Monetary co‐operation and economic growth in Africa: Comparative evidence from the CFA‐zone countries
比较了10个CFA法郎区国家和23个非区撒哈拉以南非洲国家的经济增长表现，发现货币扩张和资本形成促进增长，而通胀和政府支出有负面影响，参与货币联盟并未带来更快增长但有助于控制价格和货币扩张。
Abstract This article compares economic growth performance of ten African countries, all members of the CFA monetary zone, with that of 23 non‐zone Sub‐Saharan African (SSA) countries. Our descriptive results suggest that, overall, African economies have experienced similar growth trends, which are higher in the 1970s than the 1980s. However, contrary to previous studies, disaggregated comparison of the CFA with the SSA indicate that no significant growth differences exist between these economies. Moreover, our empirical findings suggest that monetary expansion and capital formation have positive impacts on output growth, whereas inflation, and government spending show negative effects. In sum, although participating in a monetary union has not necessarily resulted in faster output growth, it has enabled the CFA countries to better control price fluctuations and monetary expansion.