Le système informel de transferts de fonds et le mécanisme automatique du Currency Board: Complémentarité ou antagonisme ?

Moustapha Aman (), Nikolay Nenovsky () and Ismael Mahamoud ()
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Moustapha Aman: ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12

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Abstract: We propose an empirical study analyzing the link between monetary regime and informal monetary practices, both being within the framework of a country's monetary system, the Currency Board in Djibouti. The analytical and empirical results both from monetary accounting and from econometric simulations, particularly from different tests for cointégration between the balance of payments, reserve money and monetary informal transfers (hawalas) for the period 2002 - 2011, show that informal practices develop in line with the highly rigid monetary regime. The interaction of formal and informal sector provides a macro-monetary balance and stability, thereby perpetuates the regime of Curency Board.

Keywords: Currency Board; automatic mechanism; Hawalas; liquidity; balance of payments and money supply; "Currency-Board"; mécanisme automatique; "Hawalas"; liquidité; balance des paiements et offre de monnaie (search for similar items in EconPapers)
Date: 2014-06-25
New Economics Papers: this item is included in nep-afr
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