@workingpaper{Asongu2012,
title = {A Short-run Schumpeterian Trip to Embryonic African Monetary Zones},
author = {Simplice A Asongu},
editor = {African 2012 Governance and Development Institute WP/12/001},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/A-Schumpeterian-Trip-to-Embryonic-African-Monetary-Zones.pdf},
year = {2012},
date = {2012-12-01},
abstract = {With the spectre of the Euro crisis looming substantially large and scaring potential
monetary unions, this study is a short-run trip to embryonic African monetary zones to assess
the Schumpeterian thesis for positive spillovers of financial services on growth. Causality
analysis is performed with seven financial development and three growth indicators in the
proposed West African Monetary Zone (WAMZ) and East African Monetary Zone (EAMZ).
The journey is promising for the EAMZ and lamentable for the WAMZ. Results of the EAMZ
are broadly consistent with the traditional discretionary monetary policy arrangements while
those of the WAMZ are in line with the non-traditional strand of regimes in which, policy
instruments in the short-run cannot be used to offset adverse shocks to output. Policy
implications are discussed.},
keywords = {Finance; Growth; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}