Effets de la participation aux chaînes de valeur mondiale sur l'élasticités-prix des exportations dans les pays de la zone franc CFA

Abstract

In recent years, international trade has been characterized by the fragmentation and interconnection of production processes around the world. In this context, the relationship between exchange rates and the volume of exports could be changed. That is why in this paper we analyze the effect of participation to the global value chains (GVC) on the sensitivity of exports to real effective exchange rates (REER) in the CFA franc zone countries. The results obtained using a panel data model indicate that exports of these countries are no longer sensitive to REERs when their participation in GVCs is considered. These results can be explained by the export structure of these countries dominated by commodities. In addition, they suggest that policies to improve the external competitiveness of CFA franc zone countries must also integrate the participation and positioning of these countries in GVCs.