Impact du pacte de convergence, de stabilité et de croissance sur la convergence réelle dans l’UEMOA
[The impact of convergence, stability and growth pact on real convergence in the WAEMU]
The nominal convergence knows regular monitoring and a growing interest in the WAEMU countries. However, few studies have examined the real convergence of the WAEMU countries and in particular the contribution of the convergence, stability and growth pact (PCSC) to the dynamics of the real convergence. This paper aims to analyze the effect of this pact on the dynamics of real convergence. After examining the concept of sigma-convergence and convergence in distribution, we use the beta-convergence approach with panel data to control for differences in the technologies state of countries. After bias correction of endogeneity problem by using the system GMM method, the results suggest that the hypothesis of conditional convergence can not be rejected and that the pact adopted by WAEMU countries triple the real convergence speed of approximation of real per capita GDP of member countries of the WAEMU during the period 1997-2008. Thus the adoption of the PCSC has improved the standard of life for WEAMU member countries.
|Date of creation:||10 Jan 2010|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Frankel, Jeffrey & Rose, Andrew K., 2001.
"An Estimate of the Effect of Common Currencies on Trade and Income,"
Working Paper Series
rwp01-013, Harvard University, John F. Kennedy School of Government.
- Jeffrey Frankel & Andrew Rose, 2002. "An Estimate Of The Effect Of Common Currencies On Trade And Income," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 437-466, May.
- Robert J. Barro & Xavier Sala-i-Martin, 1990. "Economic Growth and Convergence across The United States," NBER Working Papers 3419, National Bureau of Economic Research, Inc.
- R Blundell & Steven Bond, .
"Initial conditions and moment restrictions in dynamic panel data model,"
W14&104., Economics Group, Nuffield College, University of Oxford.
- Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
- Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
- Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
- Woodford, Michael, 2001.
"Fiscal Requirements for Price Stability,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 33(3), pages 669-728, August.
- Barro, R.J., 1989.
"Economic Growth In A Cross Section Of Countries,"
RCER Working Papers
201, University of Rochester - Center for Economic Research (RCER).
- Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November.
- Bertola, G. & Drazen, A., 1991.
"Trigger Pointsand Budget Cuts ; Explaining the Effects of Fiscal Austerity,"
26-91, Tel Aviv.
- Bertola, Giuseppe & Drazen, Allan, 1993. "Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity," American Economic Review, American Economic Association, vol. 83(1), pages 11-26, March.
- Giuseppe Bertola & Allan Drazen, 1991. "Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity," NBER Working Papers 3844, National Bureau of Economic Research, Inc.
- Bertola, Giuseppe & Drazen, Allan, 1991. "Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity," CEPR Discussion Papers 599, C.E.P.R. Discussion Papers.
- Giavazzi, Francesco & Pagano, Marco, 1995.
"Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience,"
CEPR Discussion Papers
1284, C.E.P.R. Discussion Papers.
- Francesco Giavazzi & Marco Pagano, 1995. "Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience," NBER Working Papers 5332, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:24408. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.