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has been cited by the following article:

• TITLE: Monetary Union and Bilateral Trade among CFA Franc Zone Member Countries: An Empirical Analysis

  AUTHORS: Gnanderman Sirpe

  KEYWORDS: Regional Integration, Monetary Union, FCFA, Model of Gravity, Commercial Potentialities

  JOURNAL NAME: Modern Economy, Vol.10 No.2, February 13, 2019

  ABSTRACT: This paper examines the trade promoting effects of monetary union in the context of the CFA franc zone. Using the gravity model as a basis for predicting the volume of trade between countries, the study attempts to estimate the potential for increased trade within the CFA franc zone. The study shows that the CFA countries have experienced relatively low monetary growth, relatively strict budgetary disciplines, and consistently low inflation. However, the results of the study indicate that monetary union in the case of the CFA franc zone did not promote economic integration among member countries in the form of expanded trade. The actual trade among these countries remained small despite the use of common foreign exchange policy and free transferability of resources among these countries.