Suchergebnisse

The Economic and Monetary Community of Central Africa (EMCCA) and the West African Economic and Monetary Union (WAEMU) have succeeded in stabilizing their monetary systems, but this monetary stability has not been accompanied by real emergence. The economies of most of the member states of these two organizations are based on commodities and cocoa, which means that they are completely volatile and therefore lack the stability necessary for real emergence. This study based mainly on documentary research through the exploitation of reports produced by various international and regional institutions such as the IMF, the World Bank, the African Development Bank, ECOWAS, etc., and the writings of various emergence theorists, shows the role that industrialization and diversification of the economies of the WAEMU and EMCCA zones should play in the development of the economies of the member states and the improvement of the living conditions of the populations.

This paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU). The paper finds that the responsiveness of sovereign bond rates to governmentsâ?? fiscal behavior in the regional financial market remains limited. In addition, the paper examines the effectiveness of fiscal rules and institutions in an environment where financial markets fall short of exerting a significant disciplining effect on governments

With the exception of Burkina Faso and Mali, the growth experience for WAEMU countries has been disappointing, even when compared to other sub-Saharan African (SSA) countries. The main objective of the paper is to investigate why the quest for a growth takeoff has been more elusive in the WAEMU countries compared to other SSA countries. To do this, the paper focuses on the determinants of growth accelerations and decelerations in SSA and the WAEMU. It finds that the variables most closely associated with growth accelerations and decelerations in SSA are changes in terms of trade, private inves

This paper aims to analyze the impact of prudential regulation on banking efficiency in the West African Economic and Monetary Union (WAEMU). Using system GMM estimator and panel data from 98 banks in WAEMU zone, we find that prudential regulation related to (i) Loan loss provisions (LLPR) positively affect banking efficiency. While (ii) Capital requirements (CAP); (iii) Liquidity requirements (LIQ); (iv) Loan restrictions (LOANR) and (v) Limits on leverage (LLV) negatively influence banking efficiency in the WAEMU zone. Moreover, we find that small and low-risk banks benefit in terms of efficiency, from stringent prudential regulation, while high-risk banks and large banks are the main losers. Similarly, we also find that, in the face of strict prudential regulation, government and domestic banks are inefficient, while the efficiency of foreign and privately managed banks improves. Overall, our findings support the idea that prudential regulation must be well calibrated and adapted to the specific characteristics of banks so that it does not impede banking efficiency and the proper functioning of the banking system, but also, by the same token, financial stability in the WAEMU zone.

Purpose
This paper aims to assess the efficiency of public investment in West African Economic and Monetary Union (WAEMU) countries at both the global and sectoral level over the 2005–2015 period.


Design/methodology/approach
This paper estimates efficiency scores using stochastic frontier analysis (SFA) models. Efficiency is divided into managerial efficiency (related to inputs management) and technological efficiency (related to production technology). A Tobit model is then used to investigate the determinants of public investment efficiency.


Findings
The findings suggest that, at the global level, WAEMU countries are less efficient than sub-Saharan African and Asian reference countries. However, the breakdown of global efficiency into managerial and technological reveals that WAEMU countries are more efficient than sub-Saharan African countries in terms of technological efficiency. Moreover, these findings are robust to nonparametric estimation. The assessment of financing sources indicates that external debt has a more positive and significant effect on public investment efficiency than internal debt does.


Originality/value
This paper is unique in that it disentangles managerial efficiency from the technological efficiency of public investment in WEAMU countries and highlights how financing sources of investment affect its efficiency. In terms of policy implications, the underlying message of the results is that the rules and conditions of domestic or regional debt in the WAEMU countries must be strengthened to ensure better monitoring and then better efficiency of these resources.