Optimal Reserves in the Franc Zone: An Empirical Analysis

Abstract: This paper aims at assessing the optimal reserves in franc zone countries (FZC). First, an EMP crisis index of the cross exchange rate between the CFAF and the USD is constructed and its frequency is computed in a sample of eleven countries over the period 1980–2003. Subsequently, the estimated crisis probability is fed into a calibrated model economy of FZC to compute the optimal reserves to output ratio. We find that actual reserves are mostly lower than the implied optimal reserves.     

Alternatives for multilateral development diplomacy: Some suggestions

The article examines the characteristics of international economic negotiations prepared by UNCTAD and makes suggestions to improve multilateral development diplomacy. The particular administrative and bureaucratic context of such discussions has been neglected. Rather than the politics or economics of negotiations, the dynamics of bargaining and of the UNCTAD secretariat are emphasized. The principles of the group system and the solidarity of developing countries were necessary to launch negotiations, but have become counterproductive. Suggestions for changes in the conduct of international economic negotiations are based on selected case studies. Alternatives for multilateral development diplomacy involve flexible coalitions based on interests rather than ideology; a modicum of political good will on the specific issue to be discussed and a willingness to compromise; and proper political and analytical spade-work for policy proposals.     

金融危机下OEM出口企业的出路选择

金融危机对我国实体经济的影响深远,尤其是对以出口为主的OEM企业产生了致命的打击。OEM企业如何应对全球性危机,文章提出应迅速转变生产方式,实施产业升级,形成ODM的生产方式;积极参与产业链上游的国际竞争,扩大OEM企业的利润来源;实施市场区隔;最终实现自有品牌等应对策略。     

广东发展可再生能源的政策选择

在分析广东可再生能源发展障碍的基础上,本文提出广东可以采取两类财政扶持与激励政策:一类是在可再生能源发展规划和试验阶段,采取投资补贴、软贷款和绿色基金等投资扶持政策,降低可再生能源发电项目的投资成本;另一类是政府应制定上网电价、税收减免、可再生能源配额、绿色许可证等可再生能源生产的财政扶持与激励政策,建立一种市场驱动式的可再生能源的运作模式.     

Evaluating participation in African monetary unions: A statistical analysis of the CFA Zones

Thirteen African nations are engaged in two monetary unions with France, often referred to as the CFA Zone. Despite the acknowledged benefits of Zone membership — a convertible currency, pooled resources and greater monetary and fiscal “discipline” — several observers have questioned whether particular aspects of the Zone such as the lack of autonomy of the two Central Banks and the surrender of the exchange rate as a policy instrument have impeded its members' growth. This paper addresses that question by testing whether CFA Zone countries had different GNP growth rates from selected “comparator” countries during 1960–1982. Results show that CFA countries grew significantly faster than comparator Sub-Saharan African countries but usually slower, and often significantly so, than the whole sample of developing countries. When the comparison is made by subperiod (before and after 1973), CFA countries' performance vis-à-vis that of their comparators improved during the 1973–1982 period, casting further doubt on the claim that the monetary union is not functioning adequately.