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Reformes Monétaires Et Croissance Économique En Zone Cemac
[Monetary Reforms And Economic Growth In Cemac Zone]


  • Mallaye, Douzounet


The aim of this study is to analyse the effects of monetary reform on economic growth in the CEMAC zone. Indeed, in 16th October 1990, the governments concerned liberalised the financial sector, softened their monetary policies, restructured the banks and adopted new prudential regulation within the context of structural adjustment plans recommended by the Bretton Wood institutions. In this way, we assess the impact of monetary liberalization policy on economic growth during the period 1990-2003. Using recent panel data regressions, the results exhibit a mitigated effect of the relation between the monetary liberalization policy and the economic growth a long run. Thus, one can imagine the possibility to implement the important conditions of the success of monetary reform.

Suggested Citation

  • Mallaye, Douzounet, 2009. "Reformes Monétaires Et Croissance Économique En Zone Cemac
    [Monetary Reforms And Economic Growth In Cemac Zone]
    ," MPRA Paper 19621, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:19621

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    References listed on IDEAS

    1. Roe, Alan R & Sowa, Nii K, 1997. "From Direct to Indirect Monetary Control in Sub-Saharan Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(1), pages 212-264, March.
    2. Andrew K. Rose, 2000. "One money, one market: the effect of common currencies on trade," Economic Policy, CEPR;CES;MSH, vol. 15(30), pages 7-46, April.
    3. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian, 2005. "Does financial liberalization spur growth?," Journal of Financial Economics, Elsevier, vol. 77(1), pages 3-55, July.
    4. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
    5. Savvides, Andreas, 1995. "Economic growth in Africa," World Development, Elsevier, vol. 23(3), pages 449-458, March.
    6. Jean-Claude Berthélemy & Jean-Paul Azam & Stéphane Calipel & Claude Jessua, 1996. "Risque politique et croissance en Afrique," Revue Économique, Programme National Persée, vol. 47(3), pages 819-829.
    7. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 407-437.
    8. William Poole, 2002. "Financial stability," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 1-8.
    9. Daniel L. Thornton, 2003. "How effective is monetary policy?," Monetary Trends, Federal Reserve Bank of St. Louis, issue Jan.
    10. Ali F. Darrat, 1984. "The Dominant Influence of Fiscal Actions in Developing Countries," Eastern Economic Journal, Eastern Economic Association, vol. 10(3), pages 271-284, Jul-Sep.
    11. Dallas S. Batten & R. W. Hafer, 1983. "The relative impact of monetary and fiscal actions on economic activity: a cross-country comparison," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 5-12.
    12. Jeremy Piger, 2003. "Pushing on a string," Monetary Trends, Federal Reserve Bank of St. Louis, issue Mar.
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    More about this item


    economic growth monetary reform monetary policy CEMAC panel data;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies


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