Effect of the Money Mass on the Macroeconomic Performance of the PAZF: Experience of CEMAC Countries

Ulrich Vianney Elisée Kaguendo
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Ulrich Vianney Elisée Kaguendo: Dschang School of Economics And Management in the University of Dschang Researcher-Assistant at the Laboratoire de Recherche en Economie Fondamentale et Appliquée (LAREFA)

International Journal of Research and Innovation in Social Science, 2020, vol. 4, issue 10, 139-151

Abstract: This study aims to analyze the effect of monetary mass on the macroeconomic performance in the countries of the Economic and Monetary Community of the States of Central Africa over the period from 1991 to 2016. We propose an econometric panel model applied to data from secondary sources in the 6 countries of the CEMAC “World development Indicator†area (WDI, 2017). First, we perform the preliminary tests (unit root tests, homogeneity test) and estimate the parameters of the model by the Generalized Method of Moment (GMM) in a system. Specifically, four results major emerge from our work. First, the rate of growth of the money mass has a statistically significant impact on the rate of economic growth in the sub region. Second, the growth of money mass has a significantly positive influence on the level of inflation in CEMAC countries. Third, money mass has a positive effect on employment. Fourth, domestic investment is the engine of economic growth for countries in the sub region. So monetary policy is not neutral in the CEMAC zone.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:bcp:journl:v:4:y:2020:i:10:p:139-151

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