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Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ?

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  • Sampawende Jules 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

Since the independences, having a single currency is an official policy objective of West African countries. In April 2000, West African decisions-makers decided to accelerate the integration of the region by creating a second monetary zone in addition to the WAEMU (West African Economic and Monetary Union). On economic grounds, several academics argue that a monetary union in West Africa would be costly because of the predominance of asymmetric shocks. When shocks are divergent, a common monetary policy is inappropriate and ineffective. This conclusion is however static and does not include structural changes that happen after the creation of a monetary union. The launch of monetary union helps countries to cope with asymmetric shocks. This article proposes the analysis of mechanisms that a West African Monetary Union could develop in order to alleviate the costs of asymmetric shocks. The results suggest that a West African currency could be OCA (Optimal Currency Areas) compliant by the intensification of regional trade and the development of regional credit markets which facilitate the risk-sharing strategies.

Suggested Citation

  • Sampawende Jules Tapsoba, 2011. "Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ?," Working Papers halshs-00554309, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00554309
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    Cited by:

    1. Gammadigbé, Vigninou, 2012. "Les cycles économiques des pays de l'UEMOA: synchrones ou déconnectés? [Business cycles in the WAEMU countries: synchronous or disconnected?]," MPRA Paper 39400, University Library of Munich, Germany, revised Jun 2012.
    2. Gammadigbé, Vigninou, 2012. "Co-mouvement d'activité dans l'UEMOA: une approche par les corrélations dynamiques [Activity co-mouvement in WAEMU countries: an approach based on dynamic correlation]," MPRA Paper 42561, University Library of Munich, Germany.
    3. Coulibaly, Issiaka & Gnimassoun, Blaise, 2013. "Optimality of a monetary union: New evidence from exchange rate misalignments in West Africa," Economic Modelling, Elsevier, vol. 32(C), pages 463-482.
    4. Gammadigbé, Vigninou, 2013. "Endogénéité des critères d'une zone monétaire optimale: un réexamen [Endogeneity of the optimum currency area criteria: a re-examination]," MPRA Paper 46727, University Library of Munich, Germany.

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