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Pertinence de la dévaluation du Franc CFA de janvier 1994 : une évaluation par le taux de change réel d'équilibre. Cas de l'économie camerounaise

Author

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  • Jamal Bouoiyour

    (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour)

  • Oscar Kuikeu

    (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour)

Abstract

A partir d'une estimation, du degré de distorsion du taux de change réel de l'économie camerounaise, sur la période 1980 – 2001 en données annuelles, nous jugerons de la pertinence de la décision du 11 janvier 1994, de dévaluer de 50% le Franc CFA (Fcfa) par rapport au Franc Français (FF). Nos résultats semblent confirmer l'idée aujourd'hui bien établie dans la littérature, d'un Fcfa globalement surévalué au cours de la période ayant précédée l'ajustement monétaire. In this paper, we estimate, over the period 1980 – 2001, in annual data, the size of distortion (misalignment), of Cameroon's real exchange rate. This, in the goal to judge relevance of the decision of January 11, 1994, to devaluate of 50% Franc CFA (Fcfa) compared to the French franc (FF). Our results seem to confirm the idea established well today in the literature, of Fcfa overall overvalued during the period having preceded the devaluation.

Suggested Citation

  • Jamal Bouoiyour & Oscar Kuikeu, 2012. "Pertinence de la dévaluation du Franc CFA de janvier 1994 : une évaluation par le taux de change réel d'équilibre. Cas de l'économie camerounaise," Working Papers hal-01880344, HAL.
    • Handle: RePEc:hal:wpaper:hal-01880344
    Note: View the original document on HAL open archive server: https://univ-pau.hal.science/hal-01880344
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    1. Kuikeu, Oscar, 2021. "A Bird eye from covid-19 crisis on the Relevance of the cfa franc devaluation of January 1994 and the honeymoon effect: an assessment with the equilibrium real exchange rate. Cases of Cameroonian and ," MPRA Paper 107719, University Library of Munich, Germany.
    2. Kuikeu, Oscar, 2011. "Arguments contre la zone franc [Against the cfa franc zone]," MPRA Paper 33710, University Library of Munich, Germany.
    3. Kuikeu, Oscar, 2021. "Pertinence de la dévaluation du franc cfa de Janvier 1994: une approche par le taux de change réel d’équilibre. Cas de l’économie camerounaise ― Nouveaux Résultats [Relevance of the cfa franc deval," MPRA Paper 106993, University Library of Munich, Germany.
    4. Kuikeu, Oscar, 2021. "Convergence économique : la place de la Région [Economic convergence: the Role of Region]," MPRA Paper 107389, University Library of Munich, Germany.
    5. Kuikeu, Oscar, 2021. "Le Change: Résultat des Compétitions continentales Africaines. Le cas du CHAN 2021 [Exchange rate: issue of continental African competition. The case of AFCON 2021]," MPRA Paper 107025, University Library of Munich, Germany.

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    More about this item

    Keywords

    Equilibrium real exchange rate; Fcfa; Cointegration structural break;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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