African Integration Review

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  • 1. Orientation et ObjectifsLa Revue Africaine de lIntgration est unetribune pluridisciplinaire internationale axesur la problmatique de lintgration delAfrique. Elle est ouverte toutes lesorientations thoriques et publie desrecherches portant sur les rgions et lespays africains.Cette Revue sintresse particulirement la thorie et la pratique de laproblmatique de lintgration. Ses champsdintrt comprennent : aide et commerce,disparits rgionales et rforme agraire,administration du dveloppement,planification de lducation etdveloppement de ressources humaines,industrialisation et transfert de technologie,problmes environnementaux, droits de lapersonne et dmocratisation, urbanisation,femmes et dveloppement.La Revue accepte des articles thoriques,surtout sils prsentent une analyseinterdisciplinaire novatrice. Elle accordecependant la priorit aux articles issues derecherches empiriques et aux tudes de casayant des rpercussions sur lesexpriences dintgration travers leContinent et sur la planification et lespolitiques de dveloppement. La Revueaccepte galement des articles courtsprsentant une exprience ou une rflexionpersonnelle sur un ou plusieurs aspects despratiques ou des politiques actuelles dedveloppement international.La Revue Africaine de lIntgration prsentegalement des analyses critiques et descomptes rendus de livres rcents traitant delintgration conomique.La Revue Africaine de lIntgration est unepublication bilingue (franais et anglais) quiparat deux fois lan, en janvier et juillet.Aims and ScopeThe African Integration Review is aninternational multidisciplinary journal for thediscussion of a wide range of integrationissues in Africa. It is open to all theoreticaland applied research orientations on theregions and countries of Africa.This review is particularly interested in thetheory of integration and to its application toproblems. Areas of interest include: aid andtrade, regional disparities and agrarianreform, development administration,education planning and human resourcedevelopment, industrialization and transferof technology, environmental issues, humanrights and democratization issues,urbanization and women in development.The Review will consider theoretical papers,particularly if they offer an innovativeinterdisciplinary analysis. Priority will begiven, however, to empirical researches andto case studies having implications onintegration encounters throughout theContinent and on the planning anddevelopment policies. The review will alsoaccept short articles that presentexperiences or personal points of view onone or several aspects of the practices oron current policies of internationaldevelopment.The African Integration Review includescritical analyses and reviews of recentbooks dealing with integration.The African Integration Review is a bilingualpublication (English and French) whichcomes out twice a year, in January andJuly.AFRICAN INTEGRATION REVIEWREVUE AFRICAINE DE LINTEGRATIONwww.africa-union.org2008, African Union CommissionAll rights reservedCopyright in the volume as whole is vested in the African Union Commission and no part may bereproduced in whole or part without the express permission, in writing, of both theauthors and the publishers.The opinions expressed in this review do not necessarily reflect those of the African UnionCommission.ISSN: 1993-6176

2. African Integration ReviewRevue Africaine de l'IntgrationPresident /PrsidentProf. Gilbert Marie NGBO University of Abidjan Cocody, Cte dIvoireVice-president / Vice-prsidentProf. Adebayo OLUKOSHI African Institute for Economic Development andPlanning (IDEP), SenegalScientific CommitteeProf. Gilbert Marie NGBO University of Abidjan Cocody, Cte dIvoireProf. Adebayo OLUKOSHI African Institute for Economic Development andPlanning (IDEP), SenegalProf. Robert MABELE University of Dar es Salaam, TanzaniaProf. Ben. Omar Mohamed NDIAYE West African Monetary Agency (WAMA), SierraLeoneProf. Barthlmy BIAO African University for CooperativeDevelopment (AUCD), BeninProf. Danile BORDELEAU Senghor University, EgyptProf. Jean-Marie GANKOU University of Yaounde I, CameroonProf. Seka Roche University of Abidjan Cocody, Cte dIvoireProf. Herve DIATA University Marien Ngouabi, Republic of CongoProf. Ahmadou Aly MBAYE University Cheikh Anta Diop, SenegalAssoc. Prof. Germina SSEMOGERERE Makerere University, UgandaProf.DONTSI University of Yaounde I, CameroonProf. Moncef BEN SAID Institute National Agronomique de Tunisie, TunisiaExecutive EditorDr Maxwell M. MKWEZALAMBA Commissioner for Economic Affairs, African UnionCommission, (AUC)Editor in ChiefDr Ren N'Guettia KOUASSI Director of Economic Affairs, AUCEditorial BoardDr Ren N'Guettia KOUASSI Director of Economic Affairs, AUCMr Emile OGNIMBA Director of Political Affairs, AUCMr Aboubakari BaBa- MOUSSSA Director of infrastructure and Energy, AUCMrs Habiba MEJRI-CHEIKH Director of Communication and InformationDivision, AUCDr Beatrice NJENGA Head of Education Division, AUCMs Fetun GETAHUN Editorial Assistant, AUCDepartment of Economic AffairsIn Collaboration with AUC Publishing and Reproduction PlantAfrican Union CommissionP.O.Box 3243, Addis Ababa, EthiopiaTel. : (251-11) 5 519287Fax. : (251-11) 5 51 92 87E-mail : fetung@africa-union.org;Web site: www.africa-union.org 3. A grant from the European Union (EU) tosupport the publication of the AfricanIntegration Review is gratefully acknowledged.Nous remercions lUnion Europene (UE) deson aide financire pour la publication de laRevue Africaine de lIntgration. 4. African Integration ReviewRevue Africaine de l'IntgrationVolume 4, No. 2, January/ janvier 2011African Union CommissionCommission de lUnion africaineDepartment of Economic AffairsIn collaboration with AUC Publishing and Reproduction Plant/Dpartement des Affaires EconomiquesEn collaboration avec la Section de Publication et deReproduction de la CUA 5. Table of contents / Table de matiresVol. 4, No. 2, January/ janvier 2011Economic freedom and Economic growth in ECOWAS: Does colonizationheritage matter?Felix Fofana NZue ........................................................................................1La convergence conomique en zone UEMOA : une analyse empirique ducritre budgtaireAry Tanimoune Nasser ....................................................................................26Volatility and duration models for financial intaday data: formulation,estimation and evaluationMamoudou Hassane ........................................................................................52Impact de la crise conomique et financire de 2007-2009 sur leDveloppement Humain en AfriqueDidier Adjakidj, Rodolphe Missinhoun, Dossina Yo ............................................79Intgration montaire en Afrique de lOuest : Quelles perspectives ?Liwaeddine Fliss .............................................................................................111Editorial Policy /Politique rdactionnelle .......................................... 147-149 6. African Integration Review Vol.4 No.2, January 2011Economic freedom and Economic growth in ECOWAS: Does colonialheritage matter?Felix Fofana NZue1, Ph.D.Abstract: The objective of this paper is to investigate the factors affecting the relationshipbetween economic freedom and economic growth with a special focus on the colonial heritage ofECOWAS countries. The paper used the Heritage Foundation measure of economicfreedom and a dummy variable for colonial heritage to analyze the relationship between thevariables using panel data and mixed-fixed random effects models estimation approach. Theresults suggest that i) level of economic freedom is not an important determinant of economicperformance in ECOWAS countries; ii) colonial heritage does not matter in general foreconomic performance; iii) it is economic performance that causes economic freedom and notthe other way round; iv) the colonial heritage of English speaking countries together withgovernment and monetary freedoms impact their economic performance more than it does withFrench speaking countries; v) fiscal freedom together with the colonization variable impactedformer British colonies more than they impacted their French counterparts vi) Governmentfreedom could be harmful to economic performance in ECOWAS countries and vii) thecolonial heritage together with monetary freedom has improved economic performance informer British colonies more than former French colonies.Keywords: Economic Freedom, Economic Growth, ColonizationLa libert conomique et la croissance conomique de la CEDEAO:une question d heritage colonial ?Rsum: Lobjectif de ce papier est dentreprendre une analyse des facteurs qui influent surla relation entre libert conomique et croissance conomique avec un accent particulier surlhritage colonial des pays de la CEDEAO. Le papier a utilis lindicateur de la libertconomique dvelopp par Heritage Foundation et une variable muette pour lhritagecolonial pour analyser limpact de lhritage colonial sur la performance conomique par uneapproche conomtrique utilisant le modle effets mlangs avec donnes de panel. Lesrsultats obtenus suggrent ceci : i) le niveau de libert conomique nest pas un dterminantsignificatif de la performance conomique des pays de la CEDEAO ; ii) lhritage colonialnest pas un facteur significatif majeur de la performance des conomies de la CEDEAO ;iii) Il y a causalit unidirectionnelle allant de la performance conomique vers la libert1 The Author is a Senior Research Fellow at ACET (African Center forEconomic Transformation). The views expressed in this Paper are those ofthe author and do not necessarily represent those of the ACET and itspartners or ACET policy. Email: fnzue@acetforafrica.orgEconomic freedom and Economic growth in ECOWAS: Does colonization heritage matter? 1 7. African Integration Review Vol.4 No.2, January 2011conomique ; iv) lhritage colonial combin aux liberts montaire et gouvernementale ainflu positivement sur les performances des conomi