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1、TheMacroeconomicsofMonetaryUnionTheCFAFrancZonecurrentlycomprisesagroupoffifteenfrancophoneAfricancountriesthatdevelopedaftervariouscolonies,havingachievedpoliticalindependencefromFranceinthelate1950sandearly1960s,chosetoretaincloseeconomiclinkswiththeirformercolonialpower.T
2、heCFAFrancislinkedtotheFrenchFrancandEuro,andisaprimeexampleofcrossnationalmonetaryunion.DavidFieldingusesmacroeconomictheoryandeconometricmodellingtechniquestoaddressthepolicyissuesrelatingtotheCFAFrancZone.Withinthismethodologicalframework,thebookanalysesthewaysinwhichthem
3、onetaryinstitutionsoftheCFA,whichareuniqueamongdevelopingeconomies,influencemacroeconomicdevelopmentandpolicyformation.Thethreemainthemesare:?TheimpactofthefixedexchangerateregimeonmonetaryandfiscalpolicywithintheCFAandthewayinwhichexternalshocksimpactonmembersoftheZone.?The
4、impactofmonetaryinstitutionspeculiartotheCFAonmonetaryandfiscalpolicy.?Theconsequencesoftheseimpactsforeconomicperformanceandgrowth.TheMacroeconomicsofMonetaryUnionwillbeofparticularinteresttoresearchersindevelopmentmacroeconomicsandillustratestoadvancedstudentshowmodernecon
5、omicandeconometrictechniquescanbeappliedtoaddresspolicyissuesindevelopingcountries.DavidFieldingisReaderinEconomicsattheUniversityofLeicester.HeisalsoanExternalFellowoftheCentreforResearchinEconomicDevelopmentandInternationalTradeattheUniversityofNottinghamandaResearchAssoci
6、ateoftheCentrefortheStudyofAfricanEconomiesattheUniversityofOxford.Routledgestudiesindevelopmenteconomics1EconomicDevelopmentintheMiddleEastRodneyWilson2MonetaryandFinancialPoliciesinDevelopingCountriesGrowthandstabilizationAkhtarHossainandAnisChowdhury3NewDirectionsinDevelo
7、pmentEconomicsGrowth,environmentalconcernsandgovernmentinthe1990sEditedbyMatsLundahlandBennoJNdulu4FinancialLiberalizationandInvestmentKanhayaLGuptaandRobertLensink5LiberalizationintheDevelopingWorldInstitutionalandeconomicchangesinLatinAmerica,AfricaandAsiaEditedbyAlexE.Fer
8、nándezJilbertoandAndréMommen6FinancialDevelopmentandEconomicGrowthTheoryand
