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- handle: 10670/1.cy59i9
- hal: hal-01985975
- doi: 10.1007/s11079-017-9456-x
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info:eu-repo/semantics/altIdentifier/doi/10.1007/s11079-017-9456-x
Mots-clés
Inflation Common factor models Spatial dependence Franc-zone C - Mathematical and Quantitative Methods/C.C2 - Single Equation Models • Single Variables/C.C2.C21 - Cross-Sectional Models • Spatial Models • Treatment Effect Models • Quantile Regressions E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • Deflation E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E32 - Business Fluctuations • Cycles E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary Policy F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F42 - International Policy Coordination and TransmissionSujets proches
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Eric Girardin et al., « Inflation Dynamics of Franc-Zone Countries Determinants, Co-movements and Spatial Interactions », HAL-SHS : économie et finance, ID : 10.1007/s11079-017-9456-x
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Résumé
This paper shows the uneven role played in the inflation dynamics of African franc zone countries by their integration in a regional monetary union. We obtain three main results sharply contrasting the central- (CEMAC) and west-African (WAEMU) regions. First, differences in the structure of economies and national fiscal stances play a similar role in both unions and appear as potential sources of inflation differentials. Second, even though co-movements are the principal drivers of inflation dynamics in both subregions, global factors dominate regional ones in WAEMU while both play an equal role in CEMAC. Thirdly, spatial interactions are unimportant in CEMAC due to little intra-zone trade, but take an asymmetric form in WAEMU due to the large size of Ivory Coast and Senegal.