English, Article, Journal or magazine article edition: Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ? Sampawende Jules TAPSOBA

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Bookmark: http://trove.nla.gov.au/version/121557
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ?
Author
  • Sampawende Jules TAPSOBA
Physical Description
  • preprint
Notes
  • Since the independences, having a single currency is an official policy objective of West African countries. In April 2000, West African decisions-makers decided to accelerate the integration of the region by creating a second monetary zone in addition to the WAEMU (West African Economic and Monetary Union). On economic grounds, several academics argue that a monetary union in West Africa would be costly because of the predominance of asymmetric shocks. When shocks are divergent, a common monetary policy is inappropriate and ineffective. This conclusion is however static and does not include structural changes that happen after the creation of a monetary union. The launch of monetary union helps countries to cope with asymmetric shocks. This article proposes the analysis of mechanisms that a West African Monetary Union could develop in order to alleviate the costs of asymmetric shocks. The results suggest that a West African currency could be OCA (Optimal Currency Areas) compliant by the intensification of regional trade and the development of regional credit markets which facilitate the risk-sharing strategies.
  • Asymmetric shocks, International Risk-sharing, Optimal Currency Area, Trade Integration, West Africa
  • RePEc:cdi:wpaper:1057
Language
  • English
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