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To “ECO” or not to “ECO”? Evidence for the single currency agenda of ECOWAS

Adediran, Idris and Salisu, Afees and Ogbonna, Ahamuefula E (2020): To “ECO” or not to “ECO”? Evidence for the single currency agenda of ECOWAS.

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Abstract

In this study, we provide results to aid the ECOWAS in its final decision on the adoption of the single currency (the “ECO”) for the proposed regional monetary union. We demonstrate, with the fractional integration and cointegration techniques, evidences for the proposed monetary policy mechanism in the region to deal with shocks and the single currency to serve as a stabilisation tool. Hence, the results support the adoption of the ECO, with emphasis on preferably linking it with the US dollar than the Euro.

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