变化。我们通过回顾与黑格尔辩证法一致的情景的研究,并确立选择性扩张作为货币一体化的主要模式,来解决这种模糊性。一些支持者认为,强有力的挂钩制度和机构是货币联盟的可行替代品。利用聚类分析,将面板分解为子样本,并在考察商业周期同步性时将冲击与反应区分开来,可以提供更微妙的政策含义。我们要提醒的是,对于使用相同理论基础的研究,仅通过修改范围/背景和周期的变量和方法可能只会增加相互冲突的研究结果的数量。作者应该更加重视基于欧洲货币联盟(EMU)和CFA区域的警告和教训的新观点和方法。