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Cycle Du Credit Et Cycle Des Affaires Dans Les Pays De La Cemac

  • Pamphile MEZUI-MBENG
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    This article analyzes potential interactions between the cyclic fluctuations in credit and activity within CEMAC countries. Cycles are extracted using a pass-band filter, then characterized over the period 1960-2008 according to the Bry and Boshan algorithm. Co-movements and concordance analysis establish the procyclical character of credit in CEMAC countries. Cointegration and causality tests specify nature of interactions between the cycles in different 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, results reveal specificities in banks behavior towards financing of activity in the CEMAC area.

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    Paper provided by CEREFIGE (Centre Europeen de Recherche en Economie Financiere et Gestion des Entreprises), Universite de Lorraine in its series Cahiers du CEREFIGE with number 1202.

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    Length: 27pages
    Date of creation: 2012
    Date of revision: 2012
    Handle: RePEc:fie:wpaper:1202
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    Pôle Lorrain de Gestion, 13 rue Michel Ney, 54 000 Nancy

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