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Author ORCID Identifier
https://orcid.org/0000-0001-9236-8846
AccessType
Open Access Dissertation
Document Type
dissertation
Degree Name
Doctor of Philosophy (PhD)
Degree Program
Economics
Year Degree Awarded
2022
Month Degree Awarded
September
First Advisor
Leonce Ndikumana
Second Advisor
Gerald Epstein
Third Advisor
James Heintz
Fourth Advisor
Joye Bowman
Subject Categories
African Studies | Growth and Development | International Economics | International Relations | Macroeconomics | Political Economy
Abstract
This dissertation is organized into three essays. The second essay provides a historical overview of the CFA franc and explores why the CFA franc has survived for so long. It argues that a historical and dialectical materialist analysis of the CFA’s history can best explain both its extraordinary longevity and the periodic major reforms to its functioning. The third essay assesses whether the Central Bank of West African States (BCEAO) has an independent monetary policy by examining the relationships between BCEAO’s foreign reserves and base money, and between BCEAO and the European Central Banks’s policy rates. The fourth essay evaluates whether the monetary policy transmission mechanism in West Africa is effective by estimating the impact of a change in policy rates and base money on inflation and commercial bank lending. The results of this study suggest that BCEAO is only weakly constrained by its peg to the euro and that it cannot reliably control inflation.
DOI
https://doi.org/10.7275/29939553
Recommended Citation
Perez, Francis, "THREE ESSAYS ON THE POLITICAL ECONOMY OF THE CFA FRANC" (2022). Doctoral Dissertations. 2712.
https://doi.org/10.7275/29939553
https://scholarworks.umass.edu/dissertations_2/2712
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Included in
African Studies Commons, Growth and Development Commons, International Economics Commons, International Relations Commons, Macroeconomics Commons, Political Economy Commons