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Journal of African Economies, Volume 6, Number 1, 54-84
© 1997 Centre for the Study of African Economies

research-article

Public Debt and the Exchange Rate in the CFA Franc Zone

Jean-Paul Azam1

CERDI, Université d'Auvergne and CSAE Oxford

This paper presents a theoretical framework for understanding the reforms that occurred in the CFA franc zone in the 1980s and 1990s, focusing on public debt and the exchange rate. It analyses the real-side adjustment strategy that was adopted initially. It shows how the debt problem and misdirected policy decisions led to the historical devaluation of January 1994, the first since 1948.

1This paper owes much to discussions with Patrick and Sylviane Guillaumont, and to written comments by Shanta Devarajan on Azam (1996), on which the current paper draws to some extent. Vittorio Corbo and Ibrahim Elbadawi also offered useful comments, which are gratefully acknowledged, with the usual disclaimer. Financial support by the AERC is gratefully acknowledged, without implicating. Some of these ideas have been discussed at the 1 lth World Congress of the International Economic Association (Tunis), at the T2M Conference (Paris), and at seminars in Clermont-Ferrand, LSE, Ouagadougou, and Oxford. I wish to thank the participants for their comments, with the usual disclaimer.


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