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Business and credit cycles in CAMEU economies

Author

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  • MEZUI-MBENG , Pamphile

    () (Department of Economics, Omar Bongo University, Gabon)

Abstract

We analyze potential interactions between the cyclic fluctuations in credit and activity in five countries of the Central Africa Monetary and Economic Union (CAMEU) economies. Cycles are extracted by using a pass-band filter, and then characterized over the period 1960-2008 according to the Bry and Boshan algorithm. Co-movements and concordance analysis establish that credit is procyclical in the CAMEU economies. Cointegration and causality tests specify interactions between the both cycles within countries. Indeed, in Chad credit cycle causes activity cycle; in Gabon and Congo, a feedback effect is observed; in Cameroon and CAR causality seems less obvious. Finally, our results reveal specificities in banks behavior towards financing of activity in CAMEU area.

Suggested Citation

  • MEZUI-MBENG , Pamphile, 2013. "Business and credit cycles in CAMEU economies," European Economic Letters, European Economics Letters Group, vol. 2(1), pages 1-6.
  • Handle: RePEc:ris:eueclt:0006
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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

    Credit cycle; Business cycle; Pass-band filter; Co-movements; Concordance indices;

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications

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