IDENTIFICATION ET EVALUATION DES CANAUX DE PARTAGE DES RISQUES MACROECONOMIQUES DANS UNE ZONE MONETAIRE: CAS DE LA ZONE CEMAC

Résumé

According to the theory of optimal monetary zone, the creation of monetary union islikely to influence not only the nature of shocks, but the entire economy. Therefore,the existence of monetary unions rises a set of fundamental questions on economics theory. The major questions concerning the determining of asymmetric shocks and to the adjustment mechanisms to deal with these shocks. In this perspective, this article aims to identify the risk-sharing channels for macroeconomics shocks and to evaluate their relative impact as an alternative to traditional mechanisms of monetary zone. Based on the method of decomposing the variance of the rate of GDP growth, the results reveals that the distribution of risks from asymmetric shocks among CEMAC countries is relatively average. About, 46.3% of shocks are smoothed. Savings are the main risk-sharing channel that contribute to smooth out 24.8% of the shocks, and the international transfers estimated at 13%.