Economic integration in Africa
There is a renewed interest in the debate on integration in Africa since the creation of the African Union in 2002. This study investigates the feasibility of a full-fledged economic union in Africa. Towards this goal, we examine the short- and long-term relationships among key macro-variables in ei...
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Veröffentlicht in: | The Quarterly review of economics and finance 2010-08, Vol.50 (3), p.245-253 |
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Format: | Artikel |
Sprache: | eng |
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Zusammenfassung: | There is a renewed interest in the debate on integration in Africa since the creation of the African Union in 2002. This study investigates the feasibility of a full-fledged economic union in Africa. Towards this goal, we examine the short- and long-term relationships among key macro-variables in eight largest African economies during the period from 1976 to 2005. We observe the existence of common long-term trends in real output, price level, private consumption, government consumption, investment and trade flows among these eight countries. In addition, we observe that there exists common cycles (short-term relationships) in real output, investment and trade flows for these countries. These two critical findings indicate the presence of macroeconomic interdependence among these countries which is a crucial factor for the success of integration in Africa led by these eight countries. |
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ISSN: | 1062-9769 1878-4259 |
DOI: | 10.1016/j.qref.2010.02.005 |