Is an African Monetary Union Project for the CAEMC Countries Possible?

Abstract

The aim of this research is to verify whether it is possible for the African countries of CAEMC to form a solidly established monetary zone. Our approach is based on the work of Gosselin and Parent (2012), in order to measure the capacity to mobilize the foreign exchange reserves needed to protect against speculative attacks. The results show that in the short term, when GDP, money supply as a percentage of GDP, exports of goods and 4 This monetary agreement, initiated at the request of the member countries: Mali,