The CFA Franc Devaluation and Output Growth in the Franc Zone

Fouopi Djiogap Constant


The objective of this paper is to assess the relationship between the devaluation of the CFA franc and output growth in the Franc Zone (note1). Hinging on the works carried out in Latin America and Asia, the article employs a pool data model to verify, if the January 12th, 1994 CFA franc devaluation had an impact on the output growth in these countries. Our results show that this devaluation had no impact on output growth. This can be explained by the fact that the real adjustment which should have preceded it failed.

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International Journal of Financial Research
ISSN 1923-4023(Print)ISSN 1923-4031(Online)


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