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Objectif de Stabilité des Prix et Croissance Economique en Zone CEMAC: Une Approche en Données de Panel

NGUENA, Christian L. (2012): Objectif de Stabilité des Prix et Croissance Economique en Zone CEMAC: Une Approche en Données de Panel.

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Abstract

The latest current of classic school has put emphasis on central bank credibility and therefore monetary policy credibility as factor of efficiency of the monetary policy in terms of realisation of final objective. That is how in CEMAC zone, we have seen monetary reforms which going implicitly in the direction of reinforcing independence and therefore central bank credibility in terms of the realisation of stability of price objective. In this zone, we note low growth rate merged with controllable inflation rate, sign of efficiency and credibility. This work is proposing to come out with the impact of the search for a greater credibility by the central bank of the sub-region on economic growth. The theoretical econometric model used is an endogenous growth model derives from Solow model. From this model, the utilization of panel’s econometric method to proceed for the estimation of growth equation has been adopted. This equation in which is added a simple index of monetary policy credibility previously constructed has been the basis of our empirical investment. The estimation in panel data based on World Bank and Central African State Bank data covering CEMAC zone and 1980 – 2008 periods leads to a contrary result with respect to the previous study hypothesis; According to that hypothesis monetary policy credibility may have a positive impact on economic growth. This leads to recommend a monetary policy geared towards the amelioration of CEMAC zone economic growth with the constraint of price stability.

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