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L'intégration monétaire avant l'intégration commerciale : le cas de l'Afrique de l'Ouest

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  • Bertrand LAPORTE

    (Centre d'Etudes et de Recherches sur le Développement International(CERDI))

Abstract

Regional integration schemes have experienced a big surge in the world over the past thirty years. Contrary to the usual process, UEMOA countries have led a "monetary agreement first, trade agreement after" strategy. These countries have the most important intra-regional trade in West Africa. Monetary agreement reduces real exchange rate instability and prevents rough and repeated monetary adjustments. The stabilisation of macro-economic environment is hence the main condition to the expansion of intra-regional trade. Trade agreement can then take place without creating regional desequilibrium. This paper uses a bilateral trade gravity model for west african countries to show that a "monetary agreement first, trade agreement after" strategy, could be a better way to achieve regional integration between developing countries.

Suggested Citation

  • Bertrand LAPORTE, 1996. "L'intégration monétaire avant l'intégration commerciale : le cas de l'Afrique de l'Ouest," Working Papers 199626, CERDI.
    • Handle: RePEc:cdi:wpaper:29
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    Cited by:

    1. Céline CARRERE, 2003. "African Regional Agreements: Their Impact on Trade With or Without Currency Unions," Working Papers 200311, CERDI.

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