Une politique monétaire pour l'emploi dans l'UEMOA
DOI :
https://doi.org/10.18559/rielf.2020.2.6Mots-clés :
emploi, GMM, UEMOA, politique monétaire, vecteurs autoregressifsRésumé
Malgré la réussite, pour la plupart des États membres, dans le respect des critères de convergence les niveaux de pauvreté et de sous-emploi restent importants dans l ' UEMOA. La remise en question d ' un certain nombre de réalités et mécanismes macroéconomiques conduisent à s ' interroger sur l ' efficacité profonde des politiques économiques menées dans les pays de l ' union. Ainsi malgré des taux de croissance élevé avoisinant les 7% avec une excellente maitrise de l ' inflation le chômage reste important et la création d ' emploi encore insuffisante. Les premiers résultats obtenus par cette étude montrent que cibler l ' inflation comme seul objectif de la politique monétaire ne va pas dans le sens d ' une promotion d ' une croissance inclusive créatrice d ' emploi et réductrice de pauvreté. Bien au contraire les instruments à la disposition de la banque centrale (BCEAO) devraient être mis à contribution pour stimuler l ' emploi notamment celui des jeunes. L ' usage d ' instruments direct de politique monétaire (ligne de crédit dans les banques de second rang) ou du taux directeur s ' avère complémentaire aux politiques sectorielles d ' emploi.
Téléchargements
Références
Agénor, P. R., & Pereira da Silva, L. A. (2013). Capital regulation, monetary policy, and financial stability. International Journal of Central Banking, 9(3), 198-243.
View in Google Scholar
Alichi, A. (2015). A new methodology for estimating the output gap in the United States. (Working Paper, No. WP/15/144). International Monetary Fund
View in Google Scholar
Anwar, S., & Islam, I. (2011). Should developing countries target low, single digit inflation to promote growth and employment?. (Employment Working Paper No. 87). International Labor Office.
View in Google Scholar
Arrellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
View in Google Scholar
Azam, J. P. (2004). Poverty and growth in the WAEMU after the 1994 devaluation. Journal of African Economies, 13(4), 536-562.
View in Google Scholar
Azam, J. P., Dia, M., Tsimpo, C., & Wodon, Q. (2007). Has growth in Senegal after the 1994 devaluation been propoor?. (MPRA Paper No. 11110).
View in Google Scholar
BCEAO (Banque Centrale des Etats de l’Afrique de l’Ouest). (2018). Plan stratégique 2016- 2018: Franchir de nouveaux caps Efficience Résilience Conformité.
View in Google Scholar
Blanchard, O., Dell’Ariccia, G., Mauro, P. (2013). Rethinking macro policy II: Getting granular. (Staff Discussion Note, No. SDN/13/03). International Monetary Fund.
View in Google Scholar
Brilleau, A., Roubaud, F., & Torelli, C. (2004). L’emploi, le chômage et les conditions d’activité dans les principales agglomérations de sept Etats membres de l’UEMOA. Principaux résultats de la phase 1 de l’enquête 1-2-3 de 2001-2002. Développement Institutions & Analyses de Long terme (DIAL), Document de travail, No. 2004/06.
View in Google Scholar
Brito, R., & Bystedt, B., 2010. Inflation targeting and emerging economies: Panel evidence. Journal of Development Economics, 91, 198-210.
View in Google Scholar
Broz, J. L. (1997). The international origins of the federal reserve system. Ithaca: Cornell University Press.
View in Google Scholar
Cameron, R., & Neal, L. (2003). Concise economic history of the world: From paleolithic times to the present. Oxford: Oxford University Press.
View in Google Scholar
Capie, F. (1999). Banking in Europe in the 19th century: The role of the central bank. In R. Sylla, R. Tilly, G. Tortella, G. T. Casares (Eds.), The state, the financial system and economic modernization (pp. 118-133). Cambridge: Cambridge University Press.
View in Google Scholar
Diagana, B., Reardon, T. (1999). Household consumption responses to the franc CFA devaluation: Evidence from urban Senegal. Food Policy, 24(5), 495-515.
View in Google Scholar
Diarra, S. (2016). Analyse rétrospective du respect des nouveaux critères de convergence de l’UEMOA. Revue d’Economie du Développement, 24, 79-98.
View in Google Scholar
Djoke, K. A, Ayawo, D., D’Almeida A., & Rachidatou, R. (2009). Child poverty profile in four WAEMU countries: A comparative analysis based on multidimensional poverty approach. Profil de la pauvreté infantile dans quatre pays de l’UEMOA: Une analyse comparative basee sur l’approche multidimensionnelle de la pauvrete. (Poverty and Economic Policy Research Network Working Paper).
View in Google Scholar
Epstein, G. (2005). Central banks as agents of economic development. (Working Paper Series No.104). University of Massachusets, Amherst, Political Economy Research Institute.
View in Google Scholar
Epstein, G. (2009). Post-war experiences with developmental central banks: The good, the bad and the hopeful. (United Nations Conference on Trade and Development. Research Papers for the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development).
View in Google Scholar
Frimpong, J., & Oteng-Abayie, E. (2010). When is inflation harmful? Estimating the thres- hold effect for Ghana. American Journal of Economic and Business Administration, 2(3), 232-239.
View in Google Scholar
Ghura, D., Leite, C. A., & Tsangarides, C. (2002). Is growth enough? Macroeconomic policy and poverty reduction. (Working Paper No. WP/02/118). International Monetary Fund.
View in Google Scholar
Gonçalves, C. E. S., & Salles, J. M. (2008). Inflation targeting in emerging economies: What do the data say?. Journal of Development Economics, 85, 312-318.
View in Google Scholar
IMF. (2016). West African Economic and Monetary Union. IMF Country Report No. 16/98. IMF. (2018). World Economic Outlook: Challenges to steady growth. Washington, DC.
View in Google Scholar
Jaebeom, K. (2014). Inflation targeting and real exchange rates: A bias correction approach. Economics Letters, 125(2), 253-256.
View in Google Scholar
Khan, A. (2017). Central Bank legal frameworks in the aftermath of the global financial crisis. (Working Paper No. 17/101). International Monetary Fund.
View in Google Scholar
Mendonça, F., de, & Helder de Guimarães e Souza, G. (2012). Is inflation targeting a good remedy to control inflation?. Journal of Development Economics, 98(2), 178-191.
View in Google Scholar
North, D. C., & Barry, R. W. (1989). Constitutions and commitment: The evolution of institutions governing public choice in seventeenth-century England. Journal of Economic History, 49, 803-832.
View in Google Scholar
Ouyang, A. Y., & Rajan, R. S. (2019). The impact of financial development on the effectiveness of inflation targeting in developing economies. Japan and the World Economy, 50, 25-35.
View in Google Scholar
Pontines, V. (2011). The nexus between inflation targeting and exchange rate volatility. (SEACEN Centre Staff Paper No. 84).
View in Google Scholar
Scarlata, J. (2002). Inflation targeting. In C.-H. Wong, M. Khan & S. Nsouli (Eds.), Macroeconomic management: Programs and policies (pp. 168-200). Washington, DC: International Monetary Fund.
View in Google Scholar
Stern, G. (1999). The use of explicit targets for monetary policy: Practical experiences of 91 economies in the 1990s. Bank of England, Quarterly Bulletin, Q3.
View in Google Scholar
Stiglitz, J. (2008). The failure of inflation targeting. Retrieved from https://www.project-syn-dicate.org/commentary/the-failure-of-inflation-targeting?barrier=accesspaylog
View in Google Scholar
Téléchargements
Publiée
Numéro
Rubrique
Licence
(c) Copyright Poznań University of Economics and Business 2020
Ce travail est disponible sous la licence Creative Commons Attribution 4.0 International .
