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Le système informel de transferts de fonds et le mécanisme automatique du Currency Board : Complémentarité ou antagonisme ?

Author

Listed:
  • Moustapha Aman

    (ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

  • Nikolay Nenovsky

    (CRIISEA - Centre de Recherche sur les Institutions, l'Industrie et les Systèmes Économiques d'Amiens - UR UPJV 3908 - UPJV - Université de Picardie Jules Verne, LEO - Laboratoire d'Économie d'Orleans [UMR7322] - UO - Université d'Orléans - UT - Université de Tours - CNRS - Centre National de la Recherche Scientifique)

  • Ismeal Mahamoud

    (CRUD - Centre de Recherches de l'Université de Djibouti - Université de Djibouti)

Abstract

We propose an empirical study analyzing the link between monetary regime and informal monetary practices, both being within the framework of a country's monetary system, the Currency Board in Djibouti. The analytical and empirical results both from monetary accounting and from econometric simulations, particularly from different tests for cointégration between the balance of payments, reserve money and monetary informal transfers (hawalas) for the period 2002 - 2011, show that informal practices develop in line with the highly rigid monetary regime. The interaction of formal and informal sector provides a macro-monetary balance and stability, thereby perpetuates the regime of Curency Board.

Suggested Citation

  • Moustapha Aman & Nikolay Nenovsky & Ismeal Mahamoud, 2014. "Le système informel de transferts de fonds et le mécanisme automatique du Currency Board : Complémentarité ou antagonisme ?," Working Papers halshs-01012133, HAL.
    • Handle: RePEc:hal:wpaper:halshs-01012133
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01012133
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    References listed on IDEAS

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    1. Nenovsky Nikolay & Hristov Kalin & Mihaylov Mihail, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 11(4), pages 1-44, December.
    2. Mahamoud, Ismael, 2008. "Contraintes institutionnelles et règlementaires et le secteur informel à Djibouti [Institutional and regulatory constraints and the informal sector in Djibouti]," MPRA Paper 48886, University Library of Munich, Germany.
    3. Steve Hanke, 2002. "On dollarization and currency boards: Error and deception," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(4), pages 203-222.
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