Monetary Union Membership in West Africa: A Cluster Analysis
Charalambos Tsangarides () and
World Development, 2008, vol. 36, issue 7, 1261-1279
Summary Applying hard and soft clustering algorithms to a set of variables suggested by the convergence criteria and the theory of optimal currency areas, this paper examines the suitability of countries in the west African region to form the proposed monetary unions, the West African Monetary Zone (WAMZ) and the Economic Community of West African States (ECOWAS). Our analysis reveals considerable dissimilarities in the economic characteristics of member countries, particularly WAMZ countries. Furthermore, when west and central African countries are considered together, we find significant heterogeneities within the CFA franc zone, and some interesting similarities between the central African and WAMZ countries.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (39) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: What is Fuzzy About Clustering in West Africa? (2006)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:wdevel:v:36:y:2008:i:7:p:1261-1279
Access Statistics for this article
World Development is currently edited by O. T. Coomes
More articles in World Development from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().