'Wir sind alle abgewertet !' Zur Anpassungskrise von Währung, Wirtschaft und Gesellschaft in der CFA-Zone

Kohnert, Dirk (1994): 'Wir sind alle abgewertet !' Zur Anpassungskrise von Währung, Wirtschaft und Gesellschaft in der CFA-Zone. Published in: Afrika-Jahrbuch 1993 (1994): pp. 35-45.

Abstract

The CFA zone was for forty years as a self-service shop of the African and French elite in French-speaking Africa. The depreciation of the franc CFA on 11. January 1994 broke the myth of the stability of this currency guaranteed by France, and with it also the world picture of the old guard of francophone politicians and businessmen, the so-called ‘Messieurs Afrique”. The latter were mainly responsible for the crisis in the CFA zone, which - in addition to external causes - is essentially due to internal socioeconomic factors. The decision about the devaluation means a victory for technocrats over the old guard. But this victory is a Pyrrhic victory. It does, however, imply a neglect of economic discussions and decisions; but it destroyed traditional social ties without building new ones, and brought with it the danger of social and political disintegration. Even in the opinion of independent economists, the decision to maintain F CFA's continued commitment to the FF signifies a lost opportunity to develop Africa autonomously.

• Item Type: MPRA Paper
• English Title: 'We are all devalued!' On the adjustment crisis of currency, economy and society in the CFA zone
• Language: German
• Keywords: F CFA, CFA-zone, devaluation, optimal currency area, West Africa, Central Africa, France, currency politics,
• Subjects: E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E26 - Informal Economy ; Underground Economy; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F54 - Colonialism ; Imperialism ; Postcolonialism; N - Economic History > N9 - Regional and Urban History > N97 - Africa ; Oceania; O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy > O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy; P - Economic Systems > P5 - Comparative Economic Systems > P52 - Comparative Studies of Particular Economies; Z - Other Special Topics > Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology > Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification

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