Off-campus UMass Amherst users: To download campus access dissertations, please use the following link to log into our proxy server with your UMass Amherst user name and password.
Non-UMass Amherst users: Please talk to your librarian about requesting this dissertation through interlibrary loan.
Dissertations that have an embargo placed on them will not be available to anyone until the embargo expires.
Author ORCID Identifier
Open Access Dissertation
Doctor of Philosophy (PhD)
Year Degree Awarded
Month Degree Awarded
African Studies | Growth and Development | International Economics | International Relations | Macroeconomics | Political Economy
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.
Perez, Francis, "THREE ESSAYS ON THE POLITICAL ECONOMY OF THE CFA FRANC" (2022). Doctoral Dissertations. 2712.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Available for download on Friday, September 01, 2023