Economic growth and monetary union in sub-Saharan Africa: new evidence on the effects of CFA-zone membership

Mamadou Wane, Paul Burkett and Robert Guell

Applied Economics Letters, 1996, vol. 3, issue 12, 769-773

Abstract: Estimation of a structural economic growth equation using data for 26 sub-Saharan African countries over the years 1974-92 reveals positive growth effects of membership in the French African Community (CFA) zone stemming from an enhanced productivity of investment. However, these effects appear to be limited to the pre-1980 period, despite the CFA's superior inflation performance relative to non-CFA countries thereafter. The results also support the importance of distinguishing between expected and unexpected inflation in analysing the growth effects of inflation and of CFA membership.

Date: 1996
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DOI: 10.1080/135048596355565

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