TITLE:
Dynamics of Integration and Economic Growth of the West African Economic and Monetary Union (WAEMU)
AUTHORS:
Sayouba Ouedraogo, Désiré Drabo
KEYWORDS:
Economic Growth, Impulse Function Response, WAEMU
JOURNAL NAME:
Modern Economy,
Vol.10 No.4,
April
10,
2019
ABSTRACT: The objective of the study is to determine the effect
of the dynamics of regional integration on economic growth in the West African
Economic and Monetary Union (WAEMU). The autoregressive vector analysis using
the Cholesky decomposition used data from the Central Bank of West African
States, United Nations Conference on Trade and Development statistics, and
world development indicators. The results show that the overall contribution of
a WAEMU country to integration accounts for 0.5% of the variation in growth in
the community area over the long term. The effects of the free trade area and
the customs union are respectively higher on economic growth than economic
union and economic and monetary union. The establishment of an effective free
trade area would lead to better economic growth. In addition, taking the common
market into account would more than capture the contribution of the integration
process to economic growth and would be a prospect for future research.