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Adjustment policies in the Ivory Coast in the framework of the West African Monetary Union (UMOA) (الإنجليزية)

This paper analyses UMOA's (Union Monetaire de l'Afrique de l'Ouest) operations and its impact on the adjustment process. Importantly the currency of the union is pegged to the French franc, contributing to the stability of the system but making the nominal exchange rate exogenous. The first part of the paper outlines the features of UMOA's monetary system and the supposed methods of adjustments to external imbalances. The second section is a discussion of the actual monetary developments in the Ivory Coast from 1981-84 and the relative price trends over the same period. In the final section the implications of continuing the existing process are outlined, including reliance on automatic balance of payments support through drawings on an account with the French Treasury and on external debt reschedulings and suggesting the consideration of an additional focus on relative prices.

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نسخة رسمية من الوثيقة (قد تضم توقيعات، الخ)