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INTERNATIONAL RESERVES, POOLING AND MACROECONOMIC STABILITY IN THE ECONOMIC COMMUNITY OF WEST AFRICAN STATES
International reserves of West African countries rose sharply by 84.3% between 1991 and 2001 and 287.1% between 2001 and 2011. However, due to high macroeconomic instability in the form of persistent asymmetric shocks, output variability and fiscal policy distortions, the reserves were inadequate an...
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2015-04
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