L'article montre comment les modalités de la politique de change, dans sa double dimension (réglementation des opérations et taux de change), contribue à expliquer la forte dépréciation réelle de la monnaie. Il se fonde sur un modèle explicatif du taux de change réel qui intègre, à...

The transition of China towards a market economy was accompanied by a vast fiscal decentralisation movement. Econometric analysis of the determinants of budgetary and extra-budgetary expenditure of the provinces does not permit us to reject the hypothesis that the provinces observe a similar...

The purpose of this paper is to examine what kind of global measures may be efficiently implemented to help the developing countries to face price shocks, avoiding the past failures, which needs to take into account the long term trend of the markets. Firstly, we recall the nature of the...

This paper, relying on the results of several cross-sectionnal growth regressions, examines the factors determining the sustainability of policy reforms and growth in Africa. Five structural factors are considered as determinants of policy: 1) ethno-linguistic fragmentation, which influences...

This paper aims to assess the role of instabilities on Africa low rates of growth during the seventies and eighties, using cross-section econometric estimates, on a sample of African and non African countries and two pooled decades. Africa exhibits higher "primary" instabilities (climatic, terms...

We present here a survey of the monetary integration in West African Monetary Union. We underpin our analysis on the theory of optimal currency union as well as on empirical studies applied to West Africa. The economic benefits of the monetary integration are in one hand the development of...

This article provides a brief history of the institutions of the franc zone. It shows that although the exchange regime of the franc zone has been remarkably stable, its impact on African members countries has greatly evolved. Even if the franc zone is issued from the colonial period, it has...

.......

This paper considers the effects of a more or less trade and capital openness on the instability of the growth rate. Indicators of outward looking policies are estimated by eliminating the impact of structural factors through a standardization equation. Then indicators of growth instability are...