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Responses of African economies to the international economic shocks: an empirical study

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  • Assoumou-Ella , Giscard

    () (Laboratoire d’Economie Appliquée au Développement (LEAD), Université du Sud Toulon-Var, Toulon, France)

Abstract

The objective of this paper is to verify the assumption of decoupling or re-coupling African economic condition and international economic shocks. This assumption is tested in 15 African countries using a SVAR model for the period 1970-2007 and the results suggest that there is re-coupling. In fact, 12 countries are exposed to OEDC GDP per capita shocks, six to Federal funds effective rate shocks and five to World price of oil shocks. Furthermore, we investigate the viability of the creation of an economic and monetary union and a unified currency among African countries by comparing the reaction of African economies to those international shocks. The impulse response functions of these economies after an international income, monetary or price shocks tend to be more or less similar. According to this indicator, we are optimistic for the possibility and the viability of this project.

Suggested Citation

  • Assoumou-Ella , Giscard, 2012. "Responses of African economies to the international economic shocks: an empirical study," European Economic Letters, European Economics Letters Group, vol. 1(1), pages 46-51.
  • Handle: RePEc:ris:eueclt:0005
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    File URL: http://eelet.org.uk/EEL1(1)46-51.pdf
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    Cited by:

    1. Asongu, Simplice A., 2014. "A note on the long-run neutrality of monetary policy: new empirics," European Economic Letters, European Economics Letters Group, vol. 3(1), pages 1-6.

    More about this item

    Keywords

    African economies; International economic shocks; SVAR model;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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