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Trade creation and trade diversion in West African Monetary Zone (WAMZ)

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Author Info

  • Afees Salisu

    ()
    (University of Ibadan)

  • Idris Ademuyiwa

    ()
    (University of Ibadan)

Abstract

This paper estimates the trade effects of WAMZ between 2005 and 2010 using the gravity model. In addition, it also estimates the determinants of bilateral trade flows in WAMZ countries. The paper finds that WAMZ has been trade diverting although country specific analysis reveals that individual countries in the RTA do not necessarily exhibit similar trends as Nigeria and Gambia are export creating while Ghana and Guinea are export diverting. It also finds that economic size, geographical factors and political stability are significant determinants of WAMZ's bilateral trade. Therefore, regional policies in WAMZ should be more directed towards promoting initiatives that will enhance extra and intra-WAMZ trade by the appropriate authorities.

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File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I4-P294.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 32 (2012)
Issue (Month): 4 ()
Pages: 3071-3081

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Handle: RePEc:ebl:ecbull:eb-12-00405

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Related research

Keywords: Trade; ECOWAS; WAMZ; Gravity model;

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  1. Ghosh, Sucharita & Yamarik, Steven, 2004. "Are regional trading arrangements trade creating?: An application of extreme bounds analysis," Journal of International Economics, Elsevier, vol. 63(2), pages 369-395, July.
  2. Paul R. Masson & Xavier Debrun & Catherine A. Pattillo, 2002. "Monetary Union in West Africa: Who Might Gain, Who Might Lose, and Why?," IMF Working Papers 02/226, International Monetary Fund.
  3. Athukorala, Prema-chandra, 2012. "Asian trade flows: Trends, patterns and prospects," Japan and the World Economy, Elsevier, vol. 24(2), pages 150-162.
  4. Roberto Longo & Khalid Sekkat, 2004. "Economic obstacles to expanding intra-African trade," ULB Institutional Repository 2013/7358, ULB -- Universite Libre de Bruxelles.
  5. Carrere, Celine, 2006. "Revisiting the effects of regional trade agreements on trade flows with proper specification of the gravity model," European Economic Review, Elsevier, vol. 50(2), pages 223-247, February.
  6. Martínez-Zarzoso, Inmaculada & Felicitas, Nowak-Lehmann D. & Horsewood, Nicholas, 2009. "Are regional trading agreements beneficial?: Static and dynamic panel gravity models," The North American Journal of Economics and Finance, Elsevier, vol. 20(1), pages 46-65, March.
  7. Rashad Cassim, 2001. "The Determinants of Intra-Regional Trade in Southern Africa with Specific Reference to South Africa and the Rest of the Region," Working Papers 01051, University of Cape Town, Development Policy Research Unit.
  8. Jugurnath, Bhavish & Stewart, Mark & Brooks, Robert, 2007. "Asia/Pacific Regional Trade Agreements: An empirical study," Journal of Asian Economics, Elsevier, vol. 18(6), pages 974-987, December.
  9. Baier, Scott L. & Bergstrand, Jeffrey H., 2004. "Economic determinants of free trade agreements," Journal of International Economics, Elsevier, vol. 64(1), pages 29-63, October.
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