Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/123544
Authors: 
Asongu, Simplice A.
Year of Publication: 
2012
Series/Report no.: 
AGDI Working Paper WP/12/001
Abstract: 
With the spectre of the Euro crisis looming substantially large and scaring potential monetary unions, this study is a short-run trip to embryonic African monetary zones to assess the Schumpeterian thesis for positive spillovers of financial services on growth. Causality analysis is performed with seven financial development and three growth indicators in the proposed West African Monetary Zone (WAMZ) and East African Monetary Zone (EAMZ). The journey is promising for the EAMZ and lamentable for the WAMZ. Results of the EAMZ are broadly consistent with the traditional discretionary monetary policy arrangements while those of the WAMZ are in line with the non-traditional strand of regimes in which, policy instruments in the short-run cannot be used to offset adverse shocks to output. Policy implications are discussed.
Subjects: 
Finance
Growth
Africa
JEL: 
E50
G20
O10
O55
Document Type: 
Working Paper

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