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Intégration Monétaire Africaine et Changements Structurels: Commerce, Partage des risques et Coordination budgétaire

Abstract : A single currency and a single central bank are official and political objectives of African states. During the last decade, several African regional economic communities have declared their intention to work towards regional monetary unions and regional currencies. In line with this new political interest, an important literature on the suitability of African monetary integration has also emerged. Most of analyses cast a doubt on the optimality of African monetary unions: in spite of potential benefits, the costs would be sizeable because of the magnitude of asymmetric shocks and the lack of stabilization mechanisms. Therefore, the real challenge is the analysis of policies that guarantee nets benefits of monetary integration to African countries. This is the problematic of the present thesis. The dissertation analyzes in which extent, African states involved in actual or prospective monetary integration could address the issues of asymmetric shocks and stabilization mechanism. In order to do so, we choose to focus on three structural changes in policies related to the adoption of monetary unions: trade, risk-sharing and fiscal policies.
The thesis is organized as follows. The first chapter provides an overview on issues developed in the dissertation. It presents a panorama of past, actual and prospective African monetary integration. It also describes the situation of African states vis-à-vis the theory of optimal currency areas. The second chapter studies the impact of African trade intensification on the correlation of business cycles. The third chapter examines the African consumption smoothing channels that could work as stabilization mechanism in monetary unions. The fourth and last chapter investigates the consequences of multilateral fiscal rules in monetary unions on the stabilization properties of African fiscal policies. The results of various chapters suggest that the structural change considered in this thesis, do not overturn the negative assessment of African monetary integration established by the existing literature.
The main policy implication of the dissertation suggests in Africa, that monetary integration and economic integration should be complementary. On the one hand the monetary integration stimulates process towards the economic integration (trade, finance and sectoral policies integration) and on the other, economic integration improves conditions for the adoption of monetary unions. African states must put efforts in all dimensions of integration.
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Submitted on : Friday, April 3, 2009 - 3:23:10 PM
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Jules-Armand Tapsoba. Intégration Monétaire Africaine et Changements Structurels: Commerce, Partage des risques et Coordination budgétaire. Sciences de l'Homme et Société. Université d'Auvergne - Clermont-Ferrand I, 2009. Français. ⟨tel-00373212⟩



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