Does West Africa Form an Optimum Currency Area? A Generalized PPP Approach

Sugimoto, Kimiko

大阪大学経済学, 2008, 58(2), 225-245

アクセス数:311件（2025-05-09 18:49 集計）

固定URL: https://doi.org/10.18910/22977

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タイトル
Does West Africa Form an Optimum Currency Area? A Generalized PPP Approach
著者
NRID
1000070351434 1000070351434
著者名
Sugimoto, Kimiko
キーワード等
Generalized Purchasing Power Parity
Cointegration
West Africa
Common Currency
内容
This paper investigates the optimality of setting up a common currency area in West Africa by using a generalized purchasing power parity (GPPP) model. The Johansen method of multivariate cointegration shows that not only the existing CFA franc zone but also the emerging West African Monetary Zone (WAMZ) separately satisfy conditions for a common currency area, given the existence of common long?run trends in their real exchange rates. However, little evidence is found to substantiate such conditions for the entire West African region. The paper also analyzes the long?term sustainability of adopting a common currency basket in West Africa by using an alternative version of the GPPP model and estimating the endogenous weights of the euro and the US dollar as the anchor currencies. It finds that the weights are quite different between the CFA zone and the WAMZ, confirming the finding from the first part of the paper, namely, that these two sub?regions when combined do not constitute a sustainable common currency area.
出版者
大阪大学経済学会
The Economic Society of Osaka University
オオサカ　ダイガク　ケイザイ　ガッカイ
収録物名
大阪大学経済学
Osaka Economic Papers
巻(号)
58(2)
ページ
225-245
刊行年月
2008-09
言語
英語
ハンドルURL
https://hdl.handle.net/11094/22977
DOI
https://doi.org/10.18910/22977
PISSN
04734548
NCID
AN00030111
アクセス権
open access
出版タイプ
Version of Record
カテゴリ
本学関連学会 Related Societies
大阪大学経済学 / 58巻2号 (2008-09)