Substitution monétaire, demande de monnaie dans les pays africains sub-sahariens évidence par la cointégration

Abstract

This paper, investigates a demand model which includes, in addition to opportunity costs of holding both domestic and foreign currency, measures of economics activities.This allows the capture of the effects of currency substitution on money demand, with a direct implication for stabilization policies. Short and long-run money demands are estimated by the Johansen and Juselius multivariate technique of cointegration. The degree of currency substitution for selected sub-saharan African countries is investigated through causality test. The paper also suggests somme [i.e. some] policies for tackling the problem of high degrees of currency substitution in countries where it is evidenced.