-run nor in the long-term and; (2) with the exception of financial size that impacts inflation in the EAMZ in the short …

that 44 percent of shocks are smoothed via foreign aid from France, and 5 percent via central bank contributions, while … reserves pooling provides no shock smoothing. For the WAEMU, I find that only 13 percent of shocks are smoothed through the … standard channels, while 63 percent are smoothed via foreign aid from France, 7 percent via central bank contributions, and no …

financial dynamics in inflation-chaotic African countries for the period 1987-2010. Design/methodology/approach - VARs within … significantly adjust inflation to the cointegration relations. With respect to the second-half (short-run view) of the hypothesis … business cycles, credit expansions and inflationary tendencies, inflation targeting and monetary policy independence …

support for the hypothesis that the BCEAO has contracted private sector credit in response to a higher inflation differential … with France. However, there seems to be no policy rule to restrict private sector credit in response to increasing …

variables, such as inflation, the output gap, its foreign exchange position and government borrowing. …