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Journal of Economic Integration 2018 June;33(2) :1363-1387.
Gaining Global Clout Through Monetary Union: Evidence from East Africa

Menna Bizuneh Steven Buigut Neven Valev 

Pitzer College, Claremont, United States
American University at Dubai, Dubai, United Arab Emirates
Georgia State University, Atlanta, United States
Corresponding Author: Menna Bizuneh ,Tel: +1-909-607-9127, Email:
Copyright ©2018 Journal of Economic Integration
Gaining international clout is an important motivation in pursuing monetary integration, as small country merge into a larger entity that can project more global power. We provide evidence to that effect using survey data from Kenya pertaining to public support for the proposed East African Monetary Union. We show that Kenyans prefer a larger union with more members for the purpose of gaining global clout. However, not all potential member countries are equally welcomed. Larger and more stable countries are favored over fragile states.

JEL Classification
F33: International Monetary Arrangements and Institutions
E5: Monetary Policy, Central Banking, and the Supply of Money and Credit
Keywords: Monetary Union | International Clout | Optimal Size | East African Community
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