IDEAS home Printed from
   My bibliography  Save this paper

Objectif de Stabilité des Prix et Croissance Economique en Zone CEMAC: Une Approche en Données de Panel
[Price Stability Objectives and Economic Growth: A Panel Data Econometrics Empirical Investigation for Selected CEMAC Countries]


  • NGUENA, Christian L.


The latest current of classic school has put emphasis on central bank credibility and therefore monetary policy credibility as factor of efficiency of the monetary policy in terms of realisation of final objective. That is how in CEMAC zone, we have seen monetary reforms which going implicitly in the direction of reinforcing independence and therefore central bank credibility in terms of the realisation of stability of price objective. In this zone, we note low growth rate merged with controllable inflation rate, sign of efficiency and credibility. This work is proposing to come out with the impact of the search for a greater credibility by the central bank of the sub-region on economic growth. The theoretical econometric model used is an endogenous growth model derives from Solow model. From this model, the utilization of panel’s econometric method to proceed for the estimation of growth equation has been adopted. This equation in which is added a simple index of monetary policy credibility previously constructed has been the basis of our empirical investment. The estimation in panel data based on World Bank and Central African State Bank data covering CEMAC zone and 1980 – 2008 periods leads to a contrary result with respect to the previous study hypothesis; According to that hypothesis monetary policy credibility may have a positive impact on economic growth. This leads to recommend a monetary policy geared towards the amelioration of CEMAC zone economic growth with the constraint of price stability.

Suggested Citation

  • NGUENA, Christian L., 2012. "Objectif de Stabilité des Prix et Croissance Economique en Zone CEMAC: Une Approche en Données de Panel
    [Price Stability Objectives and Economic Growth: A Panel Data Econometrics Empirical Investig
    ," MPRA Paper 49412, University Library of Munich, Germany, revised 09 Feb 2013.
  • Handle: RePEc:pra:mprapa:49412

    Download full text from publisher

    File URL:
    File Function: original version
    Download Restriction: no

    References listed on IDEAS

    1. Olivier Bruno & Patrick Musso, 2000. "Volatilité de l'inflation et croissance économique," Revue Économique, Programme National Persée, vol. 51(3), pages 693-701.
    2. Agenor, Pierre-Richard & Taylor, Mark P, 1993. "Analysing Credibility in High-Inflation Countries: A New Approach," Economic Journal, Royal Economic Society, vol. 103(417), pages 329-336, March.
    3. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    4. Pierre St-Amant & David Tessier, 2000. "Résultats empiriques multi-pays relatifs à l'impact des cibles d'inflation sur la crédibilité de la politique monétaire," Canadian Public Policy, University of Toronto Press, vol. 26(3), pages 295-310, September.
    5. Paul De Grauwe & Magdalena Polan, 2005. "Is Inflation Always and Everywhere a Monetary Phenomenon?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 107(2), pages 239-259, June.
    6. Easterly, William, 2005. "National Policies and Economic Growth: A Reappraisal," Handbook of Economic Growth,in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 15, pages 1015-1059 Elsevier.
    7. Andrés Gonzalez & Franz Hamann, 2011. "Lack of Credibility, Inflation Persistence and Disinflation in Colombia," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE, May.
    8. Mésonnier, J-S., 2004. "Le « paradoxe de la crédibilité » en question," Bulletin de la Banque de France, Banque de France, issue 122, pages 64-88.
    9. Eshag, E, 1971. "The Relative Efficacy of Monetary Policy in Selected Industrial and Less-developed Countries," Economic Journal, Royal Economic Society, vol. 81(322), pages 294-305, June.
    10. John B. Taylor, 1995. "The Monetary Transmission Mechanism: An Empirical Framework," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 11-26, Fall.
    11. Clark, Peter & Laxton, Douglas & Rose, David, 2001. "An Evaluation of Alternative Monetary Policy Rules in a Model with Capacity Constraints," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(1), pages 42-64, February.
    12. Blackburn, Keith & Christensen, Michael, 1989. "Monetary Policy and Policy Credibility: Theories and Evidence," Journal of Economic Literature, American Economic Association, vol. 27(1), pages 1-45, March.
    13. Jean-Baptiste Desquilbet & Patrick Villieu, 1998. "L'indépendance de la Banque centrale peut-elle être contreproductive ? Une illustration en économie ouverte," Revue Économique, Programme National Persée, vol. 49(6), pages 1415-1434.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Panel data econometrics; Price stability; Monetary Policy Credibility; Economic Growth.;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:49412. 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: (Joachim Winter). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.