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Financial Integration and Business Cycle Synchronization in Sub-Saharan Africa

In: Uncertainty, Expectations and Asset Price Dynamics

Author

Listed:
  • Julien Acalin

    (Banque de France)

  • Bruno Cabrillac

    (Banque de France)

  • Gilles Dufrénot

    (Aix-Marseille School of Economics
    CEPII)

  • Luc Jacolin

    (Banque de France)

  • Samuel Diop

    (Banque de France)

Abstract

This contribution studies the relationship between financial integration and the correlation of business cycles in sub-Saharan African countries. We consider asymmetric dynamics during expansions and recessions and desynchronized fluctuations that capture the costs and benefits of financial integration. Our study suggests that the effect of financial integration is heterogeneous across groups of countries. In the CEMAC, we find a positive relationship between financial integration and business cycles, while for WAEMU and SADC, financial integration increases the dephasing of business cycles. Further, reserve pooling does not play a substantial role in smoothing idiosyncratic shocks.

Suggested Citation

  • Julien Acalin & Bruno Cabrillac & Gilles Dufrénot & Luc Jacolin & Samuel Diop, 2018. "Financial Integration and Business Cycle Synchronization in Sub-Saharan Africa," Dynamic Modeling and Econometrics in Economics and Finance, in: Fredj Jawadi (ed.), Uncertainty, Expectations and Asset Price Dynamics, pages 125-146, Springer.
    • Handle: RePEc:spr:dymchp:978-3-319-98714-9_6
    DOI: 10.1007/978-3-319-98714-9_6
    as

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