Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa

N’djibio Kokou Charlemagne; Sylla Doucouré Karima

doi:doi:10.11648/j.ijber.20211001.17

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Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa

N’djibio Kokou Charlemagne, Sylla Doucouré Karima

Published in International Journal of Business and Economics Research (Volume 10, Issue 1)

Received: 8 April 2020 Accepted: 28 April 2020 Published: 26 February 2021

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Abstract

In a context where international political and diplomatic weight also weighs in the game of international monetary cooperation, regional monetary policy can offer to West African countries an opportunity to strengthen their individual and collective position in terms of development, within international cooperation. This vision, based not on the contribution to the resolution of internal monetary problems, but envisaged as an instrument to stem monetary shocks coming from the outside, has not been sufficiently recognized and analyzed, both in the theoretical literature and in considerations of policy makers. Better consideration of this dimension could help steer the debate on monetary integration in the right direction: that of rapid progress towards the single currency. The general objective of this paper is to propose to the political powers, a common monetary policy, able to inject the new dynamism into the economic development of ECOWAS (Economic Community of West African States) countries. This general objective is divided into two specific objectives: analyze the theoretical, economic and political challenges of ECOWAS monetary policy; and to propose a monetary policy adapted to the economic contexts of the ECOWAS countries, and able to inject the new dynamism into the economic development. To achieve these objectives, we carried out a documentary review of the monetary policies currently underway in the countries of West Africa. Next, we relied on the Autoregressive Vector Model with Panel Interactions (IPVAR), following the methodology proposed by Towbin, Pascal & Weber, Sebastian. An effective monetary policy of the future ECOWAS central bank can boost the development of West African countries.

Published in	International Journal of Business and Economics Research (Volume 10, Issue 1)
DOI	10.11648/j.ijber.20211001.17
Page(s)	50-57
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Monetary Policy, Economic Development, Central Bank, ECOWAS

References

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[8]	McKinnon, R. I. (1963), «Optimum Currency Areas», American Economic Review, vol. 52 pp. 717–725.
[9]	Mishkin, Frederic S., 1996. The Channels of Monetary Transmission: Lessons for Monetary Policy (February 1996). NBER Working Paper No. w5464. Available at SSRN: https://ssrn.com/abstract=265157.
[10]	Arnaud Parienty, 2016. Comment fonctionne la politique monétaire. Dans Alternatives Économiques 2016/2 (N° 354), page 76.
[11]	Misra, Kanishka, and Paolo Surico. 2014. "Consumption, Income Changes, and Heterogeneity: Evidence from Two Fiscal Stimulus Programs." American Economic Journal: Macroeconomics, 6 (4): 84-106.
[12]	Barigozzi, Matteo and Hallin, Mark, 2015. Generalized dynamic factor models and volatilities: recovering the market volatility shocks. The Econometrics Journal. ISSN 1368-4221.
[13]	Ehrmann, M., L. Gambacorta, J. Martinez Pagés, P. Sevestre and A. Worms (2003). ‘Financial systems and the role of banks in monetary policy’, in Angeloni I., A. K. Kashyap and B. Mojon (eds.), Monetary Policy Transmission in the Euro Area, Cambridge University Press, Cambridge.
[14]	Towbin, Pascal & Weber, Sebastian, 2013. "Limits of floating exchange rates: The role of foreign currency debt and import structure," Journal of Development Economics, Elsevier, vol. 101 (C), pages 179-194.
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N’djibio Kokou Charlemagne, Sylla Doucouré Karima. (2021). Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa. International Journal of Business and Economics Research, 10(1), 50-57. https://doi.org/10.11648/j.ijber.20211001.17

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N’djibio Kokou Charlemagne; Sylla Doucouré Karima. Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa. Int. J. Bus. Econ. Res. 2021, 10(1), 50-57. doi: 10.11648/j.ijber.20211001.17

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N’djibio Kokou Charlemagne, Sylla Doucouré Karima. Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa. Int J Bus Econ Res. 2021;10(1):50-57. doi: 10.11648/j.ijber.20211001.17

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@article{10.11648/j.ijber.20211001.17,
  author = {N’djibio Kokou Charlemagne and Sylla Doucouré Karima},
  title = {Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa},
  journal = {International Journal of Business and Economics Research},
  volume = {10},
  number = {1},
  pages = {50-57},
  doi = {10.11648/j.ijber.20211001.17},
  url = {https://doi.org/10.11648/j.ijber.20211001.17},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20211001.17},
  abstract = {In a context where international political and diplomatic weight also weighs in the game of international monetary cooperation, regional monetary policy can offer to West African countries an opportunity to strengthen their individual and collective position in terms of development, within international cooperation. This vision, based not on the contribution to the resolution of internal monetary problems, but envisaged as an instrument to stem monetary shocks coming from the outside, has not been sufficiently recognized and analyzed, both in the theoretical literature and in considerations of policy makers. Better consideration of this dimension could help steer the debate on monetary integration in the right direction: that of rapid progress towards the single currency. The general objective of this paper is to propose to the political powers, a common monetary policy, able to inject the new dynamism into the economic development of ECOWAS (Economic Community of West African States) countries. This general objective is divided into two specific objectives: analyze the theoretical, economic and political challenges of ECOWAS monetary policy; and to propose a monetary policy adapted to the economic contexts of the ECOWAS countries, and able to inject the new dynamism into the economic development. To achieve these objectives, we carried out a documentary review of the monetary policies currently underway in the countries of West Africa. Next, we relied on the Autoregressive Vector Model with Panel Interactions (IPVAR), following the methodology proposed by Towbin, Pascal & Weber, Sebastian. An effective monetary policy of the future ECOWAS central bank can boost the development of West African countries.},
 year = {2021}
}

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JO  - International Journal of Business and Economics Research
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AB  - In a context where international political and diplomatic weight also weighs in the game of international monetary cooperation, regional monetary policy can offer to West African countries an opportunity to strengthen their individual and collective position in terms of development, within international cooperation. This vision, based not on the contribution to the resolution of internal monetary problems, but envisaged as an instrument to stem monetary shocks coming from the outside, has not been sufficiently recognized and analyzed, both in the theoretical literature and in considerations of policy makers. Better consideration of this dimension could help steer the debate on monetary integration in the right direction: that of rapid progress towards the single currency. The general objective of this paper is to propose to the political powers, a common monetary policy, able to inject the new dynamism into the economic development of ECOWAS (Economic Community of West African States) countries. This general objective is divided into two specific objectives: analyze the theoretical, economic and political challenges of ECOWAS monetary policy; and to propose a monetary policy adapted to the economic contexts of the ECOWAS countries, and able to inject the new dynamism into the economic development. To achieve these objectives, we carried out a documentary review of the monetary policies currently underway in the countries of West Africa. Next, we relied on the Autoregressive Vector Model with Panel Interactions (IPVAR), following the methodology proposed by Towbin, Pascal & Weber, Sebastian. An effective monetary policy of the future ECOWAS central bank can boost the development of West African countries.
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Author Information

N’djibio Kokou Charlemagne

Finance, Entrepreneurship and Accounting Laboratory (LaFEC) of Doctoral School of Economic Sciences and Management, Faculty of Economic Sciences and Management (FASEG), University of Abomey Calavi (UAC), Cotonou, Benin
Sylla Doucouré Karima

Finance, Entrepreneurship and Accounting Laboratory (LaFEC) of Doctoral School of Economic Sciences and Management, Faculty of Economic Sciences and Management (FASEG), University of Abomey Calavi (UAC), Cotonou, Benin

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N’djibio Kokou Charlemagne, Sylla Doucouré Karima. (2021). Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa. International Journal of Business and Economics Research, 10(1), 50-57. https://doi.org/10.11648/j.ijber.20211001.17

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ACS Style

N’djibio Kokou Charlemagne; Sylla Doucouré Karima. Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa. Int. J. Bus. Econ. Res. 2021, 10(1), 50-57. doi: 10.11648/j.ijber.20211001.17

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AMA Style

N’djibio Kokou Charlemagne, Sylla Doucouré Karima. Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa. Int J Bus Econ Res. 2021;10(1):50-57. doi: 10.11648/j.ijber.20211001.17

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@article{10.11648/j.ijber.20211001.17,
  author = {N’djibio Kokou Charlemagne and Sylla Doucouré Karima},
  title = {Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa},
  journal = {International Journal of Business and Economics Research},
  volume = {10},
  number = {1},
  pages = {50-57},
  doi = {10.11648/j.ijber.20211001.17},
  url = {https://doi.org/10.11648/j.ijber.20211001.17},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20211001.17},
  abstract = {In a context where international political and diplomatic weight also weighs in the game of international monetary cooperation, regional monetary policy can offer to West African countries an opportunity to strengthen their individual and collective position in terms of development, within international cooperation. This vision, based not on the contribution to the resolution of internal monetary problems, but envisaged as an instrument to stem monetary shocks coming from the outside, has not been sufficiently recognized and analyzed, both in the theoretical literature and in considerations of policy makers. Better consideration of this dimension could help steer the debate on monetary integration in the right direction: that of rapid progress towards the single currency. The general objective of this paper is to propose to the political powers, a common monetary policy, able to inject the new dynamism into the economic development of ECOWAS (Economic Community of West African States) countries. This general objective is divided into two specific objectives: analyze the theoretical, economic and political challenges of ECOWAS monetary policy; and to propose a monetary policy adapted to the economic contexts of the ECOWAS countries, and able to inject the new dynamism into the economic development. To achieve these objectives, we carried out a documentary review of the monetary policies currently underway in the countries of West Africa. Next, we relied on the Autoregressive Vector Model with Panel Interactions (IPVAR), following the methodology proposed by Towbin, Pascal & Weber, Sebastian. An effective monetary policy of the future ECOWAS central bank can boost the development of West African countries.},
 year = {2021}
}

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TY  - JOUR
T1  - Eco 2020: Monetary Policy for the Future Central Bank and Economic Development in West Africa
AU  - N’djibio Kokou Charlemagne
AU  - Sylla Doucouré Karima
Y1  - 2021/02/26
PY  - 2021
N1  - https://doi.org/10.11648/j.ijber.20211001.17
DO  - 10.11648/j.ijber.20211001.17
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 50
EP  - 57
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20211001.17
AB  - In a context where international political and diplomatic weight also weighs in the game of international monetary cooperation, regional monetary policy can offer to West African countries an opportunity to strengthen their individual and collective position in terms of development, within international cooperation. This vision, based not on the contribution to the resolution of internal monetary problems, but envisaged as an instrument to stem monetary shocks coming from the outside, has not been sufficiently recognized and analyzed, both in the theoretical literature and in considerations of policy makers. Better consideration of this dimension could help steer the debate on monetary integration in the right direction: that of rapid progress towards the single currency. The general objective of this paper is to propose to the political powers, a common monetary policy, able to inject the new dynamism into the economic development of ECOWAS (Economic Community of West African States) countries. This general objective is divided into two specific objectives: analyze the theoretical, economic and political challenges of ECOWAS monetary policy; and to propose a monetary policy adapted to the economic contexts of the ECOWAS countries, and able to inject the new dynamism into the economic development. To achieve these objectives, we carried out a documentary review of the monetary policies currently underway in the countries of West Africa. Next, we relied on the Autoregressive Vector Model with Panel Interactions (IPVAR), following the methodology proposed by Towbin, Pascal & Weber, Sebastian. An effective monetary policy of the future ECOWAS central bank can boost the development of West African countries.
VL  - 10
IS  - 1
ER  -

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