La dynamique d'ajustement des taux de change réels dans la zone franc CFA
AbstractThe aim of this paper is to analyse the adjustment process of real effective exchange rates towards their equilibrium level for the cfa zone countries over the period 1985-2007. Accordingly, we estimate a panel smooth transition error correction model in order to take into account non-linear phenomena. In particular, we show that the adjustment process of real effective exchange rates is indeed asymmetric while this asymmetry differs substantially between countries. This last result tends to show the difficulty to apply a single exchange rate policy in the cfa zone and rather calls for further coordination and policy harmonization between the countries of the zone. Classification JEL : C23, F31, O1
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 63 (2012)
Issue (Month): 3 ()
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Web page: http://www.cairn.info/revue-economique.htm
Find related papers by JEL classification:
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- F31 - International Economics - - International Finance - - - Foreign Exchange
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
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- Issiaka Coulibaly & Blaise Gnimassoun, 2012. "Optimality of a monetary union : New evidence from exchange rate misalignments in West Africa," EconomiX Working Papers 2012-37, University of Paris West - Nanterre la Défense, EconomiX.
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