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La dynamique d'ajustement des taux de change réels dans la zone franc CFA

Author

Listed:
  • Cécile Couharde
  • Issiaka Coulibaly
  • Olivier Damette

Abstract

The aim of this paper is to analyse the adjustment process of real effective exchange rates towards their equilibrium level for the cfa zone countries over the period 1985-2007. Accordingly, we estimate a panel smooth transition error correction model in order to take into account non-linear phenomena. In particular, we show that the adjustment process of real effective exchange rates is indeed asymmetric while this asymmetry differs substantially between countries. This last result tends to show the difficulty to apply a single exchange rate policy in the cfa zone and rather calls for further coordination and policy harmonization between the countries of the zone. Classification JEL : C23, F31, O1

Suggested Citation

  • Cécile Couharde & Issiaka Coulibaly & Olivier Damette, 2012. "La dynamique d'ajustement des taux de change réels dans la zone franc CFA," Revue économique, Presses de Sciences-Po, vol. 63(3), pages 545-555.
    • Handle: RePEc:cai:recosp:reco_633_0545
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    Cited by:

    1. Drama Bedi Guy Herve, 2017. "Estimation of the Impact of Monetary Policy on Economic Growth: The Case of Cote d Ivoire in Line with SVAR Methodology," Applied Economics and Finance, Redfame publishing, vol. 4(4), pages 66-83, July.
    2. Issiaka Coulibaly, 2014. "Competitiveness and growth within the CFA franc zone: Does the switch to the Euro matter?," International Economics, CEPII research center, issue 139, pages 1-18.
    3. Amir H. Mozayani & Sanaz Parvizi, 2016. "Exchange Rate Misalignment in Oil Exporting Countries (OPEC): Focusing on Iran," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 20(2), pages 261-276, Spring.
    4. Emmanuelle Quillérou & Laure Zakrewski & Katim Touré & Gabriel Sarr & Halimatou Sadyane Ba & Katia Frangoudes & Talla Gueye & Samba Sow & Moussa Sall & Diaminatou Sanogo, 2019. "Investir dans la gestion durable des terres au Sénégal pour atténuer les conflits d’usage. Synthèse des quatre cas d’étude ELD au Sénégal : Forêt classée de Pata (Kolda), Kamb (Louga), Mbar Diop (Thiè," Working Papers hal-02418418, HAL.
    5. BIKAI, J. Landry & OWOUNDI F., Ferdinand, 2016. "Does the choice of an exchange rate regime limits exchange rate misalignments? The example of sub-Saharan African countries," MPRA Paper 89110, University Library of Munich, Germany.
    6. Issiaka Coulibaly, 2013. "Competitiveness and growth within the CFA franc zone: does the switch to the euro matter?," Erudite Working Paper 2013-04, Erudite.
    7. Coulibaly, Issiaka & Gnimassoun, Blaise, 2013. "Optimality of a monetary union: New evidence from exchange rate misalignments in West Africa," Economic Modelling, Elsevier, vol. 32(C), pages 463-482.
    8. Souleymane Ndao & Nikolay Nenovsky & Kiril Tochkov, 2019. "Does monetary integration lead to income convergence in Africa? a study of the CFA monetary area," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 18(2), pages 67-85, June.

    More about this item

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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