The impact of monetary union on macroeconomic integration: Evidence from West Africa

David Fielding; Kalvinder Shields

doi:10.1111/j.1468-0335.2005.00438.x

The impact of monetary union on macroeconomic integration: Evidence from West Africa

David Fielding^*, Kalvinder Shields

^*Corresponding author for this work

Global Development Institute

University of Melbourne

Research output: Contribution to journal › Article › peer-review

Abstract

Data from 19 African nations is used to investigate the hypothesis that monetary union - represented in this case by the CFA Franc Zone - augments the extent of macroeconomic integration. The paper covers two key dimensions of integration: the volume of bilateral trade, and the magnitude of cross-country business cycle correlation. Restricting our attention to a part of the world in which (for historical reasons) monetary union membership is exogenous to economic characteristics, we can test whether the large single-currency effects claimed by A. Rose apply within a sample of less developed countries.

Original language	English
Pages (from-to)	683-704
Number of pages	22
Journal	Economica
Volume	72
Issue number	288
DOIs	https://doi.org/10.1111/j.1468-0335.2005.00438.x
Publication status	Published - 1 Nov 2005

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The impact of monetary union on macroeconomic integration: Evidence from West Africa

Abstract

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