As members of the CFA Franc Zone, Cameroom, Cote d'Ivoire, and Senegal cannot use the nominal exchange rate as a tool of macroeconomic adjustment. This article considers these countries' responses to the commodity and oil price shocks of the 1970s in light of this and other institutional constraints. Using a two sector model, it shows that there exist instruments that, in principle, permit the real exchange rate depreciation necessary for adjusting...
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1987/05/31
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Журнальная статья
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14168
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1
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1
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2010/07/01
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Adjustment with a fixed exchange rate : Cameroon, Cote d'Ivoire and Senegal
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current account deficit
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