west african economic and monetary union pdf

West African Economic And Monetary Union Pdf

By Evan G.
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The West African Economic and Monetary Union: Optimality Revisited

This study examined the monetary and macroeconomic stability perspective for entering into monetary union, using data available on WAMZ countries. It tests the hypothesis that independent monetary and exchange rate policies have been relatively ineffective in influencing domestic activities especially GDP and inflation , and that when they do, they are counter productive. Usiing econometric methods, regression result show that, erstwhile domestic monetary policy, as captured by money supply and credit to government hurt real domestic output of these countries. Indeed, rather than promote growth, it was a source of stagnation. It also confirms that there appear to be a two quarters lag in monetary policy transmission effect with regard to real sector output.

There is no doubt that economic integration in the sub-region would be beneficial to member countries. However, the conditions precedent suggest the need to consider other factors outside the convergence criteria for the West African Monetary Zone WAMZ region and the link between the Franco-phone countries with France. Using stylized facts and preliminary panel results, there are still unsettled important issues as the region moves towards economic integration. These issues include but not limited to political will, huge infrastructure deficit and fiscal imperatives. Regional Development in Africa. The process towards economic integration has not been smooth.

We exploit a unique data from a unified labour force household survey which covers natives and migrants in the seven economic capitals of the region. We estimate the counterfactual wage distributions of UEMOA migrants in absence of migration to evaluate the effect of regional migration. We find that regional migration increases the average wage by 1. The decrease in inequality in the UEMOA region is driven by a reduction in inequality between countries, while the migration effect on within-inequality differs across countries and remains overall small. With general equilibrium effects, the effect on the average wage is smaller because UEMOA migrants tend to be negatively- intermediately selected both at origin and destination and depress the average wage of natives in their destination and lead to a slight increase of the average wage among natives in their sending countries, with the former effect dominating.

Economic Community of West African States

Use of this Web site signifies your agreement to the terms and conditions. Special Issues. Contact Us. Change code. Journal of Business and Economic Development. Background: The regional integration, may it be economic integration or monetary union, is considered, since the success of the European Union, as a mean to development and to mitigate the consequences of exposure to globalization. However, in the African context, the capacity of resilience and the vulnerability of these economies against external shocks remain questionable.

Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. DOI: The autoregressive vector analysis using the Cholesky decomposition used data from the Central Bank of West African States, United Nations Conference on Trade and Development statistics, and world development indicators. View PDF. Save to Library. Create Alert.

With the blessing of WHO, the different regions of West Africa engaged in Pharmaceutical regulation harmonization processes on the continent. What remains then to member states is to appropriate community regulation hoping that Pharmaceutical cooperation reinforcement with ECOWAS, that other sub regional economical organization, grows stronger in order to improve drug use and manufacturing in West African area. The International Journal of Drug Regulatory affairs require a formal written transfer of copyright from the author s for each article published. We therefore ask you to complete and return this form, retaining a copy for your records. Your cooperation is essential and appreciated. Any delay will result in a delay in publication.

Monetary integration in West Africa

The debate has been reignited in recent months by both defenders and opponents of the CFA franc, about its benefits or the lack thereof. The objective of this paper is to join the conversation in an objective, and quantifiable way, by investigating the optimality of the currency area. I also investigated endogeneity within the Union, by dividing the data into two samples, one from to , a period that predates the WAEMU, and one from to The results show more synchronization of business cycles during the second period than during the first. I examined the role of trade in the near perfect synchronization of business cycles in the WAEMU, and found it to be the driving force behind the symmetry.

Access options available:. However, economic growth does not necessarily follow the observed increase in public investment. Even within WAEMU region, countries that have higher investment rate do not have the highest growth rate.

African Monetary Union

И повернулся к офицеру. - Вы уверены, что в коробке все его вещи. - Да, конечно, - подтвердил лейтенант.

Economic Integration in West Africa: A Reconsideration of the Evidence

Подумала она удивленно и с облегчением и попыталась выскользнуть из-под. - Милый, - глухо прошептала .

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