Impact du pacte de convergence, de stabilité et de croissance sur la convergence réelle dans l’UEMOA
[The impact of convergence, stability and growth pact on real convergence in the WAEMU]
AbstractThe nominal convergence knows regular monitoring and a growing interest in the WAEMU countries. However, few studies have examined the real convergence of the WAEMU countries and in particular the contribution of the convergence, stability and growth pact (PCSC) to the dynamics of the real convergence. This paper aims to analyze the effect of this pact on the dynamics of real convergence. After examining the concept of sigma-convergence and convergence in distribution, we use the beta-convergence approach with panel data to control for differences in the technologies state of countries. After bias correction of endogeneity problem by using the system GMM method, the results suggest that the hypothesis of conditional convergence can not be rejected and that the pact adopted by WAEMU countries triple the real convergence speed of approximation of real per capita GDP of member countries of the WAEMU during the period 1997-2008. Thus the adoption of the PCSC has improved the standard of life for WEAMU member countries.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24408.
Date of creation: 10 Jan 2010
Date of revision:
Pacte de convergence; de stabilité et de croissance; Convergence nominale ; Convergence réelle ; Différences de technologie ; Bêta-convergence ; Panel dynamique ; GMM.;
Find related papers by JEL classification:
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
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