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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Endogenous optimal currency areas: the case of the Central African Economic and Monetary Community
Author:Carmignani, FabrizioISNI
Periodical:Journal of African Economies (ISSN 0963-8024)
Geographic term:Central Africa
Subjects:business cycles
Communauté Économique et Monétaire de l'Afrique Centrale
External link:https://jae.oxfordjournals.org/content/19/1/25.full.pdf
Abstract:The Central African Economic and Monetary Community (CAEMC) has been a monetary union for several decades now. According to the hypothesis of endogenous optimal currency areas (OCAs), the degree of business cycle synchronization across its member states should be significantly higher today than forty years ago. This paper examines cycle synchronization along three different statistical dimensions and shows that synchronization has remained low throughout the period 1960-2007, but has marginally increased over time. These findings have important implications for the design of the economic integration process in Africa. A chronology of business cycles in CAEMC countries is provided. Bibliogr., notes, ref., sum. [Journal abstract]