On January 12, 1994, the CFA franc - the currency of the thirteen African states of the CFA Franc Zone - was devalued 50 percent. The event had been expected for some time, but the magnitude and one-shot nature of the devaluation posed problems for members of the zone's two monetary unions. The authors conclude the following about what has happened: (a) Inflation has been substantially lower than in most developing countries, but the mechanisms of...
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1994/06/30
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Documento de trabalho sobre pesquisa de políticas
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WPS1316
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1
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1
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2010/07/01
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Preserving the CFA Zone : macroeconomic coordination after the devaluation
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external financing
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