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Journal articles on the topic 'WAEMU area'
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1
Nkwatoh, Louis S. "Does ECOWAS Macroeconomic Convergence Criteria Satisfy an Optimum Currency Area?" Journal of Economics and Management Sciences 1, no. 2 (August 29, 2018): p61. http://dx.doi.org/10.30560/jems.v1n2p61.
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The Economic Community of West African States (ECOWAS) countries have expressed their desire to establish a monetary union by the year 2020 based on six macroeconomic convergence criteria. The desire is predicated on a series of strategies and various treaties ratified and signed by various ECOWAS Heads of governments and Central Banks’ Governors with more emphasis on the Maastricht-type set of convergence criteria that must be satisfied by all member countries before they ascend to the envisaged monetary union. Even though the convergence criteria may guarantee macroeconomic stability in a regional grouping, critics assert that the convergence criteria are insufficient and inconsequential to the formation of monetary union. The objective of this study is to ascertain whether ECOWAS countries have met all the macroeconomic convergence criteria making them fit for a monetary union. The analyses indicate that no ECOWAS country has met all the convergence criteria at a given point in time implying that the level of macroeconomic convergence in the region still remains inadequate relative to the set targets. However, WAEMU sub-set economies have met three of the criteria -public debts to GDP Ratio, deficits including grants, annual percentage inflation rate. The simple reason is that WAEMU is an existing monetary union with a common stabilization policy.
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Soro, Segba Jean. "THE IMPACT OF CLIMATE CHANGE ON CUSTOMS REVENUES IN THE WAEMU ZONE." Jurnal BPPK: Badan Pendidikan dan Pelatihan Keuangan 16, no. 2 (December 20, 2023): 113–20. http://dx.doi.org/10.48108/jurnalbppk.v16i2.828.
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In recent years, the planet has been marked by major events: immigration, terrorism, armed conflicts and above all global warming which is attracting the attention of countries around the world and those of WAEMU in particular. Global warming leads to disruptions in the functioning of production cycles. Indeed, these countries which are essentially agricultural are facing several phenomena. The impact of climate change on customs revenues in the West African Economic and Monetary Union (WAEMU) area refers to the effects that climate variations, such as increased temperatures, extreme weather events, rising of sea level and changes in precipitation, can have on the revenue generated by customs activities in this region.
Agricultural production is falling sharply. This inevitably leads to a reduction in customs revenue. Customs revenues constitute the main means of development for these countries. This question is of capital importance insofar as it obliges States to adopt new policies. They should diversify areas of production and think about transforming products in order to increase added value. Furthermore, WAEMU States would benefit from taking an increasing interest in industrialization policies in order to minimize imports which weigh heavily on the trade balance because the effects of global warming will continue to grow.
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Tidiane, Ndiaye Cheikh. "Corruption, Investment and Economic Growth in WAEMU Countries." International Journal of Economics and Finance 11, no. 4 (March 13, 2019): 30. http://dx.doi.org/10.5539/ijef.v11n4p30.
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The purpose of this paper is to study the relationships between corruption, public investment and economic growth in WAEMU (West Africa Economic and Monetary Union) countries during the period 2001-2014. This, by using a panel VAR (Vector Auto Regressive) model. The results stemming from this empirical study stipulate a significant link between corruption and investment, economic growth and investment, corruption and economic growth. These results also show that corruption reduces the ratio of public investment and has a negative impact on economic growth among WAEMU countries. It has more of a specific effect on investment and affects negatively through this mean countries of the area.
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Roufaye, Saidou W., Malam M. Nafiou, and Idrissa M. Ouedraogo. "Structural Transformation and Poverty in the WAEMU." European Journal of Development Studies 3, no. 3 (May 15, 2023): 24–33. http://dx.doi.org/10.24018/ejdevelop.2023.3.3.256.
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Poverty is a major concern for West African Economic and Monetary Union (WAEMU) countries. If poverty is decreasing in the WAEMU, it’s level remains high when compared to other developing countries. The low productivity of the agricultural sector, which represents the main activity of the poor in this area, explains the high level of the poverty. A structural transformation that would shift resources from low productivity sectors (notably agriculture) to high productivity sectors (manufacturing and services) would be conducive to poverty reduction. Indeed, evidence from both developed and emerging countries shows that structural change is associated with poverty reduction. In this context, this study analyses the relationship between structural transformation and poverty in the seven (7) WAEMU countries over the period 1996-2019. A simultaneous equation model was used to assess this relationship. The results show that structural transformation does not contribute to poverty reduction in the WEAMU. However, its effect becomes favourable when combined structural transformation with human capital development. In order to fight poverty, the study recommends that the structural transformation process must be accompanied by an improvement in human capital.
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PRAO, Yao Séraphin, Brou Emmanuel AKA, and N’guessan Ferdinand Nicaise DJA. "Threshold Effect in the Bank Lending Channel of Monetary Policy Transmission and the Role of Bank Portfolio Deterioration: A PSTR Specification in the WAEMU Zone." International Research in Economics and Finance 7, no. 1 (June 28, 2023): 1. http://dx.doi.org/10.20849/iref.v7i1.1355.
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The objective of this paper is to analyse the influence of monetary policy on credit supply in the WAEMU zone over the period 1996-2017. The study focuses on the WAEMU countries, except for Guinea-Bissau, due to the unavailability of sufficient data. We apply the Panel Smooth Transition Regression (PSTR) model of Gonzalez et al. (2005). The results reveal the non-linearity of the link between monetary policy and credit supply. There is a threshold of credit risk exposure of 8.726% above which monetary policy loses its effectiveness. Indeed, monetary policy has a positive effect on the supply of credit when the value of the gross bank portfolio deterioration rate is less than or equal to the threshold of 8.726% and an insignificant effect above this threshold. Above this threshold, the link between monetary policy and bank credit supply is distended. In this case, it is the level of economic activity that stimulates the supply of bank credit in this area. These results indicate that the effectiveness of the monetary policy conducted by the Central Bank of West African States (BCEAO), through the bank credit channel, should take into account the level of credit risk attained by banks. Thus, the study recommends that the authorities further strengthen prudential supervision within the WAEMU.
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Mamadou, Coulibaly Niénéyéri. "Analysis of the Evolution of Income Disparities Among WAEMU Member Countries." International Journal of Economics and Finance 14, no. 2 (January 18, 2022): 97. http://dx.doi.org/10.5539/ijef.v14n2p97.
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The main aims of this study are to examine the income disparities’ evolution among the West-African Economic and Monetary Union (WAEMU) countries over the period 1980-2019, and to determine whether the reforms implemented in the region since 1994 have helped to reduce or to accentuate the income disparities among the Member States of the Union. The approach used for the analysis is that of sigma-convergence. It consists in studying the evolution of income dispersion over time, standard deviation being generally used as measure of dispersion. The results obtained show a reduction of per capita income inequalities among the WAEMU Member States. They also point out that the reforms undertaken in the area since 1994 have partly helped to reduce the income disparities among nations. In view of these findings, the study recommends to the community authorities to continue the implementation of the reforms and to reinforce the coordination as well as the harmonization of economical, financial and commercial policies of the Union.
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Gbame, Hervé Daniel, and Silue Drissa. "Development Financier, Diffusion des tic et Croissance Economique dans les pays de l‘Uemoa." European Scientific Journal, ESJ 18, no. 34 (November 30, 2022): 18. http://dx.doi.org/10.19044/esj.2022.v18n34p18.
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L’objectif de ce papier est d’analyser le rôle de la diffusion des TIC dans l’analyse de la relation entre le développement financier et la croissance économique dans les pays de l’UEMOA en mettant un accent particulier sur leurs interactions. A partir d’un échantillon de 7 pays de cette zone, sur la période 1997 - 2019, et suite à l’utilisation d’une approche Pooled Mean Group (PMG) sur données de panels, les résultats montrent qu’à long terme, l’effet direct du développement financier sur la croissance économique est significativement négatif dans les pays de l’UEMOA. Secundo, la diffusion des TIC (mobile et l’Internet) a un effet positif et significatif sur la croissance économique. Enfin, l’interaction entre développement financier et la diffusion des TIC est significativement positif, prouvant ainsi que les pays de l’UEMOA ne peuvent bénéficier du développement financier qu’une fois qu’un seuil de diffusion des TIC atteint. Ce seuil de diffusion des TIC est respectivement de 168,7% et 38,1% pour le mobile et l’Internet.
The objective of this paper is to analyze the role of ICT diffusion in the analysis of the relationship between financial development and economic growth in WAEMU countries with particular emphasis on their interactions. From a sample of 7 countries in this area, over the period 1997 - 2019, and following the use of a Pooled Mean Group (PMG) method on panel data, the results show that in the long term, the direct effect of financial development on economic growth is significantly negative in WAEMU countries. Secondly, ICT diffusion (mobile and Internet) has a positive and significant effect on economic growth. Finally, the interaction between financial development and ICT diffusion is significantly positive, thus proving that WAEMU countries can only benefit from financial development once a threshold of ICT diffusion reached. This ICT diffusion threshold is respectively 168.7% and 38.1% for mobile and Internet.
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Amari, A. S. G., A. N’Guessan, J. G. Sackou, A. C. Amonkou, P. M. Alloukou, and R. Duncan. "MEDICINES HARMONIZATION IN WEST AFRICAN ECONOMIC AND MONETARY UNION (WAEMU) COUNTRIES." International Journal of Drug Regulatory Affairs 2, no. 1 (February 11, 2018): 18–28. http://dx.doi.org/10.22270/ijdra.v2i1.121.
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With the blessing of WHO, the different regions of West Africa engaged in Pharmaceutical regulation harmonization processes on the continent.
Indeed, In west Africa, WAEMU actions on the matter ended in the production of juridical rules opposable to member states who rationalize watching/control procedures and medicine marketing for both human medicine and veterinary products.
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.
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Yacouba, Salouka, Kane Chérif Sidy, and Tiehi Tito Nestor. "Effet de la Diffusion des TIC Sur la Croissance Economique dans les Pays de l’UEMOA." European Scientific Journal, ESJ 19, no. 34 (December 31, 2023): 103. http://dx.doi.org/10.19044/esj.2023.v19n34p103.
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Au début de la décennie 1990, les nouvelles théories de la croissance développées suggèrent que l’innovation est la principale source de progrès technologique. Partant de cette idée que l’innovation est source de croissance économique, les technologies de l’information et de la communication (TIC) se sont diffusées de façon exponentielle un peu partout dans le monde.
Cet article se fixe donc pour objectif d’analyser l’effet de la diffusion des TIC sur la croissance économique dans sept pays de l’UEMOA sur la période 2002-2021. Pour ce faire, nous avons estimé un modèle Autoregressive Distributed Lag (ARDL) sur un panel issu des données de cette zone. Suite à l’utilisation de l’estimateur Pooled Mean Group (PMG), les résultats montrent qu’à long terme, la diffusion des TIC a un effet positif et significatif sur la croissance économique des pays de l’UEMOA. Ces résultats suggèrent la nécessité pour les décideurs des pays de l’UEMOA de s'engager à développer leurs infrastructures de télécommunications pour une meilleure diffusion des TIC afin d'accélérer au mieux le processus de croissance de leurs économies.
At the start of the 1990s, new theories of growth developed suggested that innovation was the main source of technological progress. Based on this idea that innovation is a source of economic growth, information and communication technologies (ICT) have spread exponentially all over the world. This article therefore sets itself the objective of analyzing the effect of the diffusion of ICT on economic growth in seven WAEMU countries over the period 2002-2021. To do this, we estimated an Autoregressive Distributed Lag (ARDL) model on a panel taken from data from this area. Following the use of the Pooled Mean Group (PMG) estimator, the results show that in the long term, the diffusion of ICT has a positive and significant effect on the economic growth of WAEMU countries. These results suggest the need for decision-makers in WAEMU countries to commit to developing their telecommunications infrastructure for better diffusion of ICT in order to accelerate the growth process of their economies.
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MANGRE, P. Ahobaut. "Heterogeneous Monetary Zone and Macroprudential Policy: The Case of the Waemu Zone." Applied Economics and Finance 10, no. 2 (May 23, 2023): 46. http://dx.doi.org/10.11114/aef.v10i2.6027.
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This article raises the question of the conduct of a common macroprudential policy aimed at correcting specific financial imbalances in the presence of structural heterogeneity that characterizes the monetary zone, in this case the WAEMU zone. For this reason, we develop a neo-Keynesian DSGE[1] model in an open economy with two countries, namely the core countries and those of the periphery, with increased financial frictions. The results show that in the presence of structural heterogeneities, country-adjusted macroprudential measures, as opposed to a common macroprudential policy, are the best way to reduce specific financial imbalances. However, in financially integrated economies, the existence of negative externalities implies the need to coordinate national macroprudential policies in order to increase the degree of currency area optimality.[1] Dynamic Stochastic General Equilibrium
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Noe COULIBALY, Foungnigue. "ANALYSIS OF THE MAIN COMPONENTS OF HEALTH SPENDING IN THE WAEMU AREA: THE ROLE OF GOVERNMENT SPENDING ." International Journal of Social Science and Economic Research 6, no. 7 (July 30, 2021): 2128–36. http://dx.doi.org/10.46609/ijsser.2021.v06i07.007.
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Yannick Gahé, Zimy Samuel, Zhao Hongzhong, Brou Matthias Allate, and Thierry Belinga. "CAPITAL ASSET PRICING MODEL TESTING IN WEST AFRICA ECONOMIC AND MONETARY UNION STOCK MARKET: THE CASE OF IVORIAN LISTED FIRMS." International Journal of Research -GRANTHAALAYAH 5, no. 2 (February 28, 2017): 23–30. http://dx.doi.org/10.29121/granthaalayah.v5.i2.2017.1699.
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This paper investigates the validity of Capital Asset Pricing Model (CAPM) for the West African Economic and Monetary Union (WAEMU) stock market using monthly stock returns of twenty Côte d’Ivoire’s listed firms from January 2002 to December 2011. We split this interval into different time periods. Each one of them has also been divided into two different sub-periods among which one served as estimation mean and the second one helped to test the estimated parameters obtained using a times series regression. Afterwards some statistical tests have been conducted to see whether the CAPM’s hypotheses hold or not. The findings showed that higher risk is not associated with higher level of return within the study area. Also, there was no relation between stock return and non-systemic risk except for one period where we found evidence that stock returns were affected by other risk than the systematic risk. On the contrary the stock expected rate of return had a linear relationship with the systematic risk. The study suggested that the listed companies consider other factors and variables which could explain their returns.
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Fajimolu, Oladimeji, and Olabode Olayemi. "Analysing Trade Creation and Trade Diversion effects in ECOWAS Regional Trade Agreement." Business and Entrepreneurial Review 23, no. 1 (June 19, 2023): 143–56. http://dx.doi.org/10.25105/ber.v23i1.15307.
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Aim/Purpose – The study focuses on trade creation and trade diversion effect in the Economic Community of West African States (ECOWAS) regional trade agreement. It examines if the ECOWAS regional trade agreement has brought about trade creation and/or trade diversion before the period of ban on certain items of importation by the Nigerian government as against the terms of the agreement.
Methodology – The study uses augmented gravity model. Estimations were carried out on bilateral trade flows, trade creation and trade diversion within the region. Secondary data (2008-2018) were obtained from reliable sources. Ordinary least squares (OLS) and panel data regression was used to analyze the data.
Findings – It was found that the GDP (wealth), population and political stability of the exporting countries will significantly foster intra-regional bilateral trade flow while variables like land area, landlocked and distance will significantly reduce bilateral trade flow in the region. The population, landlocked, political stability and corruption perception variables of the importing countries are found not to be statistically significant. R2 being the coefficient of determination falls between 54.8% and 63.3% which implies that the independent variables have been able to explain 54.8% to 63.3% of the total variations in the dependent variable.
Research implications – Membership of some of the ECOWAS members in Global System of Trade Preferences among developing countries (GSTP) was found to have resulted in trade diversion; whereas, participation of some of ECOWAS members in West African Economic and Monetary Union (WAEMU) has contributed to the level of trade creation in ECOWAS region.
Originality/value/contribution – The level of trade creation in the ECOWAS region can be improved upon provided all member states adhere strictly to the terms of the agreement.
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Youssouf, Ali Bamba, and El Hachloufi Mostafa. "Contribution of Islamic Finance to Inclusive Growth: A Comparative Study of the West African Economic and Monetary Union (WAEMU) and North African Countries." ISRA International Journal of Islamic Finance 16, no. 1 (March 29, 2024): 4–20. http://dx.doi.org/10.55188/ijif.v16i1.749.
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ABSTRACT
Purpose — In recent years, economic growth in the West African Economic and Monetary Union (WAEMU) has been positive, but the precariousness of the population has remained virtually unchanged. Thus, the search for inclusive growth should be considered, and that is the subject of this comparative study to determine the contribution of Islamic finance to inclusive growth.
Design/Methodology/Approach — First, this paper sets up an inclusive growth index to undertake a comparative study between WAEMU countries and North African countries before and after the integration of Islamic finance in order to examine the impact of Islamic finance in these countries. The paper then compares these two areas, WAEMU countries and North African countries, variable-by-variable, using a Student’s t-test over the period 2010–2023. The group of North African countries included in this study is found to have a high Islamic finance development indicator compared to the WAEMU zone.
Findings — The results show that growth is more inclusive in North African countries. However, the lack of data on Islamic financial institutions operating in the countries examined makes it impossible to determine the extent of their contribution to the economies of these countries.
Originality/Value — The studies that have dealt with this topic have been limited to the relationship between finance and the components of inclusive growth. Others have chosen the quality of economic growth as the variable for inclusive growth. However, this study goes beyond that by showing the influence of Islamic finance on an index of inclusive growth that takes into account eight components. This adds value to the existing literature.
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Niaré, Mohamed, and Ousmane Mariko. "Unemployment in the WAEMU Countries: A Cross-Sectional Data Approach." World Journal of Applied Economics 9, no. 2 (November 23, 2023): 113–24. http://dx.doi.org/10.22440/wjae.9.2.1.
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The aim of this article is to conduct an empirical evaluation of the microeconomic determinants of unemployment in the West African Economic and Monetary Union (WAEMU), controlling for inactivity. A multinomial logistic analysis has been conducted by using the Harmonized Survey of Household Living Conditions (2019) survey. Our results show that being female, single, young, disabled, and living in urban increases the risk of unemployment and inactivity. Furthermore, despite a higher incidence of unemployment among educated individuals, they are less likely to be inactive compared to those with no education. We also note that women with a university education are less affected by inactivity than men with the same level of education but remain more exposed to unemployment. In addition, age has a very limited influence on unemployment among men, unlike women, where it has a very significant amplifying effect. In addition, the negative effect of university education on unemployment is more pronounced in rural areas than in big cities. Finally, disability does not determine rural unemployment, unlike in urban areas, where it exacerbates it.
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Ibrahima, Abdoulaye Ali, Saley Bisso, and Salimata Gueye Diagne. "Modeling and Solving a Linear Integer Problem (PLNE) for the Optimal Localization of a Hub Air Transport in the WAEMU Zone." Applied Science and Innovative Research 7, no. 1 (February 27, 2023): p82. http://dx.doi.org/10.22158/asir.v7n1p82.
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In this article, we propose a linear integer model for the optimal location of a hub for air traffic in the WAEMU zone. A hub represents for an airline a base where an essential part of its activities is concentrated. Its location must therefore be judiciously determined. The hub location problem is one of the new and promising areas of research in the field of location theory. In order to satisfy a demand, the location of the hub involves the movement of people, goods between origin destination pairs required. Hubs are applied to reduce the number of transport links between the origin and destination airports. The proposed model minimizes the distances and takes into account the flow of passengers registered in the different airports and minimizes the total cost of the transfer via the hub airport. The simulations were made with the programming language Python.
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Ibrahima, Abdoulaye Ali, Saley Bisso, and Salimata Gueye Diagne. "Modeling and Solving a Linear Integer Problem (PLNE) for the Optimal Localization of a Hub Air Transport in the WAEMU Zone." Applied Science and Innovative Research 7, no. 2 (May 27, 2023): p158. http://dx.doi.org/10.22158/asir.v7n2p158.
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In this article, we propose a linear integer model for the optimal location of a hub for air traffic in the WAEMU zone. A hub represents for an airline a base where an essential part of its activities is concentrated. Its location must therefore be judiciously determined. The hub location problem is one of the new and promising areas of research in the field of location theory. In order to satisfy a demand, the location of the hub involves the movement of people, goods between origin destination pairs required. Hubs are applied to reduce the number of transport links between the origin and destination airports The proposed model minimizes the distances and takes into account the flow of passengers registered in the different airports and minimizes the total cost of the transfer via the hub airport. The simulations were made with the programming language Python.
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Ndongo, Asta, and Ibrahima Thione Diop. "Economic and Monetary Integration in ECOWAS Countries: A Panel VAR Approach to Identify Macroeconomic Shocks." World Journal of Applied Economics 7, no. 2 (December 14, 2021): 61–87. http://dx.doi.org/10.22440/wjae.7.2.3.
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This paper studies the impact of output, exchange rate, price, and economic policies (fiscal and monetary) shocks to Economic Community of West African States (ECOWAS) economies over the period 1977-2019. The results of the impulse response functions obtained from the panel VAR show that monetary policy shocks stimulate economic activity, whereas fiscal shocks lead to a contraction. Moreover, these economic policy shocks lead to an increase in the price level. Finally, they have opposite effects on the real exchange rate: a monetary policy shock leads to an appreciation of national currencies against the US dollar, while a fiscal innovation leads to a depreciation of these currencies. As for exchange rate and price shocks, they create inflation and consequently a decline in economic activity. Furthermore, the forecast error variance decomposition reveals that real exchange rate shocks contribute the most to future fluctuations in macroeconomic variables in ECOWAS countries. Moreover, a comparison of the impact on the two currency areas, West African Economic and Monetary Union (WAEMU) and West African Monetary Zone (WAMZ), shows the degree of asymmetry between the two areas. The analysis shows, on the one hand, that shocks are more persistent and significant in the WAMZ and, on the other hand, that except for real exchange rate shocks, the two zones respond asymmetrically to shocks emanating from the other variables.
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Adewuyi, Adeolu O., and Godwin Akpokodje. "Macroeconomic Factors and Private Investment: An empirical analysis for ECOWAS and its sub-groups." IBADAN JOURNAL OF THE SOCIAL SCIENCES 5, no. 2 (December 21, 2007): 107–31. http://dx.doi.org/10.36108/ijss/7002.50.0230.
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This study examines the effect of macroeconomic factors on private investment in the ECOWAS sub-region during the period 1986-2004. Descriptive analysis revealed that private investment is low in most ECOWAS countries and this has affected their output in terns of low growth and Gross Domestic Product (GDP). Suggesting that the low living standard in the ECOWAS sub-region can be attributed to the relatively poor private investment. Average private investment in the entire ECOWAS has not exceeded 10.0 per cent over a period time. Showing that all the unilateral and collaborative efforts on promoting private investment had little or no impact. It employs panel data technique of analysis, covering 15 ECOWAS countries. Empirical analyses were carried out at both aggregate and disaggregate levels by sub-grouping the countries into the l’Union Economique et Monétaire Ouest Africaine- UEMOA or WAEMU (West African Economic and Monetary Union} (Francophone- ECOWAS countries) and non- UEMOA (Anglophone ECOWAS countries). The problem of endogeneity during model specification was addressed by constructing an alternative GMM estimator that combined the level and first difference specifications using lagged levels of variables as instruments. Econometrics analysis in this paper revealed that the poor performance of ECOWAS countries, in terms of private investment since the mid-1980s, stemmed partly from the differences in the policies pursued by individual countries or region sub-groups, particularly in the areas of monetary interest rate policy and its deteriorating infrastructures. Inappropriate macroeconomic policies, especially fiscal and monetary (i.2. exchange rate and public expenditure policy) have also discouraged private investment in the sub region. However, productive capacity and market factors have helped to boost investment. In conclusion, macroeconomic stability, reduction of external debts, appropriate exchange and interest rate policies and increased government investment, particularly on infrastructure, would play a major role in stimulating private investment in the sub-region, When all these are done, then there is need for improved service delivery at an affordable rate on the part of the private investors so as to improve welfare of the people.
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Abdul Rahman, Yahuza, Anthony Kofi Osei-Fosu, and Daniel Sakyi. "Correlations of structural shocks, dynamic responses of output and inflation to commodities price shocks and monetary union in WAMZ." African Journal of Economic and Management Studies, December 4, 2023. http://dx.doi.org/10.1108/ajems-04-2023-0129.
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PurposeThis paper examines correlations of the underlying structural shocks and the degree of synchronization in the impulse responses of output, inflation and trade to a one standard deviation shock to non-oil commodities price index and exchange rates within the West African Monetary Zone (WAMZ) countries from 1990q1 to 2020q1.Design/methodology/approachThis paper uses the structural vector autoregressive model to isolate the underlying structural shocks and compares them with the West African Monetary Union (WAEMU) countries.FindingsFindings from the study suggest that correlations of underlying structural shocks are more profound in the WAEMU than in the WAMZ. Impulse responses of output to price and exchange rate shocks are more symmetric in the WAEMU than in the WAMZ. However, impulse responses of inflation to price and exchange rate shocks are symmetric in the WAMZ than in the WAEMU and responses of trade in both sub-groups are not uniform.Practical implicationsThe paper concludes that the WAMZ does not constitute an Optimum Currency Area concerning the correlations of the structural shocks and output. However, it has achieved convergence in inflation and there are adequate adjustment mechanisms to shocks in the WAMZ than in the WAEMU. Therefore, the WAMZ may not suffer from joining the monetary union. Thus, economic Community of West African States may take steps to roll out the monetary union.Originality/valueThe paper examines correlations of the underlying structural shocks, impulse responses of output and inflation to shocks to commodities price and exchange rates in the WAMZ and compares them with the WAEMU.
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"Fund Surveillance Over Members of Currency Unions." Policy Papers 2005, no. 91 (December 21, 2005). http://dx.doi.org/10.5089/9781498330671.007.
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Effective Fund surveillance over the members of currency unions entails discussions at the regional level. This requirement derives from the fact that currency union members have devolved responsibility for policy areas that are central to Fund surveillance, notably monetary and exchange rate policies, to regional institutions. Discussions have been held for some time with regional institutions in the euro area, the Central African Economic and Monetary Union (CEMAC), the Eastern Caribbean Currency Union (ECCU), and the West African Economic and Monetary Union (WAEMU). However, only for the EU institutions responsible for euro area policies have these discussions been formalized as constituting an integral part of the Fund’s surveillance on the individual members of the currency union. At the conclusion of the 2004 biennial surveillance review, Directors called for formalization of discussions with regional institutions in the remaining currency unions: CEMAC, ECCU and WAEMU. This paper formalize the modalities of discussions with the regional institutions of these currency unions in the context of the Article IV consultations with the members of these currency unions.
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Hervé, DRAMA Bedi Guy. "Governance, Financial Development and Economic Growth in the WAEMU area: Evidence from panel ARDL analysis." Journal of Applied Finance & Banking, May 31, 2021, 1–27. http://dx.doi.org/10.47260/jafb/1151.
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The objective of this work is to estimate the long-term effects of governance quality on financial development and the real sector growth in WAEMU zone covering the period of 1996 to 2018. To this end, we utilize the Pooled Mean Group (PMG) method to estimate a nonlinear panel through the ADRL model proposed by Pesaran et al., (1999) and Pesaran and Smith, (1995). The results show that the quality of certain governance factors determines the financial system and its capacity to accelerate growth in long run. The study demonstrates that the marginal effect of financial development on growth is about 0.69 point for a given threshold of governance quality. This outcome means that financial development affects positively growth and the governance level sustains that positive effect despite the poor quality of governance comprises between -1 and 1. Therefore, an improvement of governance quality will provide a favourable environment for financial development and consequently for economic growth. The study finally calls policy maker to more strengthen democracy and rule of law, this could offer more guarantees to banks for granting long-term credits. JEL classification numbers: C23, E44, G21. Keywords: Growth, Financial development, PMG, MG, WAEMU.
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TIEHI, Tito Nestor, and Foungnigué Noé COULIBALY. "Determinants of public health spending in WAEMU area: An empirical investigation." Bulletin of Applied Economics, January 7, 2022. http://dx.doi.org/10.47260/bae/914.
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"External Dependence of the African Franc CFA zone. Empirical Investigations on Money Supply Process." Economic Alternatives, no. 3 (September 28, 2020): 357–67. http://dx.doi.org/10.37075/ea.2020.3.01.
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The objective of this paper is to study the operating mechanisms of the issuing institutions in CFA area and the different sources of money creation. Our approach consists in studying, respectively the automatic or discretionary nature of monetary policies, through the establishment of non-neutralization/non-sterilization monetary indices (index); and in a second step we test, using co-integration models, the evolution of monetary base in relation of Net External Asset (NFA) and in relation to the evolution of Net Domestic Assets. Our results mainly indicate the existence of a preponderance of the external sector or NFA over the evolution of the monetary base or money supply, compared to the domestic sector. In addition, we observe an automatic adjustment in both WAEMU and CEMAC over the long term. But the return to equilibrium is slower in WAEMU due to a mix of automation and discretion. On the other hand, in CEMAC, the return to equilibrium is almost automatic with a strong dependence on the external sector.
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Amanzou, Nogbou Andetchi Aubin, Zie Ballo, and Sery Guy Flavien Troupa. "The application of knowledge stylised facts in West Africa Economic and Monetary Union (WAEMU)." Journal of Innovation and Entrepreneurship 11, no. 1 (September 5, 2022). http://dx.doi.org/10.1186/s13731-022-00233-4.
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AbstractSub-Saharan Africa has one of the dynamic economies in the world. Unfortunately, the performance achieve has not led to a reduction of social issues. So, the government are making massive investment to overcome social issues. This massive public investment highlights the exogenous nature of the current economic growth. So, a change of the strategy in the economic management of sub-Saharan Africa is required. One solution remains the change of economic paradigm: the transition from exogenous economic with decreased return to endogenous economic with increased return. The theoretical explanation of such arguments are supported by New Growth Theory. However, the implementation of the new theory required compliance to a set of indicators known as stylized facts. In 2009, Romer and Jones have developed a list of stylized corresponding to the need of New Growth Theory. The stylized facts of the West African Economic and Monetary Union (WAEMU) have been compared to the standard facts of Romer and Jones in order to apply the recommendations of New Growth Theory in this area. To reach that aim, the stylized facts have been described and analysed with econometric panel model. As result, we find that the description of the stylized facts in WAEMU fitted perfectly with that of Romer and Jones for the same period. Unfortunately, when using data, institution don’t work as expected by Romer and Jones. This study strengthens the argument for the implementation of economic policy based on the valorisation of knowledge economic in WAEMU.
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Daffe, Mouhamadou Lamine, Salimata Thiam, Fatoumata Bah, Awa Ndong, Mathilde Cabral, Cheikh Diop, Aminata Toure, Absa Lam, and Mamadou Fall. "Household level of air pollution and its impact on the occurrence of Acute Respiratory Illness among children under five: secondary analysis of Demographic and Health Survey in West Africa." BMC Public Health 22, no. 1 (December 12, 2022). http://dx.doi.org/10.1186/s12889-022-14611-w.
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Abstract Background One out of ten deaths of children under five are attributable to indoor air pollution. And Acute Respiratory Illness (ARI) is among the direct causes. Objective This study showed the possibilities of characterizing indoor air pollution in West African Economic and Monetary Union (WAEMU) area and it also made it possible to estimate its impact on the occurrence of ARI in children under five. Methods It has been a secondary analysis based on Demographic and Health Surveys (DHSs) from WAEMU countries’ data.. “Household level of air pollution” is the created composite variable, from questions on the degradation factors of indoor air quality (domestic combustion processes) which served to characterize indoor air pollution and to measure its impact by a logistic regression. Results Burkina Faso stands out with a greater number of households with a high level of pollution (63.7%) followed by Benin (43.7%) then Togo (43.0%). The main exposure factor "Household level of air pollution" was associated with ARI symptoms (Togo: prevalence = 51.3%; chi-squared test’s p-value < 0.001). Exposure to high level of pollution constitutes a risk (AOR [95 CI]), even though it is not significant ( Ivory Coast: 1.29 [0.72–2.30], Senegal: 1.39 [0.94–2.05] and Togo: 1.15 [0.67–1.95]) and this could be explained by the high infectious etiology of the ARI.
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Kokou Adalessossi, Burcu Demirel Uktu. "Financing Difficulties of Small and Medium Enterprises (SMEs) in the West African Economic and Monetary Union (WAEMU) Area." China-USA Business Review 14, no. 2 (February 28, 2015). http://dx.doi.org/10.17265/1537-1514/2015.02.003.
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Kouakou, Paul-Alfred Kouakou. "Impact of local processing of agricultural raw materials on job creation in the West African Monetary and Economic Union." Agricultural and Resource Economics: International Scientific E-Journal 9, no. 3 (September 20, 2023). http://dx.doi.org/10.51599/are.2023.09.03.11.
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Purpose. This work evaluates the relationship between the processing of agricultural raw materials and the level of employment in the West African Monetary and Economic Union (WAEMU).
Methodology / approach. The Dynamic Common Correlated Effects (DCCE) estimation proposed by Chudik and Pesaran (2015) is used. The data for this study come from the World Bank and the International Labour Office and cover the Consumer Price Index, human capital, trade openness, foreign direct investment, and agricultural manufacturing industry for the period 1990–2019.
Results. The results show that agricultural manufacturing, human capital and foreign direct investment have positive influences on job creation in WAEMU countries in the long term, even if this impact remains small. On the other hand, trade openness and inflation lead to a decrease in employment level. Indeed, the specialization in the export of unprocessed agricultural raw materials with low benefit, the massive import of consumer goods and the delay in terms of global competitiveness in most of these countries justify such results. Therefore, in order to boost job creation, it would be expedient to accelerate the process of developing local industries and promote the production of consumer goods.
Originality / scientific novelty. Previous studies on local processing of agricultural raw materials have mainly focused on the production process and related constraints. However, very little work has been done on their effects on economic growth and job creation. This study fills this gap. It extends the existing literature on the causal relationship between local processing of agricultural raw materials and job creation. Finally, the Dynamic Common Correlated Effects estimator is used to address this issue.
Practical value / implications. The information generated will be useful to a number of organizations, including: research centers, universities, governments, governmental and non-governmental organizations, to better guide the development and implementation of policies and strategies for job creation and unemployment reduction. Finally, by knowing the existing relationship between local processing of agricultural raw materials and job creation, as well as the limitations of this raw material processing policy, the study provides the different ways to improve the capacity for job creation and unemployment reduction. Research on this issue is too important to inform policy makers on the structural transformation of their economies to achieve full economic growth and reduce the unemployment problem.
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Zhang, Juan, Kangning Xiong, Zhaojun Liu, Lixiang He, Ning Zhang, Xinyan Gu, and Dong Chen. "Exploring the synergy between Karst World Heritage site's OUV conservation and buffer zone’s tourism industry development: a case study of the Libo-Huanjiang Karst." Heritage Science 11, no. 1 (September 21, 2023). http://dx.doi.org/10.1186/s40494-023-01036-w.
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AbstractKarst World Heritage Site (KWHS) combines high-grade landscape resources and a fragile ecological environment. As an essential tool for heritage conservation and maintaining local interests, its buffer zone is primarily located in remote villages, a crucial and challenging area for rural revitalization. The conflict between heritage conservation and development is particularly acute at the site. How to deal with the relationship between the heritage site’s OUV conservation and the buffer zone's tourism industry development and realize the synergy between the two subsystems? Few studies have focused on it. There is an urgent need to explore the synergistic mechanism of the KWHS's OUV conservation and the buffer zone's tourism industry development. Accordingly, this study takes the Libo-Huanjiang KWHS, one of the 'South China Karst' series of heritage sites, as a case study. The coupling coordination degree model, gray correlation analysis (GCA), and Geographic Information System (GIS) spatial analysis are used. The results show that: (1) There is a synergistic effect between the Libo-Huanjiang KWHS's OUV conservation and its buffer zone's tourism industry development, showing a favorable trend. The mean value of the coupling coordination degree increased from 0.57 in 2015 to 0.63 in 2020, and the overall situation improved from barely coupling coordination state to primary coupling coordination. (2) Influenced by the main driving factors, such as NDVI, landscape dominance, government support for tourism development, tourists' satisfaction, and residents' support, the coupling coordination of the four tourist scenic areas in the study area differed slightly in 2015 and 2020. Yaoshan Ancient Village Scenic Area is the highest in both years, increasing from 0.69 to 0.81, followed by the Mengliu Buyi Scenic Area (0.59), Wanmu Meiyuan Scenic Area is relatively stable with a slight increase, and Lianshanwan Scenic Area (0.45) is the lowest. (3) The four dimensions of ecological resources, policy drivers, economy drivers, and social facilitators work together to create a synergistic mechanism between the KWHS's OUV conservation and the buffer zone's tourism industry development. Future research can promote synergy between the two by formulating a comprehensive plan, encouraging sustainable tourism, establishing a diversified tourism industry, strengthening heritage education and training, enhancing community participation, and reinforcing stakeholder cooperation.
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Djahini-Afawoubo, Dossè Mawussi, and Segnon T. Aguey. "Mandatory health insurance and health care utilization in Togo." BMC Health Services Research 22, no. 1 (December 14, 2022). http://dx.doi.org/10.1186/s12913-022-08942-y.
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Abstract Background Despite the implementation of a mandatory health insurance (MHI) scheme in Togo since 2011, its coverage rate remains low, resulting in a high out-of-pocket payment rate. More than 10 years after its implementation, there are few empirical studies investigating the extent to which Togo’s mandatory health insurance has improved beneficiaries’ access to health care. Examining how MHI and healthcare use in Togo are related is the goal of this study. Methods We use data from the Harmonized Survey on Living Conditions of Households (EHCVM), conducted in the member states of the West African Economic and Monetary Union (WAEMU) in 2018–2019 and covering 6,171 households in Togo. We employ multinomial logistic regression, given that the dependent variable is polytomous. Results The results reveal a high rate of non-utilization of healthcare professionals in the case of illness, even among individuals with MHI coverage. Furthermore, the findings show that the MHI increases the likelihood of seeing a specialist physician and other formal health care professionals when sick. The results also reveal that a household’s wealth is positively correlated with the likelihood of seeing formal health care professionals. Urban residents are statistically and significantly more likely than rural residents to see both a specialist physician and a general practitioner. The Grand Lomé region has a statistically and significantly higher likelihood of seeing a specialist physician than the Maritime region. Conclusion The results support the government’s plan to implement universal health insurance. The government should take action to raise the standard of treatment provided to insured patients in health care centers. Additionally, the government should consider waiving medical fees for low-income policyholders. When waiving medical costs for low-income policyholders, the Togolese government should focus on the regions with the worst economic conditions. These interventions should be essential to ensure that no one is left behind. The difference between urban and rural communities should be reduced through supply-side policies that focus on rural areas.