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This paper examines the causal relationship between Financial Inclusion and economic growth in the West African Economic and Monetary Union (WAEMU) from 2006 to 2015. We combined the heterogeneity panel causality test proposed by [1] with the Maximal Overlap Discrete Wavelet Transform (MODWT) to analyze the bi-directional causality at different time scales. We used two Financial Inclusion indicators: the overall rate of demographic penetration of financial services (Financial Inclusion supply) and the overall rate of use of financial services (Financial Inclusion demand). Our results show that at scale 1 (2-4 years), there is no causality between economic growth and Financial Inclusion indicators. However, at scale 2 (4-8 years), we found a bi-directional causality between economic growth and Financial Inclusion. Policymakers should therefore promote reforms that are beneficial to financial inclusion, especially on the supply side, while making the levers for macroeconomic growth more efficient, which also seems to be a decisive factor in financial inclusion.

This paper examines the spillovers in time and frequency from emerging (Brazil, Russia, India, China), developed (US, UK, France, Germany and Japan) stock markets and oil prices toward seven African stock markets. The spillovers are examined from 2005 to 2016, taking into account the recent financial crises and the recent oil prices fall. We combine the generalized Vector AutoRegressive (VAR) framework and the Maximum Overlap Discrete Wavelet Transform (MODWT) to obtain the spillovers at different time scales. The results show that the relationships between African stock markets, world stock markets and oil prices depend on time scales. African stock markets could be a way of capital diversification for global stock markets at scale 1 (2-4 weeks) and for investors active in the oil market at scale 2 (4-8 weeks).

Efficient markets hypothesis (EMH) has been a hot topic since its introduction in the 1960s. This problematic is a current topic and has been the subject of many studies with different methods. This paper examines the weak-form efficiency of the WAEMU stock exchange from 11/04/2008 to 23/08/2016. We combined the wavelets approaches and multifractal detrended fluctuation analysis (MF-DFA) to analyse the efficient market hypothesis of the BRVM10 index of the WAEMU regional stock change. Our findings show that the log return of BRVM10 index exhibits a persistent and multifractal process.

This study assesses the efficiency of the West African Economic and Monetary Union (WAEMU) regional stock exchange using daily data on its seven (7) sectoral indices from December 31, 2013, to January 4, 2019. To this end, we analyze the market structure and calculate the generalized Hurst index by using the discrete wavelet transformation (DWT) and wavelet leader transformation (WLT) approaches. Our conclusions can be summarized as follows: first, this study highlights the multifractal nature of the WAEMU stock market. Second, the Hurst generalized index reveals a persistent or nonpersistent process depending on the sector, according to the q chosen or the method used (DWT or WLT). The dynamics of the indices reveal the characteristics of short memory or, in some cases, long memory, and the efficient market hypothesis is rejected.