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Performance et convergence des politiques économiques en zone franc

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  • Patrick Plane
  • Nasser Ary Tanimoune

Abstract

[fre] Nasser Ary Tanimoune Patrick Plane Performance et convergence des politiques économiques en zone franc. L'objectif de cet article est de faire le point sur l'état de la convergence nominale dans l'Union économique et monétaire ouest-africaine (UEMOA). En 1999, les huit pays constitutifs de cette union ont fait vœu d'harmoniser leur politique budgétaire de manière à compléter la gestion commune de la monnaie en conformité avec les exigences de convertibilité du franc CFA. Ce processus de convergence, qui devait initialement aboutir en décembre 2003, à été reporté à fin 2005. L'analyse empirique a été menée en termes de sigma-convergence sur les huit critères que comporte le pacte, dont le solde budgétaire de base, critère clé. Les résultats mettent en évidence une évolution globalement favorable, mais insuffisante pour espérer l'entrée en phase de stabilité en janvier 2006. Le dispositif suscite des critiques internes sur la définition des objectifs et la vérifiabilité des résultats, mais également des critiques externes, sur l'engagement de réduction de la pauvreté et l'adéquation de l'UEMOA au concept de zone monétaire optimale. [eng] Economic Performance and Convergence Process Within the Franc Zone. The aim of this paper is to analyse the macroeconomic convergence process in the West African Economic and Monetary Union (WAEMU). The empirical study is related to the sigma- convergence analysis of the eight criteria which composed the WAEMU Pact of Convergence and Stability in particular the « basic » budget balance which represents the key criterion. In 1999, in accordance with the constraints of the convertibility regime of the CFA franc and the management of this common currency, the eight countries of this monetary union decided to harmonize their fiscal policy. This convergence process, which was initially supposed to be achieved in December 2003, has been deferred to the end of 2005. Our empirical results highlight an appreciable movement towards the commitment of the normative goals of the Pact. However, this institutional arrangement has recendy motivated some internal criticisms as regard to the adequacy of WAEMU with the concept ot the optimal currency area and the local poverty reduction strategy, which is not part of the fiscal package.

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File URL: http://dx.doi.org/10.3406/rfeco.2005.1569
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Bibliographic Info

Article provided by Programme National Persée in its journal Revue française d'économie.

Volume (Year): 20 (2005)
Issue (Month): 1 ()
Pages: 235-268

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Handle: RePEc:prs:rfreco:rfeco_0769-0479_2005_num_20_1_1569

Note: DOI:10.3406/rfeco.2005.1569
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/rfeco

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Cited by:
  1. Nasser Ary Tanimoune & Jean-Louis Combes & Rene Tapsoba, 2012. "Policy Mix Coherence: What Does it Mean for Monetary Policy in West Africa?," Working Papers halshs-00678712, HAL.
  2. Samuel Guerineau & Sylviane Guillaumont Jeanneney, 2011. "Can domestic debt contribute to the financing of the “Millennium Development Goals” ? The case of the West African Economic and Monetary Union (WAEMU)," Working Papers halshs-00557005, HAL.

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