The West African Economic and Monetary Union: Recent Developments and Policy Issues

Hernández-Catá, Ernesto; François, C. A.

doi:10.5089/9781557757555.084

Cited by 20 publications

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“…Mauritania, a founding member of ECOWAS has withdrawn from the organization. For institutional details, see Hernandez-Cata et al (1998) and Masson and Patillo (2001 a). On the CFA-Zone, see e.g.…”

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confidence: 99%

Fiscal reform and monetary union in West Africa

Hefeker

2008

J of Intl Development

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The discussion paper has been prepared as part of the activities of the research programmes "Trade and Development" and "International Financial This result implies that current WAEMU members will run a less distortive fiscal policy after the inclusion of other members of ECOWAS. Terms of use: Documents inJEL-Classification: F 33, E 61, E 63.

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confidence: 99%

Fiscal reform and monetary union in West Africa

Hefeker

2008

J of Intl Development

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“…WAEMU have single central bank, The Central Bank of West African States (BCEAO 3 ), with the mandate of common monetary policies such as maintaining price stability, supporting economic growth, and supervising the banking system throughout member countries (Francois & Hernández-Catá, 1998;Imam & Kolerus, 2013;Kireyev, 2015). Thus, states belonging to the membership of WAEMU experience common monetary policy innovations.…”

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confidence: 99%

Financial inclusion and monetary policy effectiveness in a monetary union: Heterogenous panel approach

Kebede,

Selvanathan,

Naranpanawa

2024

Econ of Transit and Inst Chang

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We examine the nexus between financial inclusion and inflation targeting monetary policy effectiveness in West African Economic and Monetary Union countries by employing a heterogenous panel approach that enables us to delineate the responses to policy innovations related to idiosyncratic country‐specific shocks, common shocks, and composite shocks. We find that these shocks significantly affect inflation and financial inclusion but with varying magnitudes, signs, time of responses, and persistence. We further demonstrate that inflation targeting monetary policy is differently associated with the various dimensions and indicators of financial inclusion. Overall financial inclusion shocks temporarily increase inflation; deposit shocks reduce inflation; and credit shocks increase inflation. Central bank policy rate differently responds across time horizon to overall financial inclusion shocks; and it increases due to credit shocks highlighting that the monetary authority responds to credit shocks by implementing contractionary monetary policy. Our results highlight that monetary policy aimed at promoting inclusive financial services and responses of monetary policy to financial inclusion should be specific to the dimensions of financial inclusion.

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“…In addition to the agrément unique, banks need to get the permission of the national finance ministry to set up shop, and this seems to be used to protect local banks. Thus, there are restrictions on the ability of banks to operate in several countries and banks are reluctant to lend across borders in either region (IMF 2002b;Hernández-Catá et al, 1998). Another feature that interferes with creation of a level playing field is the existence of bank reserve requirements that are differentiated by country in WAEMU (but not in CAEMC).…”

Section: A the Cfa Franc Zonementioning

confidence: 99%

The Monetary Geography of Africa

Masson¹,

Pattillo²

2005

Foreign Affairs

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We would especially like to acknowledge our debt to our close collaborators. Xavier Debrun has coauthored with us several papers on monetary unions in Africa, and our book builds on that work. Heather Milkiewicz put together much of the data used in this book, has mastered the technology of creating maps, and has done much of the statistical analysis. Finally, Masson 9/23/03 List of Abbreviations and Acronyms AEC-African Economic Community, created by the 1991 Abuja Treaty AMU-Arab Maghreb Union, a regional group that includes Algeria, Libya, Mauritania, Morocco, and Tunisia. APRM-African Peer Review Mechanism: an instrument of the NEPAD that will review countries' performance in the area of governance and exert peer pressure to improve it. AU-African Union, a pan-African organization whose Constitutive Act entered into force in 2001; it aims to bring about economic and political integration. BCEAO-Banque Centrale des états de l'Afrique de l'ouest: the central bank of WAEMU BEAC-Banque des états de l'Afrique Centrale: the central bank of CAEMC CFA franc zone-a common currency area that uses the CFA franc which is pegged to the euro with the assistance of the French Treasury. Its African members are comprised of two groups of countries (plus the Comoros), WAEMU and CAEMC, each with its own central bank and its own currency. In French, franc CFA stands for franc

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The West African Economic and Monetary Union: Recent Developments and Policy Issues

Cited by 20 publications

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Fiscal reform and monetary union in West Africa

Fiscal reform and monetary union in West Africa

Financial inclusion and monetary policy effectiveness in a monetary union: Heterogenous panel approach

The Monetary Geography of Africa

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