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A. Wörgötter, Z. Brixiova:
"Monetary Unions of Small Currencies and a Dominant Member: What Policies Work Best for Making CMA?";
Journal of Development Perspectives, 3 (2019), 1-2; S. 13 - 28.

Successfully developing economies are, over the long term, usually
characterized by a credible currency regime underpinning a stable financial
system facilitating low-cost transactions, encouraging savings, and facilitating
financing viable investment projects (Demirguc-Kunt and Levine 2008).
An independent and effective central bank (CB), efficient supervision and
regulatory capacity, and a complementary sustainable fiscal policy are necessary
ingredients for the monetary system to perform its role. Although all this is
a valid goal at all levels of development, sound macroeconomic framework
conditions are particularly vital for small developing countries. Not only are
they necessary for achieving macroeconomic stability, but they also support
complementary, business-friendly, and rule-of-law-oriented institution building.

Monetary Union, South Africa, CMA, SACU, Regional Convergence, Structural Reforms, Optimal Currency Area

http://dx.doi.org/10.5325/jdevepers.3.1-2.0013