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Journal of African Economies Advance Access published online on August 17, 2009
Journal of African Economies, doi:10.1093/jae/ejp016
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© The author 2009. Published by Oxford University Press on behalf of the Centre for the Study of African Economies. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org

Endogenous Optimal Currency Areas: the Case of the Central African Economic and Monetary Community

Fabrizio Carmignani*

School of Economics, The University of Queensland, Brisbane, Australia

* Corresponding author: Fabrizio Carmignani, School of Economics, The University of Queensland, Brisbane, QLD 4072, Australia. Telephone: +61 7 3365 6619. Fax: +61 7 3365 7299. E-mail: f.carmignani{at}uq.edu.au

The Central African Economic and Monetary Community (CAEMC) has been a monetary union for several decades now. According to the hypothesis of endogenous optimal currency areas (OCAs), the degree of business cycle synchronisation across its member states should be significantly higher today than forty years ago. This paper examines cycle synchronisation along three different statistical dimensions and shows that (i) synchronisation has remained low throughout the period 1960–2007, but (ii) it has marginally increased over time. These findings have important implications for the design of the economic integration process in Africa. A chronology of business cycles in CAEMC countries is provided.

JEL classification: E32, E39, F15, O10


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