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La dynamique d'ajustement des taux de change réels dans la zone franc CFA

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  • Cécile Couharde
  • Issiaka Coulibaly
  • Olivier Damette

Abstract

The 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 Info

Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 63 (2012)
Issue (Month): 3 ()
Pages: 545-555

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Handle: RePEc:cai:recosp:reco_633_0545

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Cited by:
  1. 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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