Papers by Chrysost BANGAKE
Dans cet article, nous étudions le lien entre le développement financier et la croissance économi... more Dans cet article, nous étudions le lien entre le développement financier et la croissance économique. L’étude porte sur un échantillon de 71 pays et couvre la période 1960-2004. Les résultats obtenus à l’aide des méthodes DOLS, FMOLS et de panel vecteur autorégressif à correction d’erreur confirment ceux des travaux précédents sur l’existence d’une causalité bidirectionelle entre la finance et la croissance aussi bien au niveau de l’échantillon global que les différents groupes de pays proposés dans l’étude. En outre, notre étude révèle qu’il y a des différences significatives entre les groupes de pays quand on considère les relations de long et de court terme. Pour les pays à revenu faible ou intermédiaire, il n’y a pas d’évidence en faveur d’une relation de court terme entre la finance et la croissance. Ces pays doivent privilégier des politiques de long terme. Cependant, pour les pays à revenu élevé, la croissance affecte la finance aussi bien à court terme qu’à long terme. • Mot...
Savings and development, 2008
In this paper we explore whether the two existing currency unions in CFA Franc zone have a signif... more In this paper we explore whether the two existing currency unions in CFA Franc zone have a significant increase in trade between members. Furthermore, the impact of regional agreements which are only based on preferential trade (ECOWAS, COMESA, and SADC) is also analysed. Using panel techniques for 35 countries in Africa on the period 1980-2005, our empirical results strongly support that existing currency unions in CFA zone enhance significantly the trade between members. However, the Rose effect is more substantial in UEMOA than in CEMAC. Our results show that during their implementation the regional agreements which are only based on preferential trade (ECOWAS for example) have generated a little increase in trade compared to countries in currency unions. These results are highly interesting and have some policy implications for the proposed monetary unions in Africa.
Brussels economic review, 2010
In this paper we employ recently developed panel causality and cointegration techniques to examin... more In this paper we employ recently developed panel causality and cointegration techniques to examine the long-run relationship between financial development and economic growth of 25 OECD countries. Three measures of financial deepening and stock markets are respectively used. Our results point out a bidirectional causality between financial development and economic growth and support the point of view that although both banking sector and stock market could be a driving force of economic growth, the effects of the former are more powerful. The banking sector is the main channel through which financial development can affect economic growth. Furthermore, the effect of economic growth on stock market indices is more important compared to banking sector indicators. These results have some policy implications.
This paper investigates the Feldstein-Horioka coefficients for 37 African countries using the rec... more This paper investigates the Feldstein-Horioka coefficients for 37 African countries using the recently developed Pool Mean Group (PMG), Fully Modified OLS (FMOLS) and Dynamic OLS (DOLS) panel cointegration techniques. The empirical findings reported in the paper reveal that savings and investment are nonstationary and cointegrated series. The estimated coefficients using FMOLS, DOLS and PMG are 0.38, 0.58 and 0.36, respectively for the sample as a whole for the period 1970-2006. These results confirm the previous studies that capital was relatively mobile in African countries. In addition, our study shows that there are marked differences in saving-retention coefficients for different country groups in Africa (Franc CFA zone countries and non Franc CFA zone countries; oil producing and non-oil producing countries; civil law and common law countries).
Economics Bulletin, 2008
In this paper we use a system of simultaneous equations and Generalized Method of Moment (GMM) to... more In this paper we use a system of simultaneous equations and Generalized Method of Moment (GMM) to investigate the relation between bilateral exchange rate volatility and the relevant variables pointed out by the theory of optimum currency areas (OCA) for 21 selected African countries for the period 1990-2003. The evidence turns out to be strongly supported by the data. An OCA index for African countries is derived by adapting a method initially proposed by Bayoumi and Eichengreen (1997). The results have important policy implications for proposed monetary unions in Africa.
Ces dernieres annees sont marquees par un interet croissant pour l'integration monetaire en A... more Ces dernieres annees sont marquees par un interet croissant pour l'integration monetaire en Afrique. Dans un contexte d'instabilite du taux de change et de monnaies souvent inconvertibles dans la plupart des pays africains, les autorites africaines sont a la recherche d'un regime de taux de change qui puisse securiser et developper leur economies. Cette these se propose une reflexion theorique et empirique sur cette question d'integration monetaire en Afrique en prenant appui sur la theorie des zones monetaires optimales (ZMO) sans negliger la dimension politique. Elle est structuree en deux parties. La premiere s'interesse aux criteres traditionnels de la ZMO appliques dans le contexte africain. Nous avons developpe un modele theorique qui analyse les couts et les benefices de l'integration monetaire en Afrique puis mesure la symetrie des chocs macro-structurels a l'aide de la methodologie VAR structurel. Dans la deuxieme partie, nous avons privilegie l&...
This paper investigates the Feldstein-Horioka coefficients and legal origins for 37 African count... more This paper investigates the Feldstein-Horioka coefficients and legal origins for 37 African countries using the recently developed panel cointegration techniques. The empirical findings reported in the paper reveal that savings and investment are nonstationary and cointegrated series. The estimated coefficients using DOLS is 0.58 for the sample as a whole for the period 1970-2006. However, there are marked differences in retentions ratios in each country group with ratio lowest in common law countries (0.34) compared to French civil law countries (0.85). These results imply that in the countries with strong legal protections of investors, capital tends to be mobile internationally than in countries with worse protection.
Since the beginning of the decade, numerous economic and monetary unification projects have arous... more Since the beginning of the decade, numerous economic and monetary unification projects have aroused a lot of interest. The reinforcement of economic and monetary integration, especially in Europe, has set a trend for the creation of a monetary union in many others regions of the world. Since then, the debate has moved towards the study of the parameters that justify the creation of a single currency. However, another current of thought emphasized the fragility of the traditional theory and considered the criteria as incomplete, since this theory insists solely on a few elements concerning the adjustment process under various exchange regimes (Bogdan 2004). Also, many monetary unions have existed and lasted without meeting this theory’s criteria. Other economists recommend studying the history of these monetary unions so as to define the necessary conditions for the success of a monetary integration (Sharp 2005, Jonung 2002). Within Maghreb, the completion of the regional integration...
In this paper, we aim to analyze the impact of market power on the efficiency of microfinance ins... more In this paper, we aim to analyze the impact of market power on the efficiency of microfinance institutions (MFI) in the WAEMU. We use three different market structure measures (the Panzar-Rosse H-statistic, the Herfindahl-Hirschman index, and the Lerner index) to measure the market power of MFIs. The study is based on a large sample of ninety-four MFIs operating in Benin and Togo over the period 2010–2014. Our findings show that competition adversely affects the efficiency of MFIs, confirming Demsetz’s (1973) theory of efficient structures. Classification JEL: G14, G21, D4, L16
Mondes en développement
L’objectif de cette etude est d’analyser l’impact du pouvoir de marche sur l’efficience des insti... more L’objectif de cette etude est d’analyser l’impact du pouvoir de marche sur l’efficience des institutions de microfinance (IMF) dans la zone UEMOA. Trois mesures de structure de marche (la H-Statistique de Panzar et Rosse, l’indicateur de Herfindahl-Hirschman et la statistique de Lerner) sont utilisees pour mesurer le pouvoir de marche des institutions de microfinance. L’etude est realisee a partir d’un large echantillon de 94 IMF exercant au Benin et au Togo sur la periode 2010-2014. Les resultats indiquent que la concurrence affecte negativement le niveau d’efficience des IMF, confirmant ainsi la theorie des structures efficientes de Demsetz (1973). Classification JEL : G14, G21, D4, L16
Mondes en développement
Cet article reexamine l’effet des transferts de migrants (TFM) sur la qualite des institutions. N... more Cet article reexamine l’effet des transferts de migrants (TFM) sur la qualite des institutions. Nous utilisons differentes variables de qualite institutionnelle et l’analyse porte sur un large panel de 102 pays sur la periode 1990-2015. Les resultats obtenus a l’aide des regressions a effets fixes et de la methode des variables instrumentales suggerent que les TFM deteriorent la qualite des institutions des pays recipiendaires. Il en decoule d’importantes implications de politiques.
L’objectif principal de ce papier est de déterminer le régime de change optimal pour les petits p... more L’objectif principal de ce papier est de déterminer le régime de change optimal pour les petits pays et en particulier des pays maghrébins. Pour mieux répondre à la question du choix du régime de change optimal, nous avons élaboré un modèle théorique en se basant sur le cadre du modèle de Ricci (1997) tout en additionnant un troisième pays et plusieurs configurations de régime de change fixe. Pour mieux refléter la réalité économique des pays maghrébins, nous avons considéré deux petit pays (des pays du Maghreb) et un grand pays (la zone euro). L’adoption d’un troisième pays affecte significativement les résultats puisque le choix du type du régime fixe (du type SME, Bretton Woods ou Union monétaire entre les petits pays) détermine les conditions de réussite du régime de change.
Journal of Quantitative Economics
The Journal of International Trade & Economic Development
Savings and Development, 2009
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Papers by Chrysost BANGAKE