L'intégration monétaire avant l'intégration commerciale: le cas de l'Afrique de l'Ouest

Bertrand Laporte

No 199626, Working Papers from CERDI

Abstract: Regional integration schemes have experienced a big surge in the world over the past thirty years. Contrary to the usual process, UEMOA countries have led a "monetary agreement first, trade agreement after" strategy. These countries have the most important intra-regional trade in West Africa. Monetary agreement reduces real exchange rate instability and prevents rough and repeated monetary adjustments. The stabilisation of macro-economic environment is hence the main condition to the expansion of intra-regional trade. Trade agreement can then take place without creating regional desequilibrium. This paper uses a bilateral trade gravity model for west african countries to show that a "monetary agreement first, trade agreement after" strategy, could be a better way to achieve regional integration between developing countries.

Pages: 99
Date: 1996
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Published in Revue d'Economie du Développement, 1996, pages 95-114
Published in Revue d'Economie du Développement

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Persistent link: https://EconPapers.repec.org/RePEc:cdi:wpaper:29

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