Purpose - A major lesson of the EMU crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the CEMAC, UEMOA and CFA zones. Design/methodology/approach - In...

Part 1. Introduction -- Chapter 1. Introduction and Background: A historical perspective of the role of financial institutions in Africa’s development -- Part 2. Country Monetary Policy Issues -- Chapter 2. Monetary Policy and Price Stability in Ghana's Fourth Republic: Have the Dues Been...

This paper examines whether the BCEAO has made use of the various policy instruments at its disposal for steering credit in the individual CFA zone member countries to complement interest rate policy at the zone level. We estimate whether private sector credit has responded systematically to...

Purpose – A major lesson of the EMU crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the CEMAC, UEMOA and CFA zones.Design/methodology/approach –...

Commodity prices play an important role in economic developments in most of the 24 Western and Central African (WCA) countries covered in this paper. It is confirmed that in the light of rising commodity prices between 1999 and 2005, net oil exporters recorded strong growth rates while net...

This paper examines the causal relationship between financial openness and financial stability in the West African Economic and Monetary Union (WAEMU) from 1993 to 2011. We use two indicators of financial openness: the de jure financial openness and the de facto financial openness. We propose a...