Journal articles: 'CEMAC region'

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Che, kingsley Chenikwi, and Adamu Bebie Yungho. "Evaluating the Risk Elements for Supply Chain Vulnerability within the CEMEC Region." International Journal of Novel Research in Humanity and Social Sciences 11, no. 5 (2024): 18–25. https://doi.org/10.5281/zenodo.13969397.

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Abstract: In the past few years, supply chains have become more complex due to new developments in technology and an increase in complexities. This has exposed them to more risks and vulnerabilities. These complexities affect the CEMAC region intensely because they do not have what it takes to properly deal with these risks or reduce the chances of the risk occurring. Even If they do, the resources are limited and more needs to be done. The evaluation is done by looking at recent trends in supply chain vulnerability within the region. Findings show that, the major type of risks and vulnerabilities faced by the CEMAC region are associated with poverty, lack of infrastructure, limited resources and political instability. The study concluded that, supply chain risks faced by the CEMAC region greatly affect their economy and relationships with other countries and that unless there is a united effort to resolve these issues and promote supply chain resilience, they will always be lacking and suffer the consequences that come with the occurrence of these risks. Keywords: Supply chain; risks; vulnerability; CEMAC region. Title: Evaluating the Risk Elements for Supply Chain Vulnerability within the CEMEC Region Author: Che kingsley Chenikwi, Yungho Adamu Bebie International Journal of Novel Research in Humanity and Social Sciences ISSN 2394-9694 Vol. 11, Issue 5, September 2024 - October 2024 Page No: 18-25 Novelty Journals Website: www.noveltyjournals.com Published Date: 22-October-2024 DOI: https://doi.org/10.5281/zenodo.13969397 Paper Download Link (Source) https://www.noveltyjournals.com/upload/paper/Evaluating%20the%20Risk%20Elements-22102024-3.pdf

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Iossifov, Plamen, Misa Takebe, Zaijin Zhan, Noriaki Kinoshita, and Robert C. York. "Improving Surveillance Across the Cemac Region." IMF Working Papers 09, no. 260 (2009): 1. http://dx.doi.org/10.5089/9781451942026.001.

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Poplawski-Ribeiro, Marcos, Darlena Tartari, and Carlos Caceres. "Inflation Dynamics in the CEMAC Region." IMF Working Papers 11, no. 232 (2011): 1. http://dx.doi.org/10.5089/9781463921965.001.

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Caceres, C., M. Poplawski-Ribeiro, and D. Tartari. "Inflation Dynamics in the CEMAC Region." Journal of African Economies 22, no. 2 (2012): 239–75. http://dx.doi.org/10.1093/jae/ejs035.

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Etah, Ivo Ewane, Ibrahim Ngouhouo, and Daniel Akume Akume. "Foreign direct investment and structural transformation in the CEMAC sub-region." Journal of Tertiary and Industrial Sciences (JTIS) 4, no. 1 (2024): 45–63. https://doi.org/10.5281/zenodo.10657631.

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This article examines the effects of foreign direct investment (FDI) on structural transformation using panel data from 6 Countries in CEMAC sub region. It employs the Pooled Mean Group estimation technique, which is appropriate for drawing conclusions from dynamic heterogeneous panels by considering long-run equilibrium relation covering the period from 1985-2018.  Structural transformation is bundled by many indicators but due to lack of data, in our analysis we will use export sophistication index and Export upgrading. From results, FDI has positive and a significant effect on export sophistication and export upgrading in CEMAC sub region. Beside, absorptive capacity items of both human and physical capital are prerequisites for CEMAC to benefit from FDI technological deepening, especially when we want to capture the spill over effect of FDI in terms of structural transformation. Therefore, special consideration should be given to FDI motivated by manufacturing exports, as well as policies that boost absorption capacity and enable labour mobility in CEMAC sub region. Keywords: export sophistication index, foreign direct investment, structural transformation, Pooled Mean Group, CEMAC

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Porcayo-Albino, A., M. Djepang-Kouamo, and J. Sibe. "Long-run relationship between interest rate spread and unemployment in the cemac region: a panel data analysis." Mexican journal of technology and engineering 1, no. 1 (2022): 35–45. http://dx.doi.org/10.61767/mjte.001.1.3545.

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This paper examines the long-run relationship between interest rate spread and unemployment in the CEMAC region. The data used to carry out this study goes from 1960 to 2013 and are secondary data from the world development indicator database. We use the panel data analysis to carry out this study, our variables of interest turn out to be I (1) and after successfully performing the Johansen cointegration test, we applied the Error Correction Model (ECM) to estimate our parameters. We reached two major conclusions. First, there is cointegration between interest rate spread and unemployment in the CEMAC Region. Second, when considering countries individually, there is such a cointegration relationship for all member countries but Cameroon. Our results also portray that variations of the interest rate spread in the CEMAC region could account for 35 % of variations in total unemployment. An increase in the interest rate spread in the short and long run drives positively and significantly the level of total unemployment in the CEMAC region. Therefore, we proposed some policies measures such as reducing the interest rate spread to encourage investors to take more risks, create more jobs and drive down total unemployment. We also proposed to the government authorities of the CEMAC region to quit the CFA currency zone and join a flexible exchange rate system, so they could have more leverage to control monetary policies.

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Akuhfa, Harriette, and Samuel Penda Akama. "Extradition within the CEMAC Sub Region Prospects and Perspectives." International Journal of Trend in Scientific Research and Development 3, no. 6 (2019): 566–75. https://doi.org/10.5281/zenodo.3588720.

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International co operation in criminal matters amongst states in the Central African Economic and Monetary Community CEMAC is a reality. However, this co operation is increasingly being threatened by weaknesses that fraught the existing extradition legal framework. Criminal offenders often misuse the lack of extradition treaties with other states to decide which state to flee to after committing crimes. The very nature of crime has been evolving, and the failure to bring fugitives to justice represents an acute problem to the party which has been wronged. However, there is no general rule of international law that requires a state to surrender fugitive offenders. This school of thought led to the development of the principle of non extradition of nationals fully practices within CEMAC. It is the right of a state to refuse the extradition of its own nationals. This creates a major challenge to law enforcement officials, for it is an opportunity for transnational criminals to find safe havens. Such a practice in a sub region experiencing the emergence of new crimes like terrorism, endemic corruption, money laundering and the financing of terrorism, weakens law enforcement given that it makes effective prosecution impossible. Also, an increase in the mobility of suspects has resulted in a greater enthusiasm of states to use cooperation to enforce their domestic criminal law. It is on this premise that this paper intends to examine how states within the CEMAC Sub region use extradition as a tool to combat transnational organised crime. The problems they encounter and probable solutions. Akuhfa Harriette | Akama Samuel Penda "Extradition within the CEMAC Sub Region: Prospects and Perspectives" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29191.pdf

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International Monetary Fund. "The Cyclicality of Fiscal Policies in the CEMAC Region." IMF Working Papers 11, no. 205 (2011): 1. http://dx.doi.org/10.5089/9781463902162.001.

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Andrew Wujung, Vukenkeng. "Effects of Property Rights on Entrepreneurship Development in the CEMAC Sub-Region." Journal of Management and Entrepreneurship Research 4, no. 1 (2023): 55–69. http://dx.doi.org/10.34001/jmer.2023.6.04.1-38.

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Objective: This article sought to investigate the effects of property rights on entrepreneurship development in the CEMAC Sub- region. Research Design & Methods: Data for this study was collected from the World Governance Indicators (WGI) for the six indicators of governance and World Bank data for entrepreneurship development and control variables. Pooled Ordinary Least Squares estimation technique was used to estimate the parameters of the model. Findings: The findings from the data analysis revealed that there was a negative and significant effect of democracy (captured by voice and accountability index) on entrepreneurship development in CEMAC. In accordance with theoretical expectation, results from data analysis further revealed that there was a positive and significant effect of government effectiveness on entrepreneurship development in the sub region. Results from the pooled OLS estimation showed that there was a negative and significant effect of control of corruption on entrepreneurship development in CEMAC. Contribution & Value Added: The fourth indicator of institutional quality used in this work is political stability. Thus, an improvement of public services by reducing bureaucratic bottlenecks, improvement in the fight against corruption and increasing the level of investments could enhance entrepreneurship development in the sub-region.

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Mpele, Esther Kipoh, and Oumarou Bobbo. "Financial Inclusion in the Economic and Monetary Community of Central Africa: Analysis of its Effects on the Standard of Living." South Asian Journal of Social Studies and Economics 21, no. 12 (2024): 254–65. https://doi.org/10.9734/sajsse/2024/v21i12934.

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Aims: This study aims to examines the effects of financial inclusion on living standards as measured by per capita income and consumption in CEMAC countries. According to World Bank (2022) financial inclusion rate capted by the possession of mobile money for example is passed to 12% at 21%. We see an augmentation but the rate remains low. Location and Duration: The paper uses a sample of 6 CEMAC countries from different sources for the period 2004-2017 to carry out the analysis. Methodology: Using Generalized Method of Moments (GMM), we identify the causal relationship between financial inclusion and living standards, showing that the latter has a positive and significant effect on per capita income and consumption in the CEMAC region. To consolidate these findings, we subject our results to a robustness test using the generalized equation estimation (GEE) method, which confirms the beneficial effect of financial inclusion on living standards in the CEMAC zone. Results: These results highlight the importance of implementing incentive policies aimed at reducing barriers to access to banking services, in order to enable low-income individuals to benefit from these services and thus improve their quality of life. In addition, inclusion of the policy implications of the results, including requirements for governance reforms and improved banking access could further strengthen the relationship between financial inclusion and standards living. Conclusion: We conducted a robustness test using the Generalised Equation Estimation (GEE) method, and the results obtained confirm the positive impact of financial inclusion on the standard of living in the region. CEMAC. However, despite this rather satisfactory result, it should be noted that financial inclusion in the sub-region remains low compared to West African countries.

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Mbotiji, Fidelis, Saidou Baba Oumar, and Bime Mary Juliet Egwu. "Agricultural Value Added and Economic Development in the CEMAC Zone." Law and Economy 2, no. 9 (2023): 1–9. http://dx.doi.org/10.56397/le.2023.09.01.

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Sustained economic growth and development is an important economic policy objective to all economies in the world. It is even more important for countries of the CEMAC sub-region whose development index remains very low. Sustained economic growth is therefore the surest means to fight against poverty and move the economies of CEMAC member countries towards emergence. Using data from 1990 to 2020, this study examines the effect of agricultural value added on economic development within the CEMAC economies. Data was scrutinized for stationarity using the Levin Lin Chu (LLC). Furthermore, the panel fixed effect, Random effect and the generalised least square techniques were used to examine the effect of agricultural value added on economic development of economies within the CEMAC zone. The result shows that, agricultural value added has a positive effect on economic development, implying that there is a direct and significant relationship between agricultural value added and economic development. Precisely, indicating that the further a country within the CEMAC subregion enhances agronomic transformation, the better it levels of economic development. Policy recommendation are equally discussed.

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Fuh, George Kum. "Enigma of Sub-Regional Integration in Africa: The Case of the Economic and Monetary Community of Central Africa (CEMAC), 1994-2020." Studia Universitatis Babeș-Bolyai Studia Europaea 69, no. 1 (2024): 143–60. http://dx.doi.org/10.24193/subbeuropaea.2024.1.07.

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This chapter examines the enigma of Sub-regional economic integration in the Communauté Economique et Monétaire de l’Afrique Central (CEMAC) zone. The sub-regional integration idea was born out of the need for a united Africa during the immediate independence period, to be achieved through a gradual, but steady process. Although instituted in 1994, CEMAC was a re-make of the Economic and Customs Union of Central Africa (UDEAC) created in 1964. CEMAC was established, to promote sub-regional integration among central African states that shared a common legal tender, the CFA franc, through the promotion of trade, a genuine common market and greater solidarity. Albeit recording some inroads, CEMAC lagged behind its objectives, due to tardiness and overall poor implementation of policies, limited technical capacity, divergent attitudes of member states towards integration and absence of sanctions against states that disrespect community norms. The chapter sustains that such diverse political, economic, and socio-cultural impediments could only be halted through a joint approach, for remedial renewal by all stakeholders for a truly integrated economic CEMAC sub-region. This investigation shall be based on secondary and primary data, interpreted qualitatively and presented thematically. Keywords: Enigma, Economic integration, CEMAC, Sub-regionalism, Africa.

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Ewane, Enongene Betrand. "Good governance and poverty alleviation in the cemac sub-region: A fixed effect model with driscoll-kraay standard errors technique." Asian Journal of Empirical Research 13, no. 2 (2023): 41–50. http://dx.doi.org/10.55493/5004.v13i2.4831.

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Good governance is paramount for the government of each country to reduce poverty and achieve their growth objectives. However, due to corruption, political instability, and government ineffectivesness, the quality of governance indicators has fail in most countries expecially those in the Central African Economic and Monetary Community (CEMAC). Thus, the objective of this study was to examine the effect of good governance on poverty reduction in the CEMAC sub-region using World Bank data from 1996 to 2021. Due to multicollinearity and parsimonious model, four governance indicators were examine in the study; voice and accountability (vacc), government effectiveness, corruption, and political stability while household consumption expenditure (HCE) was use as a measure of poverty allevation. The study face the problem of cross-sectional dependence and heteroscedasticity. Hence, it employs the fixed effect model with Driscoll-Kraay standard errors regression. The results indicate that vacc and government effectiveness have a positive and significant impact on poverty reduction while corruption and political stability have a negative effect. This indicates that good governance is vital in reducing poverty and boosting the livelihood of the population in CEMAC sub region. The study recommends that CEMAC member countries should step up the quality of their governance indicators such as eradication of corruption, effectiveness in governance, and adopts results based financing.

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Sindze, Paul, Phouthakannha Nantharath, and Eungoo Kang. "FDI and Economic Growth in the Central African Economic and Monetary Community (CEMAC) Countries: An Analysis of Seven Economic Indicators." International Journal of Financial Research 12, no. 1 (2020): 1. http://dx.doi.org/10.5430/ijfr.v12n1p1.

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Foreign Direct Investment (FDI) can help create jobs, reduce unemployment, improve world-class technology transfer, and grow countries’ economies. During the past 10 years, FDI net inflows to the Central African Economic and Monetary Community (CEMAC) has highly fluctuated and remained below to the total amount reached in 2010. The focus of this research was to statistically analyze the mean difference for FDI net inflows, GDP per capita, natural resource rents, inflation rate, corruption index, trade openness index, rule of law index, and political stability index received in each CEMACs country. Paired t-test methodology was used to conduct the analysis. Data were collected from the World Bank Group database from 2007 to 2017. This research revealed that FDI net inflows decreased by an average of two billion dollars in CEMAC when conducting a mean-to-mean analysis from the recession period to the recovery period. The findings showed that FDI net inflows inversely affected the GDP per capita in Congo and Gabon. FDI net inflows may have contributed to the improvement of the GDP per capita in countries such as Cameroon, Chad, Central Africa Republic, and Equatorial Guinea. Researcher recommendation for continued study is a qualitative research using the same variables through the same periods in addition to year 2018. Improvement of economic policies, regulations and laws, as well as the digitalization of public funds management are also recommended to boost economic development and growth in the CEMAC region.

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Foabeh, Peter Ajonghakoh, and Vesarach Aumeboonsuke. "Resilience of Developing Economies to External Shocks: Empirical Evidence from CEMAC Countries." International Journal of Innovation and Business Strategy (IJIBS) 19, no. 2 (2024): 1–36. https://doi.org/10.11113/ijibs.v19.154.

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This study explores the effects of the 1994 CFA currency depreciation, the 2008 Global Financial Crisis (GFC), and instances of political coups on the relationships between FDI inflow, economic growth, and governance in the Central African Economic and Monetary Community (CEMAC) countries. By examining the impact of these events on FDI, growth, and governance, this paper provides important details of CEMAC economies in response to external shocks and internal political disruptions. We employ a panel VAR analysis with data from 1990 to 2019 to explore the dynamic relationships among these variables. The results show that growth and governance are not determining factors for attracting FDI in the CEMAC sub-region. Governance, on the other hand, stands as a determining factor for growth. Our findings also suggest that the 1994 CFA currency depreciation, 2008 GFC, and coups had no significantly impact on FDI inflows, growth, and governance in CEMAC countries. Although the effects of these events may expose the vulnerability of these countries to external shocks, influencing the dynamics of FDI, economic growth, and governance, their impact did not seem to be evident. However, political instability, evidenced by coups, emerges as a crucial factor shaping the interactions between FDI, economic growth, and governance in the region. Our analysis was conducted using the EViews software package.

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Oliva, Maria-Angels. "Trade Restrictiveness in the CEMAC Region. the Case of Congo." IMF Working Papers 08, no. 15 (2008): 1. http://dx.doi.org/10.5089/9781451868777.001.

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Dongsheng, Cai, Ernest Zoa Ndifor, Alex-Oke Temidayo Olayinka, et al. "An EnergyPlan analysis of electricity decarbonization in the CEMAC region." Energy Strategy Reviews 56 (November 2024): 101548. http://dx.doi.org/10.1016/j.esr.2024.101548.

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Kelese, Mark Tata, Johannes Tabi Atemnkeng, and Godfrey Fogha Njimanted. "Food Insecurity and Health Status in the CEMAC Sub-Region." International Journal of Economics and Management Studies 11, no. 8 (2024): 23–33. http://dx.doi.org/10.14445/23939125/ijems-v11i8p104.

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Assoumou-Ella, Giscard. "Forecasting CEMAC’s foreign exchange reserves in presence of unanticipated changes in oil prices: an interrupted time series modelling." Journal of Central Banking Theory and Practice 8, no. 2 (2019): 65–83. http://dx.doi.org/10.2478/jcbtp-2019-0014.

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Abstract The foreign exchange reserves of the Central African Economic and Monetary Community (CEMAC) countries have decreased since the fall of world oil price that began in July 2014. In fact, five of the six of the CEMAC countries are oil producers. Based on interrupted time series modeling, the analysis shows that the unanticipated changes in oil prices immediately led to a decline in the level of their foreign exchange reserves. The trend is also decreasing. The model predicts a continued degradation of these reserves if oil prices remain low. In these conditions, the CEMAC could experience a currency crisis if economic policies implemented in this region do not lead to a return of economic growth.

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NGONO, Jean Francky Landry, and Danielle Sonia KAMGUIA PONE. "Profitability and bank risk-taking in CEMAC." Journal of Academic Finance 12, no. 1 (2021): 2–11. http://dx.doi.org/10.59051/joaf.v12i1.339.

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Results: It appears that economic profitability, as well as liquidity and gross domestic product, significantly reduces the bank risk-taking in the CEMAC while inflation and high equity encourage it. Originality/Relevance: To expand the empirical literature on the effects of profitability on the taking of banks in the CEMAC. Studies of this kind within the sub-region being quite rare Theoretical/methodological contributions: Mobilize different theoretical concepts in order to provide a corpus of the effects of profitability on banks' risk-taking. Social/management contributions: This study provides private and public decision-makers with a toolbox to deal with banks’risk-taking, the consequences of which can be harmful for society as a whole.

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Tchouassi, Gérard. "Do Economic Reforms Spur Bancarisation Rate in the CEMAC Region? Empirical Analysis." International Journal of Economics and Finance 8, no. 4 (2016): 123. http://dx.doi.org/10.5539/ijef.v8n4p123.

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The aim of this paper is to empirically analyze the effect of the economic reforms on the bancarisation rate in the Central Africa Economic and Monetary Community (CEMAC). Data of six countries from the sub-region from 2001 to 2011 was used in a generalized method of moment (GMM) modeling framework. The following results are obtained: Financial liberalization has facilitated the opening of bank accounts. The opening of bank accounts demand is an increasing function of Gross Domestic Product per capita. The literacy rate contributes to the improvement of financial and banking services. Public and private infrastructures promote decentralization and delocalization of the banking network to smaller cities and rural areas. Institutional reforms work best for increasing the bancarisation rate where financial and banking activities are weak. So, the economic policy to be implemented is to continue the economic and financial reforms and ameliorate the quality of the institutions in the CEMAC region.

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AVOM, Désiré, Patrick-Nelson Daniel ESSIANE, and Francis MEYIMBENE. "Sectoral Effects of Monetary Policy in CEMAC: Evidence from Bank-level Data." Asian Journal of Economics, Business and Accounting 25, no. 4 (2025): 532–57. https://doi.org/10.9734/ajeba/2025/v25i41770.

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Understanding monetary policy tranmission is crucial for macroeconomic analysis, as policy actions can significantly affect interest rates, credit, output and employment by shaping aggregate demand. While standard approaches typically focus on aggregate outcomes, they may overlook important sector-level variations, especially in regions characterized by credit market imperfections and diverse economic structures. In this paper, we investigate the asymmetric impact of monetary policy on the sectoral allocation of bank credit within the Economic and Monetary Community of Central African States (CEMAC), a region where oil dependency and a fixed exchange rate regime add unique policy transmission challenges. Using a Bayesian Structural Vector Autoregression (BSVAR) on bank level monthly data from 2010 to 2019, we show that adjustments in interest rates and liquidity injections produce heterogeneous credit allocation effects across nine key sectors. Our findings highlight asymmetric impact of monetary policy on sectoral allocation of banks credit in CEMAC. Moreover, manufacturing, a capital-intensive sector, is most responsive to liquidity-driven interventions, while agriculture and services exhibit comparatively lower sensitivity. Moreover, liquidity injections consistently exert stronger sectoral influences than interest rate changes, although their magnitude and duration vary markedly. These results persist even when controlling for macroeconomic, institutional and bank sector level factors. From a policy perspective, the pronounced sectoral asymmetries question the efficacy of uniform measures across a region with diverse structural characteristics. By illustrating the disaggregated dynamics of monetary policy shocks, this study questions the market neutrality posture of the Central bank in CEMAC.

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Honoré, Tékam Oumbé. "The Effects of Capital Market Development and Foreign Direct Investment on the Entrepreneurial Process and Economic Growth." Research in Applied Economics 10, no. 4 (2018): 40. http://dx.doi.org/10.5296/rae.v10i4.14077.

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This article seeks to study the effects of the development of the capital market and foreign direct investment (FDI) in the entrepreneurial process and economic growth. The technical methods used in this study are the panel-based dynamic estimation method of the Generalized Method of Moments (GMM) and the Calderon-Rossell model, in order to assess the relative impact of the development of capital markets on the entrepreneurial process in the CEMAC zone. The results show that capital market and capitalization initiatives can lead to an entrepreneurial process and economic growth in the CEMAC region. In addition, the incidence of corruption, the rule of law and the quality of the regulatory framework are identified as the most important institutional frameworks that determine the attractiveness of CEMAC countries to the inflow of FDI.

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Ngouhouo, Ibrahim Nji, and Samuel Honoré Ntavoua. "Transmission Channels of Public Investments Effects on Economic Growth: Case of the CEMAC Sub-region." Mediterranean Journal of Social Sciences 9, no. 4 (2018): 43–52. http://dx.doi.org/10.2478/mjss-2018-0113.

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Abstract The main objective of this research is to locate channels through which public investment can be forwarded in order to impact economic growth in the CEMAC sub-region. To achieve this goal, a dynamic generalized method of moments (GMM) and the two-stage least squares (TSLS) methods have been applied. Data to test our two hypotheses were collected from various sources. The results have shown that there effectively exist significant direct and indirect effects of public investment on economic growth. We also discovered that export and employment are being considered as the last shackles of the chain. To that effect, it is recommended to the CEMAC authorities to grant more interest to these variables during the elaboration of public investment policies.

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Jean, Robert Mounkala. "Determinants of the Attractiveness of Private Capital in the Central African Economic and Monetary Community (CEMAC)." Journal of Economics, Finance And Management Studies 6, no. 06 (2023): 2422–33. https://doi.org/10.5281/zenodo.7997484.

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The objective of this paper is to identify the factors of attractiveness of private capital flow (foreign direct investment and portfolio investment) in CEMAC over the period 2005-2019. To do so, we used the generalized moment model (two-step system and the static CGM model). Our main results show that the selected variables have positive and negative impacts on capital inflows into CEMAC. This implies improving the business climate, easing administrative procedures, and encouraging and facilitating the creation of businesses in order to make the sub region more attractive.

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Remy, Zolo Eyea Alain. "Macroeconomic Risk Diversification and Sectoral Structure Evolution: An Adaptation of the Portfolio Model in CEMAC." International Journal of Economic Policy 5, no. 3 (2025): 12–28. https://doi.org/10.47941/ijecop.2782.

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Purpose: This study adapt the traditional portfolio model to evaluate the capacity of CEMAC countries to diversify macroeconomic risks. Methodology: The study used a quantitative approach to analyse sectoral structures from 1995 to 2009. Drawing inspiration from Markowitz’s portfolio theory by establishing an analogy between the evolution of a country’s GDP and that of a financial asset. Findings: According to the findings a low level of economic diversification was observed in CEMAC countries, except for Cameroon, which recorded significant gains. At a collective level, CEMAC failed to lay the foundation for diversified economies. The risk-return performance of the countries remains limited, demonstrating an inability to significantly reduce economic volatility. Unique contribution to the theory, practice and policy: Theoretically, they should innovate application of portfolio theory to the economic domain to assess sectoral and regional diversification. It is important to identify structural and sectoral weaknesses in CEMAC countries to guide policymakers in formulating strategies to foster economic diversification. Highlighting the collective role of the region in improving macroeconomic resilience. Practically, we should develop an analytical tool providing a better understanding of regional economic performance and the levers necessary to optimize diversification.

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Oumarou, Bobbo. "Effects of Military Spending on Inclusive Growth in Central African Countries." International Journal of Innovative Science and Research Technology (IJISRT) 9, no. 12 (2024): 203–9. https://doi.org/10.5281/zenodo.14505579.

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This study aims to examine the effects of military spending on inclusive growth in central african countries. The paper uses a sample of 6 CEMAC countries from different sources (WDI and WGI databases) for the period 1990-2022 to carry out the analysis. Using the instrumental variables (IV) method, we establish the causal link between military spending and inclusive growth, demonstrating that the latter exerts a negative and significant effect on inclusive growth in the CEMAC region. To consolidate these findings, we subjected our results to a robustness test using the GMM estimation method, thus confirming the negative effect of military spending on inclusive growth in the CEMAC zone. In view of these findings, Central African countries need to improve the quality of their  institutions. Based on these findings, a few non- exhaustive policy suggestions can be made to promote  inclusive growth in Africa.

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Peter Angyie, Dr Etoh-Anzah, and Mr Badjo Ngongue Martial Annicet. "The Impact of Investment Climate on Industrial growth in the Central African sub-region (CEMAC)." International Journal of Scientific Research and Management 8, no. 01 (2020): 1500–1516. http://dx.doi.org/10.18535/ijsrm/v8i01.em03.

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The study on the Impact of Investment Climate on Industrial growth in the Central African sub-region (CEMAC) is centered on investigating into how macroeconomic stability, rule of law, political stability, legal and tax framework, infrastructure, and access to financial services will impact on industrial growth in the CEMAC region. It used data from World Development Indicators and World Governance Indicators database of the World Bank for 2002 to 2017 for all 6 countries of the sub region. Using the system-generalized method of moments (System-GMM) model and the fixed effects generalized least squares estimation techniques, our results on the average revealed that investment climate positively though not significantly, impact on the industrial growth in the sub region during the study period. However, up to about 45.5 per cent of the variables used for investment climate showed a negative impact on the industrial growth of the sub region. We therefore recommend that bureaucracy, government effectiveness, the type of government expenditure under taken, trade openness and value accountability be revisited and appropriate measures taken to permit for important improvements in industrial growth in the sub region.

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Dobdinga, Cletus Fonchamnyo. "The export-diversifying effect of foreign direct investment in the CEMAC Region." Journal of Economics and International Finance 7, no. 7 (2015): 157–66. http://dx.doi.org/10.5897/jeif2015.0678.

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Liwoh, Nongoh Gilbert, Epo Ngah Boniface, and Mary Bi Suh Atanga. "The effect of monetary policy on the balance of payments vulnerability in the CEMAC zone." International Journal of Publication and Social Studies 9, no. 1 (2024): 28–39. http://dx.doi.org/10.55493/5050.v9i1.5115.

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The main objective of this study was to examine the effects of monetary policy on the vulnerability of balance of payments in the CEMAC zone. Data for this study was obtained from the World Development Indicators (WDI) and World Governance Indicators (WGI) databases which are World Bank databases and also from IMF country reports spanning from 1996 to 2020. The ARIMA model used to generate the balance of payments vulnerability while the Panel Tobit model was used to estimate the model. The results revealed that monetary policy has a negative and significant effect on balance of payments vulnerability in the CEMAC zone. This finding was consistent with the results of the correlated panels corrected standard errors (PCSES) regression model for robustness which also revealed that monetary policy has a negative and significant effect on the balance of payments vulnerability in the CEMAC zone. It was recommended that the monetary authority should make policies that would give viable balance of payments for the CEMAC countries, such as increasing the country’s international competitiveness; that is, investing on projects that are productive in order to increase productivity. Secondly, we also recommended that more efforts be put in order abandon the Franc de la Communauté Financière Africaine (Franc CFA) and move to a currency that will provide the region with some level of autonomy in the financial sector.

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Ngono, Jean Francky Landry. "L’assurance vie : un atout pour lutter contre la pauvreté monétaire des travailleurs dans la CEMAC." Assurances et gestion des risques 87, no. 3-4 (2021): 267–90. http://dx.doi.org/10.7202/1076123ar.

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The objective of this study is to determine the effect of life insurance on the monetary poverty of workers in the CEMAC. To do this, data from the World Bank (2019), the United Nations Program (UNDP, 2018) and the Global Financial Development Database (2019) justified a study period which goes from 2007 to 2017. The estimation of the model used in this work was done, using least squares with indicator variables then corrected for problems of heteroskedasticity and autocorrelation of error terms by panel corrected standard error (PCSE) and the least squares achievable (FGLS), then by the generalized moments method. As a result, it first appears that life insurance can significantly reduce the percentage of working poor in CEMAC. And secondly, it appears that education is an important lever to combat the precariousness of workers in this sub-region. Finally, the results show that political stability and an increase in the growth rate of the gross domestic product (GDP) per capita also reduce the percentage of working poor in the CEMAC.

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Che, Fein Vetran. "The Legal Framework for the Safe Transportation of Dangerous Goods in CEMAC." Studies in Law and Justice 4, no. 1 (2025): 19–25. https://doi.org/10.56397/slj.2025.02.02.

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Transportation of dangerous goods over the years has experienced a remarkable increase across the globe and in particular the CEMAC countries have witness an exponential increase in the quantity and volume of dangerous goods movement within the sub-region. This remarkable increase in the transportation of these has been attributed more, solely to its prominence and relevance in our daily lives. However, it must be underscored that, while these goods play a pivotal role in ensuring a smooth functioning of the society, the dangers and risks that it poses to human life, property and the environment cannot be treated with levity, at the same time preventing their used might be considered as an act of extinguishing the human race because of its relevance in our contemporary world. In perspective like other regional and sub-regional blocks in the world, members of the CEMAC sub-region have in a bid to safeguard human lives, property and the environment, ratify and adopted several laws intended to regulate the safe and effective transportation of these across the zone. In essence, this work essentially focuses on examining the legal instruments adopted by the block members to regulate the safe transportation of dangerous across the sub-region.

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Ransom, Akale Akule, Elle Messomo Serge, and C. Fonchamnyo Dobdinga. "Financial Technology and Integration in the CEMAC Region: Insights from Recent Data and Policy Implications." Journal of Tertiary and Industrial Sciences (JTIS) 4, no. 4 (2024): 1–18. https://doi.org/10.5281/zenodo.14219516.

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This study aims to investigate the impact of financial technology on financial integration within the CEMAC zone, utilizing a comprehensive panel dataset from 2000 to 2022. The data encompasses various financial technology indicators, including mobile subscriptions, internet subscriptions, ATM usage, and central bank assets, as well as macroeconomic variables such as bank regulatory capital and GDP per capita. Employing both random effects and panel-corrected standard errors (PCSEs) regression models, the analysis reveals that financial technology significantly enhances financial integration, with mobile and internet subscriptions showing positive and substantial effects. Conversely, ATM subscriptions were found to have a negligible impact, while higher regulatory capital requirements were associated with reduced financial integration. The study also highlighted the positive role of central bank assets relative to GDP in promoting financial integration. Based on these findings, the study recommends that banks invest in blockchain technology for cross-border payments, participate in regional initiatives to standardize technological frameworks, and integrate technology strategies into their financial integration plans. Regular evaluation of technological investments is also advised to ensure they effectively meet financial integration objectives and enhance overall performance. Keywords: Financial Technology, Financial Integration, CEMAC Zone, Panel Data Analysis, PCSEs

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Kouam, Henri. "Financial stability and liquidity risks in the banking sector across the CEMAC region." Business & Management Studies: An International Journal 9, no. 1 (2021): 343–54. http://dx.doi.org/10.15295/bmij.v9i1.1788.

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How does credit from the financial sector and claims on the central government affect banking sector liquidity and financial stability risks? This paper constructs an algorithm, which investigates the impact of domestic credit from the financial sector, bank to capital assets ratio, claims on the central government on banking sector liquidity – a proxy for financial stability. The results show a positive and statistically significant impact of the capital assets ratio on the bank's liquidity of 3.1%. It equally finds that domestic credit and claims on central government hurt bank liquidity, notably of -0.15% and -2.5%, respectively. The study recommends that commercial banks invest in higher-value domestic projects to improve their profitability over the long-run, thereby boosting financial stability. Furthermore, the central bank should make additional liquidity for banks contingent on the amount of credit they provide to the real economy.

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Foabeh, Peter Ajonghakoh, and Vesarach Aumeboonsuke. "Resilience of Developing Economies to External Shocks: Empirical Evidence from CEMAC Countries." Journal of Sustainable Development 17, no. 3 (2024): 81. http://dx.doi.org/10.5539/jsd.v17n3p81.

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This study explores the effects of the 1994 CFA currency depreciation, the 2008 Global Financial Crisis (GFC), and instances of political coups on the relationships between FDI inflow, economic growth, and governance in the Central African Economic and Monetary Community (CEMAC) countries. By examining the impact of these events on FDI, growth, and governance, this paper provides important details of responses to external shocks and internal political disruptions. We employ panel VAR analysis with data from 1990 to 2019 to explore the dynamic relationships among these variables. The results show that growth and governance are not determining factors for attracting FDI in the CEMAC sub-region. Governance, on the other hand, stands as a determining factor for growth. Our findings also suggest that the 1994 CFA currency depreciation, 2008 GFC, and coups had no significant impact on FDI, growth, and governance. Although these events&rsquo; effects may expose the countries&rsquo; vulnerability to external shocks influencing the dynamics of FDI, economic growth, and governance, their impact did not seem to be evident. However, political instability, evidenced by coups, emerges as a crucial factor shaping the interactions between FDI, growth, and governance in CEMAC countries. Our analysis was conducted using the EViews software package.

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Moussa, Njoupouognigni, and Ndambendia Houdou. "Commodity Price Changes and Domestic Inflation in the CEMAC Zone: Evidence from Panel Cointegration." International Journal of Economics and Finance 13, no. 5 (2021): 93. http://dx.doi.org/10.5539/ijef.v13n5p93.

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In this study, we highlight the issue of the recent rise of food prices and other commodities on domestic inflation in the CEMAC zone. Results show that there is a long-run relationship between consumer price index, commodity prices and traditional determinants of inflation. Indeed, an appreciation of the nominal effective exchange rate and a rise of interest rate reduce domestic inflation while excessive money supply and a surge of commodity prices are potential sources of inflation in the region. Moreover, Pass-through from commodity price changes to domestic inflation in the region is incomplete because of the CFA Franc peg to Euro. An efficient use of the tools of monetary policy and a coordinated food policy on crops are more likely to reduce inflationary pressures in the region.

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Asongu, Simplice. "New empirics of monetary policy dynamics: evidence from the CFA franc zones." African Journal of Economic and Management Studies 7, no. 2 (2016): 164–204. http://dx.doi.org/10.1108/ajems-11-2012-0079.

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Purpose – A major lesson of the European Monetary Union crisis is that serious disequilibria in a monetary union result from arrangements not designed to be robust to a variety of shocks. With the specter of this crisis looming substantially and scarring existing monetary zones, the purpose of this paper is to complement existing literature by analyzing the effects of monetary policy on economic activity (output and prices) in the CEMAC and UEMOA CFA franc zones. Design/methodology/approach – VARs within the frameworks of Vector Error-Correction Models and Granger causality models are used to estimate the long- and short-run effects, respectively. Impulse response functions are further used to assess the tendencies of significant Granger causality findings. A battery of robustness checks are also employed to ensure consistency in the specifications and results. Findings –H1. monetary policy variables affect prices in the long-run but not in the short-run in the CFA zones (broadly untrue). This invalidity is more pronounced in CEMAC (relative to all monetary policy variables) than in UEMOA (with regard to financial dynamics of activity and size). H2. monetary policy variables influence output in the short-term but not in the long-run in the CFA zones. First, the absence of cointegration among real output and the monetary policy variables in both zones confirm the neutrality of money in the long term. With the exception of overall money supply, the significant effect of money on output in the short-run is more relevant in the UEMOA zone, than in the CEMAC zone in which only financial system efficiency and financial activity are significant. Practical implications – First, compared to the CEMAC region, the UEMOA zone’s monetary authority has more policy instruments for offsetting output shocks but fewer instruments for the management of short-run inflation. Second, the CEMAC region is more inclined to non-traditional policy regimes while the UEMOA zone dances more to the tune of traditional discretionary monetary policy arrangements. A wide range of policy implications are discussed. Inter alia: implications for the long-run neutrality of money and business cycles; implications for credit expansions and inflationary tendencies; implications of the findings to the ongoing debate; country-specific implications and measures of fighting surplus liquidity. Originality/value – The paper’s originality is reflected by the use of monetary policy variables, notably money supply, bank and financial credits, which have not been previously used, to investigate their impact on the outputs of economic activities, namely, real GDP output and inflation, in developing country monetary unions.

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Djekonbé, Djimoudjiel, Ningaye Paul, and Nafé Daba. "DOES THE PROCYCLICALITY OF CAPITAL REQUIREMENTS AFFECT FINANCIAL STABILITY IN CEMAC?" International Journal of Research -GRANTHAALAYAH 8, no. 7 (2020): 17–37. http://dx.doi.org/10.29121/granthaalayah.v8.i7.2020.514.

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The objective of this article is to analyze the effects of procyclical variations of the capital requirements for risk coverage on financial stability in the CEMAC[1]. In order to achieve this objective, we have specified and estimated a panel VAR model using the structural factorization method on quarterly Central Bank data over the period 2006-2017. Firstly, the results show that procyclical capital adjustments in the CEMAC region lead to short-term financial instability through the contraction of credit to the private sector. Secondly, despite the low level of financial development, the effects maintained by the adjustment of monetary policy instruments in the short term remain significant on price stability. Finally, in the long term, the procyclicality of regulatory capital makes it possible to revive economic activity and guarantee financial stability. These results lead us to recommend the adoption of a more discretionary monetary policy so as to make more procyclical the capital requirement.   [1] Economic Community of Central African States comprising Cameroon, Central African Republic, Chad, Congo, Gabon and Equatorial Guinea.

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Armand Gilbert, Noula, Bkwayep Nguemnang Y. Rodrigue, and Mba Fokwa Arsène. "Influence De La Bancarisation Et Du Credit Bancaire Sur La Croissance Economique Dans La Zone Cemac." European Scientific Journal, ESJ 12, no. 31 (2016): 373. http://dx.doi.org/10.19044/esj.2016.v12n31p373.

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The CEMAC countries have decided to develop the banking sector to ensure economic growth48 for a sustainable development, given that the banking system leads to investments. Our study aims at analyzing the influence of bank credit and banking rate on economic growth in the CEMAC zone from time series data during 1980-2014 (CD -ROM, WBI- 2014). The econometric analysis that we have chosen was inspired by the generalized least squares method. The model we preferred was that of Hague (2000) where the Gross Domestic Product is the dependent variable for assessing the level of economic growth while the bank credit and the banking rate are the main explanatory variables. The results indicate that the variables are significant thus, the banking rate affects economic growth positively. Following these results one could think about new strategies that will help increase the banking rate which is still very low in the Sub-region.

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Milkov, Dimitre, Rafael Portillo, Plamen Iossifov, and John Wakeman-Linn. "The International Financial Crisis and Global Recession: Impact on the CEMAC Region and Policy Considerations." IMF Staff Position Notes 2009, no. 20 (2009): 1. http://dx.doi.org/10.5089/9781455255252.004.

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41

Nkoa, Bruno Emmanuel Ongo. "Impact of foreign direct investment on economic growth in CEMAC region: an analysis of transmission mechanisms." International Journal of Sustainable Economy 6, no. 4 (2014): 303. http://dx.doi.org/10.1504/ijse.2014.065402.

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Nguena, Christian Lambert, and Roger Tsafack Nanfosso. "Banking Activity Sensitivity to Macroeconomic Shocks and Financial Policies Implications: The Case of CEMAC Sub-region." African Development Review 26, no. 1 (2014): 102–17. http://dx.doi.org/10.1111/1467-8268.12067.

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43

Besong, Susan Enyang, Tellma Longy Okanda, and Simon Arrey Ndip. "An empirical analysis of the impact of banking regulations on sustainable financial inclusion in the CEMAC region." Economic Systems 46, no. 1 (2022): 100935. http://dx.doi.org/10.1016/j.ecosys.2021.100935.

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Onana, Serge, and Simon Bekker. "Migrants from the Central African Republic, a War Country, Living in Douala, Cameroon (2020)." Humanities and Social Sciences 13, no. 2 (2025): 170–77. https://doi.org/10.11648/j.hss.20251302.20.

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The African continent, the sub-Saharan region, has been confronted since its accession to independence with several challenges: getting rid of neocolonialism, creating regional economic communities, implementing the free movement of people, goods and services to establish a common market. It is in this context that CEMAC (Economic and Monetary Community of Central Africa) was created on March 16, 1994, made up of the following states: Cameroon, Gabon, Equatorial Guinea, Congo Brazzaville, Chad and Central African Republic. Cameroon, until the recent conflicts in the western and northern regions, was considered a country of peace and as such welcomes many Central African nationals on its territory. These Central African nationals are seeking to improve their well-being. Thus, the city of Douala, the economic capital of Cameroon, renowned for offering economic opportunities, was chosen as the destination city by many of these migrants. This analysis of the problem of socio-economic integration of these Central Africans in Douala took place in a socio-historical context, adopting the mixed method which includes both quantitative and qualitative data. Four groups of Central African nationals were the subject of this analysis: legal residents, refugees, asylum seekers and students. Their experience during the period 2003 to 2020 through labor market institutions, housing, health and education was assessed in comparison with that of Cameroonian urban dwellers in the light of CEMAC public integration policies. Cameroon and the urban community of Douala. No evidence of xenophobia on the part of Douala city dwellers was found.

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45

Olivier, Dimala, Mekanda Eto'o Jean Steve, Wepaguiewe Armel Romaric, Medjo Nna Sinclair, and Tsomb Tsomb Etienne Inedit Blaise. "Does the Development of Financial Services Improve Export Diversification? The Case of the Cemac Zone." Journal of Economics, Management and Trade 30, no. 8 (2024): 1–10. http://dx.doi.org/10.9734/jemt/2024/v30i81230.

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Aims: The main objective of this paper is to analyze the effect of financial services development on export diversification in the countries of the Economic Community of Central African States. Methodology: We applied the two stage least squares estimation method on a panel model to capture the effects of financial services on Theil's export concentration index. The sample comprises five countries observed over the period from 2007 to 2022. Results: The results show that, the development of financial services and the increase in intra-regional trade in this community promote export diversification. In addition, increased investment and access to electricity are key to export diversification in this region. Recommendation and conclusion: Hence the need for these countries to implement policies conducive to trade liberalization and investment promotion in the CEMAC zone. Economic liberalization and investment development are essential to export diversification.

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Ngong, Chi Aloysius, Dimna Bih, Chinyere Onyejiaku, and Josaphat Uchechukwu Joe Onwumere. "Urbanization and carbon dioxide (CO₂) emission nexus in the CEMAC countries." Management of Environmental Quality: An International Journal 33, no. 3 (2022): 657–73. http://dx.doi.org/10.1108/meq-04-2021-0070.

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PurposeThis study investigates the relationship between urbanization and carbon dioxide emission in the Central African Economic and Monetary Community from 1990 to 2019. The literature reveals that the relationship between urbanization and carbon dioxide emissions is still debatable and the existing findings are inconclusive.Design/methodology/approachCarbon dioxide is the regressand; while, urbanization, gross domestic product (GDP) and financial development (FD), rule of law (ROL) and government effectiveness (GEF) are the regressors. Johansen Fisher and Kao residual co-integration tests alongside the fully modified and dynamic ordinary least squares.FindingsThe results show a significant positive relationship between urbanization and carbon dioxide emissions. The causality tests results show that carbon dioxide granger causes urbanization, GDP and FD unit directionally.Research limitations/implicationsThe countries' governments should effectively improve their legal systems to regulate carbon dioxide emissions. Urbanization laws should be implemented to limit urbanization environmental deteriorating effects on carbon dioxide emissions. This occurs as the countries practiced unregulated urbanization which increases population's environmental impacts. The study recommends sustainable green urbanization policies for environmental conservation through tree planting and horticulture. Balance development in urban and rural areas is vital to decongest the urban cities' pressure in the states. The governments should motivate the private sector with rural investments captivating policies to limit rural urban migration.Originality/valueThe findings contribute value by supporting a positive link between urbanization and carbon dioxide emissions in the CEMAC zone. The causality tests findings confirm the view that carbon dioxide granger causes urbanization, GDP and FD unit directionally. This value addition is essential to the governments and policy makers to mitigate urbanization and carbon dioxide emissions in the CEMAC region.

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G Olamide, Ebenezer, and Andrew Maredza. "The Short and Long Run Dynamics of Monetary Policy, Oil Price Volatility and Economic Growth in the CEMAC Region." Asian Economic and Financial Review 11, no. 1 (2021): 78–89. http://dx.doi.org/10.18488/journal.aefr.2021.111.78.89.

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Akama, Samuel Penda, and Keneth Ndikum Nji. "The Recovery of Debts Inherent in Cheques without Cover in Cameroon via the OHADA Simplified Recovery Procedure and Enforcement Measures." International Journal of Trend in Scientific Research and Development 4, no. 1 (2019): 826–36. https://doi.org/10.5281/zenodo.3609726.

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The vast number of commercial transactions that take place daily in the modern business world will be inconceivable without negotiable instruments like cheques. This is the reason why the recovery of debts inherent in cheques without cover has been given the attention it deserves within the CEMAC Region under the OHADA Uniform Act on Business Law. The OHADA Uniform Act on Simplified Recovery Procedure and Enforcement Measures has instituted a procedure in the member states of the OHADA zone to recover debts of a company when it eventually goes bankrupt or when it winds up. It should however be understood that all the member states of CEMAC are OHADA signatories. This ipso facto means that Cameroon being a member of CEMAC, with its bi jural nature, where the Common Law and Civil law legal systems operates in the Former West Cameroon and Former East Cameroon respectively, both parts of the country are bound to implement the OHADA Uniform Act in their various jurisdictions. The Uniform Act on Simplified Recovery Procedures and Enforcement Measures was issued on the 10th of April 1998. Like the Uniform Act on Securities, this Act overlaps the bound of pure business law in that it effects a general reform of civil procedure in relation to recovery and enforcement. The reform was indispensable of the OHADA Member States, only Mali had, in 1994, put in place a modern system that was suited to present day economic and social conditions. Otherwise, the relevant legislation dated, at best from the 1970s and in several cases from colonial times. The OHADA Uniform Act governs commercial companies and Economic Interest groups. Since banks are commercial companies governed under Public Limited Companies S. As , they are equally governed by the OHADA Uniform Act. Thus, this paper questions the potentials of the OHADA Simplified Recovery Procedure and Enforcement Measures in relation to the special mechanisms for the Recovery of Debts inherent in cheques without cover in Cameroon. Akama Samuel Penda | Nji Keneth Ndikum "The Recovery of Debts Inherent in Cheques without Cover in Cameroon via the OHADA Simplified Recovery Procedure and Enforcement Measures" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29756.pdf

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Joanna Garlińska-Bielawska and Małgorzata Janicka. "Fragile States in African Economic Communities as Exemplified by the Economic and Monetary Community of Central Africa (CEMAC) – Investment Issues." Politeja 15, no. 56 (2019): 231–46. http://dx.doi.org/10.12797/politeja.15.2018.56.13.

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The region of Central Africa is abundant in both fragile states and economic communities. According to the theory of international economic integration, in the long term such integration processes should stimulate not only short-term trade effects but also long-term investment effects. The article aims to answer the question whether and how membership of an economic community by a fragile state influences the occurrence of dynamic integration effects. The examination is based on the example of the Economic and Monetary Community of Central Africa (CEMAC). The article uses an analytical and descriptive method on the basis of domestic and foreign literature sources and UNCTAD and IMF statistics. The analysis suggests that from the point of view of member countries of African economic communities, the mere fact of membership of such a community is no vital driver of FDI within the internal market, particularly important to capital-poor fragile states.

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DIAM, A. ABOUEM Hamed. "Applying Taylor Rule in a Heterogeneous Currency Union: Case of UMAC." INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH AND ANALYSIS 06, no. 03 (2023): 904–22. https://doi.org/10.5281/zenodo.7701423.

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Our objective is to show that the Taylor rule is the monetary policy practice of BEAC its effectiveness is limited due to the structural and cultural heterogeneity of the currency union. In this light, we identify the reaction function of BEAC show that it includes additional variables namly, the interest rate and inflation differential with the Euro zone, as well as the currency reserve ratio that must cover at least 20% monetary issue. Given the objectives and instruments used and the reaction function built, we estimate a forward-looking Taylor rule using the GMM, similar to the one proposed by Clarida et al. (2000) and find that the interest rate setting of BEAC could be captured using a Taylor rule. From our estimations using the we actually find that BEAC’s monetary policy or more precisely its interest rate setting can be effectively captured using a modified Taylor rule taking into consideration the specificities of the monetary union and external constraint despite the heterogeneous nature of the union. As seen from the results obtained we can realize that the Central Bank mainly focuses on the fight against inflation and mainly strives at maintaining internal stability in the sub region. This fight can be deemed successful given the low inflation results that are observed in our period of study, even though it can be mitigated with the influence of the region of anchor (the Euro zone) in this stability.

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Journal articles on the topic 'CEMAC region'

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