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Convergence budgétaire en Afrique: quel rôle pour les communautés économiques régionales ?

Gammadigbe Vigninou (), Ismaël Issifou, Daouda Sembene and Sampawende Tapsoba

Revue d’économie du développement, 2018, vol. 26, issue 3, 5-31

Abstract: The literature on Optimal Currency Areas (OCA) has identified several channels for the ex post justification of the synchronicity criterion of common monetary areas. These include trade, cross-border investments, mobility of factors, mobility of goods and services, and fiscal convergence of member countries. We focus on the later for the African continent. We analyze the role of African regional economic communities (RECs) in the convergence of fiscal policies from 1990 to 2015. Our estimates show that African RECs reduce significantly fiscal divergence between countries. We further find that common monetary areas are more effective in fostering fiscal convergence. This result is in line with the argument of self-validation of monetary arrangements in Africa, despite low levels of cycle synchronization and trade intensity. Codes JEL?: E62, F15, F15, O55.

Keywords: fiscal convergence; common monetary areas; Africa (search for similar items in EconPapers)
JEL-codes: E62 F15 O55 (search for similar items in EconPapers)
Date: 2018
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