Conditions Monetaires Et Croissance Economique En Zone Cemac

Conditions Monetaires Et Croissance Economique En Zone Cemac

Waofo Deffo Alain Leberre

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University of Douala

Conditions Monetaires Et Croissance Economique En Zone Cemac

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Abstract

The objective of this study is to track the monetary policy stance in CEMAC zone with GDP as target variable using a real size. The construction of reel monetary condition index use heterogeneous macropanels VAR approach with individual specification proposed par Fabio and al (2013). The interindividual cointégration test confirm the long term relationship between GDP, real short run interest rate, real effective exchange rate and credit to economy making possible the combination of those instruments to forecast growth. But the result of intraindividual cointegration remains lukewarm compromising the possibility to combine the instruments above-mentioned in a single synthetic indicator for each country in CEMAC zone. The estimation of model parameters has been done through pooled mean group in Blackburn and Fran (2007) way. The construction of real ICM uses Canada Bank approach. One finds that real ICM is determined mainly by real effective exchange rate, then credit to economy and lastly the real short run interest rate. The construction of ICM must be included among the large range of indicators used by central bank to forecast growth in CEMAC zone.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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How to Cite This Article

Waofo Deffo Alain Leberre. 2019. \u201cConditions Monetaires Et Croissance Economique En Zone Cemac\u201d. Global Journal of Management and Business Research - C: Finance GJMBR-C Volume 19 (GJMBR Volume 19 Issue C5).

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GJMBR Volume 19 Issue C5

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Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

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GJMBR-C Classification JEL Code: E42

Submission ReceivedDecember 16, 2018
Peer Review Double Blind
Handling Editor
Accepted January 1, 2019
Published January 15, 2019

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v1.2

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August 20, 2019

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