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Bilateral Trade and Business Cycles Synchronization: African Monetary Integration Perspective

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  • Jules-Armand Tapsoba

    (CERDI - Centre d'Études et de Recherches sur le Développement International - UdA - Université d'Auvergne - Clermont-Ferrand I - CNRS - Centre National de la Recherche Scientifique)

Abstract

The European Commission (1990) and Frankel and Rose (1997, 1998) pointed out that the traditional paradigm of Optimum Currency Areas is misleading because some consequences of monetary unions bring country-specific shocks closer together. Trade, for example, is not only a result of monetary union but it also increases business cycles synchronization. We test for the 53 African countries over the 1975-2004 period the hypothesis suggesting that monetary integration adds force to bilateral trade intensity which in turn, improves conditions for the practice of common monetary policy throughout business cycles synchronization. Our results support such argument and suggest some policy recommendations for African monetary integration.

Suggested Citation

  • Jules-Armand Tapsoba, 2007. "Bilateral Trade and Business Cycles Synchronization: African Monetary Integration Perspective," Post-Print hal-00171756, HAL.
    • Handle: RePEc:hal:journl:hal-00171756
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    Cited by:

    1. repec:ebl:ecbull:v:6:y:2008:i:40:p:1-14 is not listed on IDEAS
    2. Mignamissi, Dieudonné, 2020. "The CFA Franc effect on trade," MPRA Paper 99018, University Library of Munich, Germany.
    3. Sampawende Jules Tapsoba, 2011. "Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ?," CERDI Working papers halshs-00554309, HAL.
    4. Sampawende Jules TAPSOBA, 2009. "Union Monétaire en Afrique de l’Ouest: Quelles Réponses à l’Hétérogénéité des Chocs ?," Working Papers 200912, CERDI.
    5. Sampawende Jules Tapsoba, 2011. "Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ?," Working Papers halshs-00554309, HAL.
    6. Oyenyinka Sunday Omoshoro‐Jones & Lumengo Bonga‐Bonga, 2022. "Intra‐regional spillovers from Nigeria and South Africa to the rest of Africa: New evidence from a FAVAR model," The World Economy, Wiley Blackwell, vol. 45(1), pages 251-275, January.
    7. DomeNico Raguseo & Jan Sebo, 2008. "Optimum Currency Areas theory and the Slovak suitability for the euro adoption," Economics Bulletin, AccessEcon, vol. 6(40), pages 1-14.

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