Show simple item record

dc.contributor.advisorBaimbridge, Mark J.
dc.contributor.advisorLitsios, Ioannis
dc.contributor.authorAdu, Raymond
dc.date.accessioned2020-03-05T13:25:08Z
dc.date.available2020-03-05T13:25:08Z
dc.date.issued2019
dc.identifier.urihttp://hdl.handle.net/10454/17674
dc.description.abstractThis thesis provides an assessment of monetary integration in the West African Monetary Zone (WAMZ) focusing upon its feasibility and trade implications, in order to inform policy about the group’s deep integration scheme. The first aspect of the original contribution of the thesis focuses on one of the main issues in the debate of the monetary union in the WAMZ, namely the degree of asymmetry in macroeconomic shocks. The study examines the real effective exchange rate (REER) behaviour among the prospective candidates to assess the degree of potential costs of giving up monetary policy autonomy. The evidence reported from VECM, impulse response and variance decomposition analysis points to heterogeneous economies. Therefore, idiosyncratic shocks imply the need for different policy responses to adjust to macroeconomic shocks. The findings strengthen the case for policy autonomy in the region. The second aspect of original contribution of the thesis evaluates the potential effect of a common currency on trade among WAMZ member countries. Using the existing currency union in ECOWAS, the CFA franc zone, the chapter estimates the effect of a common currency on bilateral trade over the period 1980-2016 using the gravity model. The main conclusion reached is that membership of the CFA franc zone has promoted bilateral trade among members by 60%. The findings support the hypothesis that a common currency increases bilateral trade, which is a helpful guide for a WAMZ monetary union. In summary, the thesis demonstrates that in the long term, a common currency would promote intra-community trade, but at present, a monetary union is not feasible due to asymmetric macroeconomic shocks. Therefore WAMZ deep integration scheme would require members instituting adequate alternative adjustment mechanisms such as fiscal transfer schemes.en_US
dc.description.sponsorshipGhana Education Trust Fund (GETFund) for the financial support and Division of Economics (now Accounting, Finance and Economics Group) for the offering of the Graduate Teaching Assistant Studentshipen
dc.language.isoenen_US
dc.rights<a rel="license" href="http://creativecommons.org/licenses/by-nc-nd/3.0/"><img alt="Creative Commons License" style="border-width:0" src="http://i.creativecommons.org/l/by-nc-nd/3.0/88x31.png" /></a><br />The University of Bradford theses are licenced under a <a rel="license" href="http://creativecommons.org/licenses/by-nc-nd/3.0/">Creative Commons Licence</a>.eng
dc.subjectWest African Monetary Zone (WAMZ)en_US
dc.subjectOptimum-currency-areasen_US
dc.subjectShock asymmetryen_US
dc.subjectGravity model of tradeen_US
dc.subjectIntra-ECOWAS tradeen_US
dc.subjectReal exchange rateen_US
dc.subjectECOWAS single currencyen_US
dc.titleAn Assessment of Monetary Integration in the West African Monetary Zone (WAMZ): Feasibility and Trade Implicationen_US
dc.type.qualificationleveldoctoralen_US
dc.publisher.institutionUniversity of Bradfordeng
dc.publisher.departmentFaculty of Management, Law and Social Sciences, School of Managementen_US
dc.typeThesiseng
dc.type.qualificationnamePhDen_US
dc.date.awarded2019
refterms.dateFOA2020-03-05T13:25:09Z


Item file(s)

Thumbnail
Name:
R. ADU 12023726 Ph.D Thesis ...
Size:
2.103Mb
Format:
PDF
Description:
PhD Thesis

This item appears in the following Collection(s)

Show simple item record