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Comouvements économiques dans les pays de la Zone CFA : Une analyse par le modèle factoriel dynamique généralisé

Author

Listed:
  • DIAGNE, Abdoulaye

    (Consortium pour la Recherche Economique et Sociale (CRES) - Université Cheikh Anta Diop, Dakar, Sénégal)

  • NIANG, Abdou-Aziz

    (LEG - CNRS UMR 5118 - Université de Bourgogne)

Abstract

The aim of this paper is to check whether the economic and monetary policies developed under the CFA area create co-movements of business cycles of member countries. Indeed, the synchronization of business cycles is a result which can help to appreciate the degree of regional integration. Using the generalized dynamic factor model by Forni et al. (2004), we analyzed the one hand the co-movements between countries of CFA area over the period 1980-2004 and on the other hand we also conducted an analysis for UEMOA and CEMAC areas over the same period. This enabled us also to examine the effectiveness of the economic and monetary integration policies which are specific to these two sub-regional entities and also to check determinants of co-movements in their business cycles.

Suggested Citation

  • DIAGNE, Abdoulaye & NIANG, Abdou-Aziz, 2008. "Comouvements économiques dans les pays de la Zone CFA : Une analyse par le modèle factoriel dynamique généralisé," LEG - Document de travail - Economie 2008-08, LEG, Laboratoire d'Economie et de Gestion, CNRS, Université de Bourgogne.
    • Handle: RePEc:lat:legeco:2008-08
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    References listed on IDEAS

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    1. Sandra Poncet & Jean Barthélemy, 2008. "Ampleur et déterminants des cycles d'activité en Chine," Economie & Prévision, La Documentation Française, vol. 0(4), pages 1-12.
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    Cited by:

    1. Gammadigbé, Vigninou, 2012. "Les cycles économiques des pays de l'UEMOA: synchrones ou déconnectés? [Business cycles in the WAEMU countries: synchronous or disconnected?]," MPRA Paper 39400, University Library of Munich, Germany, revised Jun 2012.
    2. Tchablemane Yenlide, 2020. "Possibilité d’une union monétaire dans la zone CEDEAO : Test de coordination des politiques budgétaires et monétaires," Working Papers hal-02560792, HAL.
    3. Gammadigbé, Vigninou, 2012. "Co-mouvement d'activité dans l'UEMOA: une approche par les corrélations dynamiques [Activity co-mouvement in WAEMU countries: an approach based on dynamic correlation]," MPRA Paper 42561, University Library of Munich, Germany.

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      More about this item

      Keywords

      regional integration ; Co-movement ; Dynamic Factor Model ; CFA area;
      All these keywords.

      JEL classification:

      • F02 - International Economics - - General - - - International Economic Order and Integration
      • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
      • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
      • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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