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Mésalignements du franc CFA et influence de la monnaie ancre

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  • Blaise Gnimassoun

Abstract

[eng] Misalignments of the CFA Franc and Influence of the Anchor Currency. . The euro’s appreciation in the 2000s has revived the debate on the future of the CFA franc. In this paper, we study howthe economic fundamentals of the CFA zone interacted with the evolution of the anchor currency over the 1980-2009 period to form the CFA franc’s real effective exchange rate. We assess the respective impacts of fundamentals and euro trends on CFA franc misalignments and hence on the price competitiveness of the region and its constituent countries. Relying on recent panel cointegration methods, we identify three episodes in which the anchor currency and CFA-zone fundamentals have had relatively differing effects. [fre] L’appréciation de l’euro au cours de la décennie 2000 a ravivé le débat sur le devenir du franc CFA. Dans cet article, nous étudions comment les effets combinés des fondamentaux économiques de la zone CFA ont interagi avec l’évolution de la monnaie ancre sur la période 1980-2009 pour former le taux de change effectif réel du franc CFA. Nous étudions les rôles relatifs des uns et de l’autre dans les mésalignements du franc CFA et dans la compétitivité-prix de la zone et de ses pays constitutifs. Sur la base des techniques récentes de la cointégration en panel, nous identifions trois épisodes au cours desquels la monnaie ancre et les fondamentaux de la zone CFA ont joué des rôles plus ou moins importants.

Suggested Citation

  • Blaise Gnimassoun, 2012. "Mésalignements du franc CFA et influence de la monnaie ancre," Économie et Prévision, Programme National Persée, vol. 200(2), pages 91-119.
    • Handle: RePEc:prs:ecoprv:ecop_0249-4744_2012_num_200_2_8108
    DOI: 10.3406/ecop.2012.8108
    Note: DOI:10.3406/ecop.2012.8108
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    Cited by:

    1. 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.
    2. Zameelah Khan Jaffur & Boopen Seetanah & Noor-Ul-Hacq Sookia, 2020. "A cross-country analysis of the determinants of the real effective exchange rate in fifteen Sub-Saharan African countries," Economics Bulletin, AccessEcon, vol. 40(2), pages 1686-1697.

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