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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The Road to Regional Integration in Africa: Macroeconomic Convergence and Performance in COMESA (Common Market for Eastern and Southern Africa)
Author:Carmignani, FabrizioISNI
Year:2006
Periodical:Journal of African Economies
Volume:15
Issue:2
Pages:212-250
Language:English
Geographic term:Southern Africa
Subjects:COMESA
economic integration
Inter-African Relations
Economics and Trade
External link:https://jae.oxfordjournals.org/content/15/2/212.full.pdf
Abstract:Comesa (Common Market for Eastern and Southern Africa) aims at establishing a currency union by 2025. To this end, a policy harmonization programme and a set of convergence criteria have been set up. A number of projects to foster trade, economic and financial integration have also been launched. Using time-series and panel econometrics, this paper provides evidence on different dimensions of the integration process: macroeconomic policy convergence, shocks symmetry, per capita income catching-up. Highlights are as follows. The monetary policy stance mildly converges across countries; fiscal stabilization is however still problematic in several member States. Trade integration is low, but for a bulk of countries in the region there is evidence that shocks are somewhat symmetric. There is instead little evidence that per capita incomes across countries are converging. In fact, some convergence to the bottom might be taking place among the poorest members. App., bibliogr., notes, ref., sum. [Journal abstract]
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