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L’intégration de l’UEMOA est-elle pro-croissance ?

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  • Blaise Gnimassoun

Abstract

Economists are divided on the effect of exchange rate regimes on economic growth. In this article we study the particular case of the West African Economic and Monetary Union (WAEMU), which is one of the oldest monetary unions in the world whose creation dates back to 1962. The objective is to study the impact of this integration on the economic growth of the region. To this end, we propose an empirical model of economic growth specific to the zone. We also address the problem of simultaneity bias between integration and growth relying on a gravity-based IV strategy. Our econometric results show that although West African regional integration has been one of the most successful in Africa, it has not led to significant economic growth in the Union. We propose a massive investment plan in the community transport infrastructure, which is essential to strengthen integration and its impact on the growth of the area. Classification JEL : F15, F45, O47

Suggested Citation

  • Blaise Gnimassoun, 2019. "L’intégration de l’UEMOA est-elle pro-croissance ?," Revue d'économie politique, Dalloz, vol. 129(3), pages 355-390.
    • Handle: RePEc:cai:repdal:redp_293_0355
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    Keywords

    regional integration; monetary union; empirical growth model;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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