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Monetary transmission in the West-African monetary union


  • P.M.J.O.K. Compernolle.


This report investigates monetary transmission in a monetary union of developing countries (West-African monetary union or Communauté Financière Africaine, CFA). This requires existing monetary transmission models to be adapted. Three econometric methods are applied to assess the impact of expected inflation, real exchange rate, money supply, and domestic credit on economic activity in five out of eight CFA-countries. Money supply and interest rate do not appear to affect GNP. This could have several reasons, like the dual financial system, with an informal, non-monetised share in the economy. Additionally, less developed financial markets and government influence on interest rates are important.

Suggested Citation

  • P.M.J.O.K. Compernolle., 1998. "Monetary transmission in the West-African monetary union," WO Research Memoranda (discontinued) 533, Netherlands Central Bank, Research Department.
  • Handle: RePEc:dnb:wormem:533

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    monetary union; West African monetary union; CFA; monetary transmission; developing countries.;

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development


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