File Name: west african economic and monetary union .zip
- The West African Economic and Monetary Union: Optimality Revisited
- The Journal of Developing Areas
- Monetary policy and economic performance of West African Monetary Zone Countries
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The West African Economic and Monetary Union: Optimality Revisited
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.
The Journal of Developing Areas
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. The results also show that although expansion in domestic output dampened aggregate consumer prices inflation , it was however, not adequate enough to dampen the fuelling effects of past inflation. This was accentuated by money supply variable MS2 and aggravated by exchange rate variable which are mostly positive, confirming the a priori expectations that rapid monetary expansion and devaluations fuels domestic inflation.
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. Moreover, regional migration in the UEMOA mostly flows from countries with low wages to countries with higher wages. In combination with the general equilibrium effects described above this leads to a larger decrease in between-country inequality than in a setting with exogenous wages.
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. There is no doubt that there are benefits associated with a monetary union, for example, large market as well as a regional bloc for negotiating with other groups globally.
Monetary policy and economic performance of West African Monetary Zone Countries
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.
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