The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

New integration initiatives are flourishing in almost every part of the African continent. The latest initiative in this regard is the Cross-Border Initiative to promote trade, investment, and payments in Eastern and Southern Africa and the Indian Ocean region. In this paper the potential...