This paper apprehends the bidirectionalrelation between youth employment and economic growth in the WAEMU countries over the period 1991 to 2015. An empirical analysis with panel data indicates that economic growth rate impacts negatively and in an insignificant wayyouth employment ratio, but this youth employment ratio is not able to significantly boost an economic growthrate. There is therefore the possibility of economic growth without employment in the WAEMU countries. The econometric results show that domestic investment and the current account balance are the most important determinants of job creation among young people. As for youth unemployment rates and the official exchange rate, they act negatively. On the other hand, foreign direct investment, the added value of the agricultural sector in GDP, official development assistance and the rate of inflation have no influence on youth employmentratio. Thus, the results of our estimates show a positive and significant impact of domestic investments and the growth rate of the money supply. In addition, econometric analysis reveals a negative relationship between foreign direct investment and economic growthrate. We found an insignificant influence of youth unemployment rate, trade openness rate, official development assistance, official exchange rate, and the added value of the agricultural sector on the economic growth rate of WAEMU countries.
The purpose of this paper is to examine the combined effect of political and economic institutions on the economic performance of the countries of Central Africa. To do this, we use dynamic panel data over the period 1996-2013. Using Principal Component Analysis (PCA) to understand the multidimensionality of institutions through a composite indicator, and applying the estimation technique based on the Generalized Moment Method (GAM) to capture the impact of institutions on economic performance, we arrive at the following result: analyzed individually or in combination, institutions constitute a real obstacle to economic performance in Central Africa.
With the help of a vector model for dynamic panel error correction (PVEC), this article examines the extent to which a country's policy shocks spread to the economic activity of other countries in the West African Economic and Monetary Union (WAEMU). The results of one part, the emergence of externalities that cause asymmetric shocks and another part, the public expenditure shocks induce greater spillover effects on economic growth than public revenue shocks. Both results imply the structural heterogeneity of economies, leading to an uneven distribution of the benefits and costs of a common monetary policy. Therefore, corrective measures can be applied, through a real policy mix, which can reduce the risks of instability related to budgetary externalities.
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