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The Impact of Monetary Union on Macroeconomic Integration: Evidence from West Africa

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  • Fielding, David
  • Shields, Kalvinder

Abstract

Data from 19 African nations is used to investigate the hypothesis that monetary union-represented in this case by the CFA Franc Zone-augments the extent of macroeconomic integration. The paper covers two key dimensions of integration: the volume of bilateral trade, and the magnitude of cross-country business cycle correlation. Restricting our attention to a part of the world in which (for historical reasons) monetary union membership is exogenous to economic characteristics, we can test whether the large single-currency effects claimed by A. Rose apply within a sample of less developed countries. Copyright (c) The London School of Economics and Political Science 2005.
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Suggested Citation

  • Fielding, David & Shields, Kalvinder, 2004. "The Impact of Monetary Union on Macroeconomic Integration: Evidence from West Africa," WIDER Working Paper Series 017, World Institute for Development Economic Research (UNU-WIDER).
  • Handle: RePEc:unu:wpaper:rp2004-17
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    Cited by:

    1. BIKAI, J. Landry & KENKOUO, Guy Albert, 2015. "Analysis and evaluation of the Monetary Policy Transmission Channels in the CEMAC: A SVAR and SPVAR Approaches," MPRA Paper 78227, University Library of Munich, Germany.
    2. Zhao, Xiaodan & Kim, Yoonbai, 2009. "Is the CFA Franc Zone an Optimum Currency Area?," World Development, Elsevier, vol. 37(12), pages 1877-1886, December.
    3. Mohamed Siry Bah, 2014. "Is there a stochastic convergence process in the West African economic and monetary union in presence of multiple structural breaks from 1960 to 2010?," Economics Bulletin, AccessEcon, vol. 34(3), pages 1917-1928.
    4. Omotor, Douglason G. & Niringiye, Aggrey, 2011. "Optimum Currency Area and Shock Asymmetry: A Dynamic Analysis of the West African Monetary Zone (WAMZ)," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 71-82, September.
    5. repec:ebl:ecbull:v:6:y:2007:i:25:p:1-15 is not listed on IDEAS

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    Keywords

    monetary union; Africa; trade; business cycles;

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