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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Monetary Co-Operation and Economic Growth in Africa: Comparative Evidence from the CFA-Zone Countries
Authors:Assane, Djeto
Pourgerami, AbbasISNI
Year:1994
Periodical:Journal of Development Studies
Volume:30
Issue:2
Period:January
Pages:423-442
Language:English
Geographic term:Africa
Subjects:international monetary relations
franc zone
economic development
Inter-African Relations
Economics and Trade
External link:https://doi.org/10.1080/00220389408422322
Abstract:This paper compares the economic growth performance of ten African countries, all members of the CFA (Communauté financière africaine) monetary zone, with that of 23 nonzone sub-Saharan African countries, and investigates sources of growth in Africa during the past two decades. To do so, the authors conducted a descriptive statistical analysis of the main performance variables and estimated a cross-section and time-series empirical growth model. The descriptive results suggest that, overall, African economies have experienced similar growth trends, which are higher in the 1970s than in the 1980s. However, contrary to previous studies, disaggregated comparison of the CFA with other sub-Saharan African countries indicates that no significant growth differences exist between these economies. Moreover, the empirical findings suggest that monetary expansion and capital formation have positive impacts on output growth, whereas inflation and government spending show negative effects. In sum, although participating in a monetary union has not necessarily resulted in faster output growth, it has enabled the CFA countries to better control price fluctuations and monetary expansion. Bibliogr., notes, ref.
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