A Short-run Schumpeterian Trip to Embryonic African Monetary Zones
With the spectre of the Euro crisis looming substantially large and scaring potential monetary unions, this study is a short-run trip to embryonic African monetary zones to assess the Schumpeterian thesis for positive spillovers of financial services on growth. Causality analysis is performed with seven financial development and three growth indicators in the proposed West African Monetary Zone (WAMZ) and East African Monetary Zone (EAMZ). The journey is promising for the EAMZ and lamentable for the WAMZ. Results of the EAMZ are broadly consistent with the traditional discretionary monetary policy arrangements while those of the WAMZ are in line with the non-traditional strand of regimes in which, policy instruments in the short-run cannot be used to offset adverse shocks to output. Policy implications are discussed.
Volume (Year): 33 (2013)
Issue (Month): 1 ()
|Contact details of provider:|| |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Simplice A, Asongu, 2012.
"African Financial Development Dynamics: Big Time Convergence,"
36053, University Library of Munich, Germany.
- Asongu Simplice, 2012. "African Financial Development Dynamics: Big Time Convergence," Working Papers 12/003, African Governance and Development Institute..
- Tsangarides, Charalambos G. & Qureshi, Mahvash Saeed, 2008.
"Monetary Union Membership in West Africa: A Cluster Analysis,"
Elsevier, vol. 36(7), pages 1261-1279, July.
- Asongu Simplice, 2012.
"Are Proposed African Monetary Unions Optimal Currency Areas? Real, Monetary and Fiscal Policy Convergence Analysis,"
12/006, African Governance and Development Institute..
- Simplice A, Asongu, 2012. "Are Proposed African Monetary Unions Optimal Currency Areas? Real, Monetary and Fiscal Policy Convergence Analysis," MPRA Paper 41552, University Library of Munich, Germany.
- Buigut, Steven K. & Valev, Neven T., 2005.
"Is the proposed East African Monetary Union an optimal currency area? a structural vector autoregression analysis,"
Elsevier, vol. 33(12), pages 2119-2133, December.
- Steven K. Buigut & Neven Valev, 2004. "Is the Proposed East African Monetary Union an Optimal Currency Area? A Structural Vector Autoregression Analysis," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0407, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
- Asongu, Simplice A, 2013.
"REER Imbalances and Macroeconomic Adjustments in the Proposed West African Monetary Union,"
52211, University Library of Munich, Germany.
- Simplice Asongu, 2014. "REER Imbalances and Macroeconomic Adjustments in the Proposed West African Monetary Union," South African Journal of Economics, Economic Society of South Africa, vol. 82(2), pages 276-289, 06.
- Asongu Simplice, 2013. "REER Imbalances and Macroeconomic Adjustments in the Proposed West African Monetary Union," Working Papers 13/030, African Governance and Development Institute..
- King, Robert G. & Levine, Ross, 1993.
"Finance and growth : Schumpeter might be right,"
Policy Research Working Paper Series
1083, The World Bank.
- Simplice A, Asongu, 2011.
"Finance and growth: Schumpeter might be wrong in our era. New evidence from Meta-analysis,"
32559, University Library of Munich, Germany, revised 07 Feb 2013.
- Asongu Simplice, 2013. "Finance and growth: Schumpeter might be wrong in our era. New evidence from Meta-analysis," Working Papers 13/009, African Governance and Development Institute..
- Engle, Robert F & Granger, Clive W J, 1987.
"Co-integration and Error Correction: Representation, Estimation, and Testing,"
Econometric Society, vol. 55(2), pages 251-76, March.
- Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
- repec:ebl:ecbull:v:3:y:2004:i:33:p:1-9 is not listed on IDEAS
- Romer, Paul M, 1990.
"Endogenous Technological Change,"
Journal of Political Economy,
University of Chicago Press, vol. 98(5), pages S71-102, October.
- Simplice A. ASONGU, 2011.
"Why Do French Civil–Law Countries Have Higher Levels Of Financial Efficiency?,"
Journal of Advanced Research in Law and Economics,
ASERS Publishing, vol. 0(2), pages 94-108, December.
- Asongu Simplice, 2011. "Why do French civil-law countries have higher levels of financial efficiency?," Working Papers 11/011, African Governance and Development Institute..
- Simplice A., Simplice, 2011. "Why do French civil-law countries have higher levels of financial efficiency?," MPRA Paper 33950, University Library of Munich, Germany.
- Maddala, G S & Wu, Shaowen, 1999. " A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(0), pages 631-52, Special I.
- Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
- Xavier Debrun & Paul Masson & Catherine Pattillo, 2005.
"Monetary union in West Africa: who might gain, who might lose, and why?,"
Canadian Journal of Economics,
Canadian Economics Association, vol. 38(2), pages 454-481, May.
- Paul R. Masson & Xavier Debrun & Catherine A. Pattillo, 2002. "Monetary Union in West Africa: Who Might Gain, Who Might Lose, and Why?," IMF Working Papers 02/226, International Monetary Fund.
- Thomas Barnebeck Andersen & Finn Tarp, 2003. "Financial liberalization, financial development and economic growth in LDCs," Journal of International Development, John Wiley & Sons, Ltd., vol. 15(2), pages 189-209.
- Venus Khim-Sen Liew, 2004. "Which Lag Length Selection Criteria Should We Employ?," Economics Bulletin, AccessEcon, vol. 3(33), pages 1-9.
- Pasaran, M.H. & Im, K.S. & Shin, Y., 1995.
"Testing for Unit Roots in Heterogeneous Panels,"
Cambridge Working Papers in Economics
9526, Faculty of Economics, University of Cambridge.
- Starr, Martha A., 2005. "Does money matter in the CIS? Effects of monetary policy on output and prices," Journal of Comparative Economics, Elsevier, vol. 33(3), pages 441-461, September.
- Alagidede, Paul & Coleman, Simeon & Cuestas, Juan Carlos, 2012. "Inflationary shocks and common economic trends: Implications for West African monetary union membership," Journal of Policy Modeling, Elsevier, vol. 34(3), pages 460-475.
- E. Murat Ucer & C. John McDermott & Pierre-Richard AgÃ©nor, 1997.
"Fiscal Imbalances, Capital Inflows, and the Real Exchange Rate: The Case of Turkey,"
IMF Working Papers
97/1, International Monetary Fund.
- Agenor, Pierre-Richard & McDermott, C. John & Ucer, Murat, 1997. "Fiscal imbalances, capital inflows, and the real exchange rate: The case of Turkey," European Economic Review, Elsevier, vol. 41(3-5), pages 819-825, April.
- Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002.
"Unit root tests in panel data: asymptotic and finite-sample properties,"
Journal of Econometrics,
Elsevier, vol. 108(1), pages 1-24, May.
- Tom Doan, . "LEVINLIN: RATS procedure to perform Levin-Lin-Chu test for unit roots in panel data," Statistical Software Components RTS00242, Boston College Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:ebl:ecbull:eb-12-00772. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (John P. Conley)
If references are entirely missing, you can add them using this form.