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Estimating the Effect of Common Currency on Trade in West African Monetary Zones: A Dynamic Panel-GMM Analysis

In: New Challenges in Banking and Finance

Author

Listed:
  • Cagay Coskuner

    (Eastern Mediterranean University)

  • Godwin Oluseye Olasehinde-Williams

    (Eastern Mediterranean University)

Abstract

The purpose of this study is to evaluate the effect of common currency on economic performance of ECOWAS member nations in terms of international trade patterns. To achieve this objective, we applied the Generalized Method of Moments (GMM) estimation technique to a dynamic panel gravity model of bilateral trade between ECOWAS countries. A dummy variable of common currency was introduced to determine if the ECOWAS member states that have already adopted a common currency (WAEMU) fare better than those that are yet to adopt a common currency (WAMZ). Results show that adoption of common currency by WAEMU states has led to better trade performance in comparison to WAMZ states. We conclude that there is a strong case for monetary integration in the ECOWAS sub-region.

Suggested Citation

  • Cagay Coskuner & Godwin Oluseye Olasehinde-Williams, 2017. "Estimating the Effect of Common Currency on Trade in West African Monetary Zones: A Dynamic Panel-GMM Analysis," Springer Proceedings in Business and Economics, in: NESRIN ÖZATAÇ & Korhan K. GÖKMENOGLU (ed.), New Challenges in Banking and Finance, pages 105-114, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-66872-7_9
    DOI: 10.1007/978-3-319-66872-7_9
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    Cited by:

    1. Godwin Olasehinde-Williams & Mehmet Balcilar, 2018. "Examining the Causal Relationship between Globalization and Insurance Activities in Large Emerging Market (LEM) Economies: Evidence from Bootstrap Panel Granger Causality," Working Papers 15-40, Eastern Mediterranean University, Department of Economics.
    2. Olasehinde-Williams, Godwin & Balcilar, Mehmet, 2020. "Examining the Effect of Globalization on Insurance Activities in Large Emerging Market Economies," Research in International Business and Finance, Elsevier, vol. 53(C).

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