BAISSE DES TAUX DIRECTEURS ET COMPORTEMENT DE L’OFFRE DE CREDITS BANCAIRES AU CAMEROUN : Une approche ARDL et VAR

In this article, we analyze the reaction of the availability of bank credit to Cameroon following a rate cut from the Bank of Central African States (BEAC). This article stands out from previous work based on various assumptions and methodology. In addition to the VAR (Vector Auto Regressive) generally used nowadays, we used the Auto Regressive model to delay Echelonné1 (ARE). This was done so as to take account of the credit term dynamics when interest rates fall. The data covered the period from 1991 to 2014. Overall, the results show that the supply of credit reacts weakly to lower interest rates. This effect is justified by the combined excess bank liquidity to credit rationing. This study aims at improving the transmission of monetary policy through increase in reserve requirement ratio by BEAC. In addition, it aims to improve the institutional framework for access to bank credit, especially the development of the security market

The Combined Effects of Public and Private Investments on Economic Growth in the CEMAC Zone

This study evaluates the simultaneous impact of public and private investments on economic growth in the CEMAC zone between 1984 and 2017.To attain this aim, we use the Vector Error Correction Model (VECM) to test the direction of causality between the three variables above at the level of each country. We find that the direction of causality is not the same in all the countries both in the short as in long-run. We then develop an ideal model going from the Cobb Douglas production function which we quantitatively validate using panel data estimation through the method of Pool Mean Group which takes into account individual specificities. It arises that contrary to economic theory, private sector investments have positive and significant effects in short-run. However, the impact of public investments is negative and significant. In the long-run, the effects are reversed and call on the authorities of the CEMAC zone to reinforce the political risk to strengthen the public-private partnership in the process of sustainable growth

POLITIQUE MONETAIRE, STABILITE DES PRIX ET DEVELOPPEMENT DE L’ACTIVITE ECONOMIQUE114 EN ZONE CEMAC

The purpose of this paper is to examine the effects of the conflict between the objectives of price stability and that of employment in the CEMAC zone that caught the fight against inflation as its major economic objective. Writers such as Phillips (1958), Lucas (1972), Okun (1970), Nupukpo (2002) worked on the relationship between monetary policy and its purpose and economic activity. The data come from the World Bank, in World Development Indicators contained, in CD-ROM (WDI-2013), BEAC (Activity Reports BEAC). Working for the periods 1977-1994, 1995-2012 and 1977-2012. The analysis was done with a dynamic panel that has the distinction of being among the independent variables, the endogenous variable lagged one or more periods. The three endogenous variables are the inflation rate, the growth rate and the employment rate. The estimation method used is that of Arellano and Bond (1991); it has the advantage of correcting the bias that comes from the correlation between the lagged endogenous variable and the error term. The results show that the effects of monetary policy on economic activity (growth and employment) are mixed because the exchange rate is transmitted to inflation, monetary policy has no effect on inflation but in the economic activity. Inflation has its main source in trade with the outside and does not stimulate the economy. This economic activity is slowed by the sources of inflation, growth and employment have a negative effect on each other. While the causes of inflation are no longer those of external trade, the economy will be better in the CEMAC zone. For best contribution of monetary policy to economic activity, it is good to avoid the high variability of the interest rate that creates an unexpected or difficult and volatile inflation

Le marché du plantain au Cameroun, des dynamiques de l'offre au fonctionnement du système de commercialisation

International audienceLa banane plantain est un féculent classé dans les biens à élasticité revenu positive. Si les déterminants de la consommation de plantain sont peu connus, en revanche ceux des systèmes de production expliquent les difficultés d'ajustement de l'offre à la demande dans le cas du Cameroun. La production de plantain valorise le capital agro écologique des forets sur les fronts pionniers cacaoyers. Quand ce capital est épuisé il n'est pas renouvelé par des intrants (engrais, pesticides) pour des raisons internes et externes aux systèmes de production. Parmi les raisons externes, la capacité du système de commercialisation à transmettre une information suffisante aux producteurs et parfois mise en doute. En réalité, ce système a une certaine efficacité. L'étude débouche sur l'identification de priorités pour la recherche agro-économique

Determinants Du Developpement Financier Dans Les Pays De La Zone Franc Cfa: Le Role De La Qualite Des Institutions

This paper aims at analysing the role of the quality of institutions (institutional factors) on financial development within the fourteen countries of the CFA Franc zone. For that purpose, the Pool Mean Group (PMG) method is used in order to estimate a linear model in dynamic panel data over the period 1996-2011. Findings show that the quality of some institutions (corruption, political stability, quality of regulation…) conditions or affects the improvement level of financial system of the above-listed countries. To contribute to the emergence of better developed finance and of course more productive, the paper stands for an “institutional convergence” as one of the assets of financial development in the CFA Franc countries

POLITIQUE MONETAIRE, STABILITE DES PRIX ET DEVELOPPEMENT DE L’ACTIVITE ECONOMIQUE114 EN ZONE CEMAC

The purpose of this paper is to examine the effects of the conflict between the objectives of price stability and that of employment in the CEMAC zone that caught the fight against inflation as its major economic objective. Writers such as Phillips (1958), Lucas (1972), Okun (1970), Nupukpo (2002) worked on the relationship between monetary policy and its purpose and economic activity. The data come from the World Bank, in World Development Indicators contained, in CD-ROM (WDI-2013), BEAC (Activity Reports BEAC). Working for the periods 1977-1994, 1995-2012 and 1977-2012. The analysis was done with a dynamic panel that has the distinction of being among the independent variables, the endogenous variable lagged one or more periods. The three endogenous variables are the inflation rate, the growth rate and the employment rate. The estimation method used is that of Arellano and Bond (1991); it has the advantage of correcting the bias that comes from the correlation between the lagged endogenous variable and the error term. The results show that the effects of monetary policy on economic activity (growth and employment) are mixed because the exchange rate is transmitted to inflation, monetary policy has no effect on inflation but in the economic activity. Inflation has its main source in trade with the outside and does not stimulate the economy. This economic activity is slowed by the sources of inflation, growth and employment have a negative effect on each other. While the causes of inflation are no longer those of external trade, the economy will be better in the CEMAC zone. For best contribution of monetary policy to economic activity, it is good to avoid the high variability of the interest rate that creates an unexpected or difficult and volatile inflation

Banque Centrale Et Politique Budgetaire : Une Évidence Empirique Pour La Zone CEMAC

The purpose of this article is to analyze how the degree of independence of the Bank of Central African States (BEAC) influences the level of budget deficit for the countries of the Economic and Monetary Community of Africa Centrale (CEMAC) over the period 1994-2016. To do this, we rely on the statutory and rotational indicators of central bank governors developed by the literature, as well as on the econometrics of panel data. The results of the estimates indicate a mixed relationship between degree of independence and level of budget deficit. This result can be interpreted as an absence of constraint on fiscal policy, or as the partial assumption of cyclical stabilization by the central bank even when it is independent. It can also be interpreted as an absence of obligation for the budgetary policy to take charge of the cyclical adjustment. These results nevertheless confirm that the average orientation of fiscal policy is determined more by the budget procedure itself than by the statutes and the government of BEAC

ANALYSE DES DETERMINANTS DE L'OFFRE DE L'EAU POTABLE AU CAMEROUN

Le Cameroun, malgré des prédispositions naturelles qui lui permettent d’avoir des ressources en eau importantes, a du mal à atteindre la cible 2 de l’objectif 7 des objectifs de développement du millénaire (OMD), à savoir réduire de moitié, d’ici 2015, le pourcentage de la population qui n’a pas accès de façon durable à un approvisionnement en eau potable et à un assainissement de base. Notre objectif à travers cette étude est de fournir un outil de promotion de l’accessibilité à l’eau potable au Cameroun, ainsi qu’à sa gestion durable. Elle cherche à capter les déterminants de l’offre d’eau afin de cerner les raisons de l’inadéquation entre celle-ci (l’offre d’eau) et la demande. L’analyse des données réalisée grâce au logiciel Eviews 5 nous montre que l’insuffisance des investissements réalisés dans le secteur et les perceptions anachroniques des populations en ce qui concerne la gestion de l’eau constituent les principaux freins à une offre suffisante de l’eau potable. Ainsi, la résolution des problèmes hydriques au Cameroun passe inévitablement par une augmentation de l’enveloppe budgétaire allouée au secteur de l’eau et par une sensibilisation des populations sur la nécessité d’une gestion durable des ressources environnementales en général et de la ressource hydrique en particulier