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A Short-run Schumpeterian Trip to Embryonic African Monetary Zones

Simplice Asongu ()

Economics Bulletin, 2013, vol. 33, issue 1, 859-873

Abstract: With the spectre of the Euro crisis looming substantially large and scaring potential monetary unions, this study is a short-run trip to embryonic African monetary zones to assess the Schumpeterian thesis for positive spillovers of financial services on growth. Causality analysis is performed with seven financial development and three growth indicators in the proposed West African Monetary Zone (WAMZ) and East African Monetary Zone (EAMZ). The journey is promising for the EAMZ and lamentable for the WAMZ. Results of the EAMZ are broadly consistent with the traditional discretionary monetary policy arrangements while those of the WAMZ are in line with the non-traditional strand of regimes in which, policy instruments in the short-run cannot be used to offset adverse shocks to output. Policy implications are discussed.

Keywords: Finance; Growth; Africa (search for similar items in EconPapers)
JEL-codes: E5 O1 (search for similar items in EconPapers)
Date: 2013-03-27
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Working Paper: A Short-run Schumpeterian Trip to Embryonic African Monetary Zones (2012) Downloads
Working Paper: A Short-run Schumpeterian Trip to Embryonic African Monetary Zones (2012) Downloads
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