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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
The Symmetry of Demand and Supply Shocks in Monetary Unions
Author(s): Maru Etta-Nkwelle, Carlton Augustine, Youngho Lee
Citation: Maru Etta-Nkwelle, Carlton Augustine, Youngho Leeng, (2012) "The Symmetry of Demand and Supply Shocks in Monetary Unions," Vol. 13, Iss. 3, pp. 63 - 72
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This study has been motivated by the numerous proposals for greater monetary and economic integration
in Africa. We investigate the correlation of shocks between the exiting members of the West African
Economic and Monetary Union and potential entrants in the region. In Southern Africa, we examine the
pair wise correlations using the hub and spoke framework with South Africa as the hub. We observe large
demand shock asymmetry amongst the countries in the west than in the south, suggesting more economic
homogeneity amongst the members of the South African Development Community. However, there seem
to be more supply shock symmetry amongst the countries in West Africa than their counterparts in the
south.
