The CFA Franc and the Economic Development of WAEMU Countries : The Effects of the Devaluation during the Resource Boom.

2010 Fiscal Year Final Research Report

• Project/Area Number: 20530234
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Economic policy
• Research Institution: Kanazawa University
• Principal Investigator: MASAKI Toyomu Kanazawa University, 経済学経営学系, 准教授 (30315527)
• Project Period (FY): 2008 – 2010
• Keywords: 経済発展

Research Abstract

This research was conducted in order to reveal the effects of the West African Economic Monetary Union (WAEMU) and its common currency, the CFA franc, on WAEMU member countries. First, we examined the historical background of the WAEMU and their neighbouring countries. Second, in order to reveal the relationship between these countries institutions and their economic development, we calculated their real effective exchange rate (REER), nominal effective exchange rate (NEER), and effective real price index (ERPI) for the period 1999-2008, and compared the results. We found that these values for WAEMU members tend to be more stable than those of non-WAEMU members. Against our expectations, the REER of WAEMU member countries had not appreciated because their prices were well controlled. Regarding the effects of devaluation on the WAEMU countries, our investigation is still in progress.

Research Products

• [Journal Article] グローバリゼーションと西アフリカのリージョナリゼーション-植民地時代の遺産を乗り越えて- (2011)
  • Author(s): 正木響
  • Journal Title: アジア・アフリカ研究 第51巻第4号
  • Peer Reviewed
• [Journal Article] CFAフラン圏の輸出競争力-1999-2006期間の実質実効為替レートからの検証- (2010)
  • Author(s): 正木響
  • Journal Title: 国際開発研究(国際開発学会) 第19巻第2号 Pages: 101-118
  • Peer Reviewed
• [Journal Article] The CFA Franc Zone (Anne-Marie Gulde and Charalambos Tsangaride ed., IMF, 2008) (2009)
  • Author(s): 正木響
  • Journal Title: アジア経済 第50巻第7号 Pages: 67-71
  • Peer Reviewed
• [Journal Article] 西アフリカの経済統合の成り立ちと現状 (2009)
  • Author(s): 正木響
  • Journal Title: 金沢大学経済学論集 第29巻第2号 Pages: 325-361
• [Presentation] Asian Experience and Africa's Economic Development : African Countries, Can they fly following Asian Geese?. (2010)
  • Author(s): 正木響
  • Organizer: African Studies Association, 53rd Annual Meeting
  • Place of Presentation: San Francisco, USA.
  • Year and Date: 2010-11-18
• [Presentation] 西アフリカの経済通貨統合の現状と課題:中継貿易からの示唆 (2010)
  • Author(s): 正木響
  • Organizer: 日本アフリカ学会第47回学術大会
  • Place of Presentation: 奈良県立会館、奈良県
  • Year and Date: 2010-05-29
• [Presentation] 西アフリカ諸国の通貨統合-実質実効為替レート(1999-2006)のクラスター分析を通じて- (2009)
  • Author(s): 正木響
  • Organizer: 国際経済学会第68回大会
  • Place of Presentation: 中央大学、東京都
  • Year and Date: 2009-10-18
• [Presentation] Monetary Integrations in Western Africa and the Real Effective Exchange Rates 1999-2006 (2009)
  • Author(s): 正木響
  • Organizer: Annual Conference 2009, Center for the Study of African Economies
  • Place of Presentation: Oxford University UK.
  • Year and Date: 2009-03-23
• [Presentation] 西アフリカの通貨統合と実質実効為替レート (2008)
  • Author(s): 正木響
  • Organizer: 日本国際経済学会中部支部定例研究会
  • Place of Presentation: 名古屋市立大学、愛知県
  • Year and Date: 2008-12-06
• [Presentation] UEMOA 諸国の実質実効為替レートと貿易相手国1999-2006 (2008)
  • Author(s): 正木響
  • Organizer: 日本アフリカ学会第45回学術大会
  • Year and Date: 2008-05-25
• [Book] アフリカと帝国 第5章(「英領ガンビアの対仏割譲交渉とその社会経済史的背景」)(井野瀬久美惠・北川勝彦編) (2011)
  • Author(s): 正木響
  • Total Pages: 117-137
  • Publisher: 晃洋書房
• [Book] セネガル、カーボヴェルデを知るための60章(小川了編) (2010)
  • Author(s): 正木響
  • Total Pages: 72-94、111-119
  • Publisher: 明石書店
• [Book] 現代アフリカ経済論(「アフリカ経済のグローバル化とリージョナル化」)(北川勝彦・高橋基樹編)
  • Author(s): 正木響
  • Publisher: ミネルヴァ書房(印刷中)
• [Remarks] 正木響、Gilles Dufrenot (Aix Marseille 2) and Kimiko Sugimoto (Osaka Gakuin University). "Pegging the future West African Single Currency : A counterfactual analysisに対するコメント、日本国際経済学会第69回全国大会、2010.10.16、大阪大学
• [Remarks] (講演)正木響、「アフリカ経済のグローバル化とリージョナル化-西アフリカの経済通貨統合を中心にー」、2010.03.17、財務省総合政策研究所ランチミーティング、財務省、東京都
• [Remarks] ホームページ
  • URL: http://www.hat.hi-ho.ne.jp/rtsound