英文文献：Are Proposed African Monetary Unions Optimal Currency Areas? Real and Monetary Policy Convergence Analysis-拟议中的非洲货币联盟是最理想的货币区吗?实际与货币政策趋同分析
英文文献作者：Asongu Simplice
英文文献摘要：
Purpose – A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real and monetary policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states. Design/methodology/approach – In the analysis, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth at macro and micro levels. Findings – Findings suggest overwhelming lack of convergence: (1) initial conditions for financial development are different across countries; (2) fundamental characteristics as common monetary policy initiatives and IMF backed financial reform programs are implemented differently across countries; (3) there is remarkable evidence of cross-country variations in structural characteristics of macroeconomic performance; (4) institutional cross-country differences could also be responsible for the deficiency in convergence within the potential monetary zones. Practical implications – As a policy implication, heterogeneous structural and institutional characteristics across countries are giving rise to different levels and patterns of financial intermediary development. Thus member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of convergence in monetary and real policies. Originality/value – It is one of the few attempts to investigate the issue of convergence within the proposed WAM and EAM unions.

目的——一个幽灵正在追捕正在萌芽中的非洲货币区:欧洲货币联盟危机。本文评估了在提议的WAM和EAM区域内实际和货币政策的收敛性。共同货币的介绍在西部和东部非洲正面临严峻挑战的时机货币趋同,银行家的必要性应用共同货币政策传导的建模和预测方法,以及常见的结构和机构特点的要求候选人的州之一。设计/方法/方法——在分析中，货币政策的目标是通货膨胀和深度、效率、活动和规模的金融动态，而实体部门政策的目标是宏观和微观层面的GDP增长方面的经济表现。研究结果——研究结果表明，普遍缺乏趋同:(1)各国金融发展的初始条件不同;(2)各国实施共同货币政策举措和国际货币基金组织支持的金融改革方案等基本特征不同;(3)宏观经济绩效的结构特征存在显著的跨国差异;(4)跨国家的制度差异也可能是潜在货币区内趋同不足的原因。实际影响-作为一项政策影响，各国不同的结构和制度特征正在导致金融中介机构发展的不同水平和模式。因此，会员国应努力协调妨碍货币和实际政策趋同效力的结构和体制特点方面的各国差异。独创性/价值——这是对拟议的WAM和EAM联盟内部趋同问题进行调查的少数尝试之一。