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Politique monétaire et croissance économique en zone cemac [une évaluation empirique en données de panel]
[Monetary policy and economic growth in cemac zone [a panel data approach]]

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  • Fouda Ekobena, Simon Yannick

Abstract

The economic literature emphasizes the existence of a debate having milked with the impact of the monetary policy on the economic activity. At the beginning of the years 1990, the monetary policy of the countries of the CEMAC knew significant reforms which aimed at conferring to him of advantage of flexibility and effectiveness. This study attempts to determine the impact of the monetary policy on the economic growth in CEMAC region. In order to take account of individual and temporal specificities phenomena of growth, we use a panel model to estimate the equation of growth of the CEMAC region under the 1986-2006’s period. Generally, results show that the monetary policy centred on the role played by the nominal aggregates of money and credit negatively influences the economic growth in CEMAC region, which is against the assumption formulated at the beginning, one also notes that inflation has a negative effect on the economic growth. These results emphasize the need for maintaining a framework macroeconomic stable to profit from the positive externalities inherent in the impacts of the monetary policy as well as the concomitant installation of mechanisms of correction of the harmful effects coming from these policies.

Suggested Citation

  • Fouda Ekobena, Simon Yannick, 2012. "Politique monétaire et croissance économique en zone cemac [une évaluation empirique en données de panel]
    [Monetary policy and economic growth in cemac zone [a panel data approach]]
    ," MPRA Paper 40923, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:40923
    as

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    References listed on IDEAS

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    More about this item

    Keywords

    monetary policy; economic growth; inflation; panel data; externality; CEMAC;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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