RESSOURCES EXTERIEURES, INSTITUTIONS ET TAUX DE CHANGE REEL DANS LES PAYS DE LA COMMUNAUTE ECONOMIQUE DES ETATS DE L’AFRIQUE DE L’OUEST (CEDEAO)

K. CAMARA

Résumé


Les afflux massifs de ressources extérieures dans les économies en développement entrainent, en général, une perte de compétitivité suite à une forte appréciation de leur taux de change réel. Ce papier s’appuie sur un modèle de panel dynamique afin de mettre en évidence le rôle joué par la gouvernance dans l’impact des ressources extérieures sur le taux de change réel dans les pays de la CEDEAO.

Les résultats révèlent que les différentes ressources extérieures ont un impact positif sur le taux de change réel des pays de la CEDEAO et donc, nuisent à leur compétitivité extérieure. Il apparait également qu’une amélioration de la gouvernance, tant au niveau agrégé qu’au niveau des indicateurs dimensionnels, contribue à améliorer la compétitivité suite à un afflux massif de ressources extérieures.


Texte intégral :

PDF

Références


Amuedo-Dorantes C. et Pozo S. (2004). ‘’Workers' remittances and the real exchange rate: a paradox of gifts’’. World development, 32(8), 1407-1417.

Athukorala P.C. et Rajapatirana S. (2003). "Capital Flows and the REER: A Comparative Study of Asia and Latin America". The World Economy, Vol. 26(4), pp. 613-37.

Bakardzhieva D., Ben Naceur S. et Kamar B. (2010). ‘’The impact of capital and foreign exchange flows on the competitiveness of developing countries”. IMF Working Paper, no. WP/10/154, International Monetary Fund.

Bourdet Y. et Falck H. (2006). "Emigrants' Remittances and Dutch Disease in Cape Verde". International Economic Journal, Korean International Economic Association, Vol. 20(3), September, pp. 267-84.

Boyce J. K. et Ndikumana L. (2010). "Measurement of capital flight: methodology and results for sub-Saharan African countries." African Development Review 22, 4, 471-81.

Boyce J. K. et Ndikumana L. (2012). "Capital Flows in sub-Saharan Countries with special reference to Mozambique, 1980- 2008," paper presented to the IESE Conference, Mozambique: Accumulation and Transformation in the Context of International Crisis, September 2012, Maputo.

Brixiova Z., Egert B. et Essid T. H. A. (2014). "The Real Exchange Rate and External Competitiveness in Egypt, Morocco and Tunisia". Review of Middle East Economics and Finance, De Gruyter, vol. 10(1), pages 27, April.

Burniside C. et Dollar D. (2000). ‘’Aid, policies and growth’’. The American Economic Review, Vol. 90, No. 4 (Sept., 2000), 847-868.

Catrinescu N., Leon-Ledesma M., Piracha M. et Quillin B. (2009). ‘’Remittances, institutions, and economic growth’’. World Development, 37(1), 81-92.

Collier P. et Hoeffler A. (2002a). ‘’Aid, policy and peace: reducing the risks of civil conflict’’. Defence and Peace Economics, 13, pp. 435–450.

Collier P. et Hoeffler A. (2006). ‘’Military expenditure in post-conflict societies’’. In Economics of Governance, 7, pp. 89–107.

Combes J.-L., Kinda T. et Plane P. (2012). ‘’Capital flows, exchange rate flexibility, and the real exchange rate’’. Journal of Macroeconomics 34(4), 1034 – 1043

De Haas H. (2008). ‘’The myth of invasion: the inconvenient realities of African migration to Europe’’. Third World Quarterly, 29(7), 1305-1322.

Doucouliagos H. et Paldam M. (2009). "The Aid Effectiveness Literature : The Sad Results of 40 Years of Research". Journal of Economic Surveys, Wiley Blackwell, vol. 23(3), pages 433-461, 07.

El Badawi I. et Soto R. (1994). “Capital Flows and Long Term Equilibrium Real Exchange Rates in Chile”. WB Policy Research Working Paper WPS1306 (Washington, DC: World Bank).

Falck H. (1997). "Aid and Economic Performance-The Case of Tanzania". Department of Economics, University of Lund.

Fischer S. (1997). ‘’ Capital account liberalization and the role of the IMF’’. Speech at the IMF Annual Meetings, September 19, 1997,

FMI (2005). "The Macroeconomics of Managing Increased Aid Inflows: Experiences of Low-Income Countries and Policy Implications" (Washington, D.C.: International Monetary Fund.

Ganelli G (2002). “ The new open economy macroeconomics of government debt”. Department of Economics and Institute for International Integration Studies, Trinity College Dublin 2, IRELAND.

Gupta S., Powell R. et Yang Y. (2005). “The macroeconomic Challenges of Scaling up Aid to Africa”. IMF Working Paper 05/79 (Washington, D.C.: International Monetary Fund).

Hassan G. M. et Holmes M. J. (2013). ‘’Remittances and the real effective exchange rate’’. Applied Economics, 45(35), 4959-4970.

Ibarra C. A. (2013). ‘’Capital flows and private investment in Mexico’’. Economía Mexicana, CIDE, end-of-series, 1, 65-99.

Jongwanich J. et Kohpaiboon A. (2013). ‘’Capital flows and real exchange rates in emerging Asian countries’’. Journal of Asian Economics, 24, 138-146.

Kang J. S., Prati M. A. et Rebucci M. A. (2013). ‘’Aid, Exports, and Growth: A Time-Series Perspective on the Dutch Disease Hypothesis’’. International Monetary Fund (No. 13-73).

Kaufmann D., Kraay A. et Zoido-Lobaton P. (2012). "Aggregating governance indicators". Policy Research Working Paper Series 2195, The World Bank.

Lane P. R. et Milesi-Ferretti G. M. (2002). "External wealth, the trade balance, and the real exchange rate." European Economic Review, Elsevier, vol. 46(6), pages 1049-1071, June.

Lartey E. K. K. (2007). "Capital Inflows and the Real Exchange Rate: An Empirical Study of Sub-Saharan Africa". The Journal of International Trade & Economic Development, Vol. 16(3), pp. 337–57.

Nébié G. A. (2008). ‘’Syndrome Hollandais causé par l’aide: qu’en est-il pour les pays de l’UEMOA ?’’ (No. 123456789/4066). Paris Dauphine University.

Nikas C. et Blouchoutzi S. A. (2014). ‘’Emigrants’ Remittances and the “Dutch Disease” in Small Transition Economies: the Case Of Albania and Moldova’’. Romanian Statistical Review, 62(1), 45-65.

Nkusu M. (2004a). “Aid and the Dutch Disease in Low-Income Countries: Informed Diagnoses for Prudent Prognoses”. IMF Working Paper, WP/04/49, (Washington, D.C.: International Monetary Fund).

North D. C. (1990). ‘’Institutional Change and Economic Performance’’. Cambridge University Press: Cambridge.

Nyoni T. S. (1998). ‘’Foreign aid and economic performance in Tanzania’’. World Development, 26(7), 1235-1240.

Opoku-Afari M., Morrissey O. et Lloyd T. (2004). “Real Exchange Response to Capital Inflows: A Dynamic Analysis for Ghana”. CREDIT Research Paper 04/12.

Prasad E., Rogoff K., Wei S. et Kose M. A. (2003). “Effects of financial globalization on developing countries: some empirical evidence”. IMF Occasional Paper No. 220.

Rajan R. et Subramanian A. (2005). "What Undermines Aid’s Impact on Growth?” IMF Working Paper 05/126 (Washington, D.C.: International Monetary Fund).

Saborowski C. (2009). "Capital Inflows and the Real Exchange Rate: Can Financial Development Cure the Dutch Disease ?" IMF Working Paper 09/20 (Washington, D.C.: International Monetary Fund).

Sosa S. et Magud N. E. (2010). ‘’When and why worry about real exchange rate appreciation ?’’ The missing link between Dutch Disease and growth. International Monetary Fund.


Renvois

  • Il n'y a présentement aucun renvoi.