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Docteur en droit, Amadou Yaya SARR, est actuelle­ment chef du Département des Ressources Humaines du Port Autonome de Dakar et Enseignant Vacataire à l’Université Cheikh Anta DIOP de Dakar. Pourtant rien ne lui laissait présager un tel parcours. En effet, Monsieur SARR, a été embauché dans cette entreprise le 11 Octobre 1972 comme ouvrier mécani­cien. Ainsi, pendant 36 ans, il a gravi tous les échelons de la vie professionnelle dans cet établissement. Avec la volonté et l’abnégation il a, parallèlement à ses activités professionnelles, entrepris des études de droit à l’Université Cheikh Anta DIOP de Dakar, de la Capacité au DEA et au DESS. Il s’est par la suite inscrit en Thèse de Doctorat à l’Université d’Aix Marseille III, diplôme qu’il a soutenu avec brio en Juin 2006. Cette brillante Thèse a obtenu le 1er Prix du Droit International Public. L’auteur est médaillé dans l’Ordre National du Mérite de la République du Sénégal. Le présent ouvrage est issu d’une Thèse de Doctorat en Droit, soutenu le 30 Juin 2006 à l’Université d’Aix Marseille III en France. En effet, l’auteur, en observateur averti, a, dans une analyse minutieuse des traités de l’UEMOA et de l’OHADA, procédé à l’étude de la coexistence de ces Organi­sations dans les espaces économiques de leurs différents Etats-membres. Il a ainsi démontré dans un premier temps la réalité de cette coexistence, tant au niveau des sources du droit, qu’au niveau des systèmes institutionnels. Il a ensuite démontré les manifestations de cette coexistence par l’étude de la dualité des sources juridiques aussi bien originaires que dérivées. Cette dualité des systèmes institutionnels se manifeste également par la consécration d’organes de gestion ainsi que par les organes de contrôle démocratique ou juridictionnel. Dans la deuxième partie de cet ouvrage, Monsieur SARR a préconisé la néces­saire articulation des deux ordres juridiques. Ainsi, tout en reconnaissant qu’il existe une cohérence actuelle dans le fonctionnement…

Union économique et monétaire ouest africaine. --- Organisation pour l'harmonisation en Afrique du droit des affaires. --- Organisation pour l'harmonisation en Afrique du droit des affaires --- IYEMOWA --- UEMOA --- West African Economic and Monetary Union --- WAEMU --- Union monétaire ouest africaine --- intégration juridique --- États-membres --- Organisation pour l’harmonisation du droit des affaires en Afriques (OHADA) --- Union économique et monétaire ouest africaine (UEMOA)

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This paper studies the link between financial development and economic growth in the West African Economic and Monetary Union (WAEMU). Using panel data for WAEMU countries over the period 1995-2006, the results suggest that while financial development does support growth in the region, long-term bank financing has a greater impact on economic growth than short-term financing because long-term projects have higher returns adjusted for risks. Given that in the WAEMU short-term credit accounts for about 70 percent of credit to the private sector, WAEMU countries are less able to reap the full benefits of improvements in their financial systems. The results also highlight the importance of macroeconomic stability, a creditor-friendly environment, political stability, and the availability of long-term financial resources in fostering banks’ supply of long-term loans.

Economic development --- Fiscal policy --- Union economique et monetaire ouest africaine. --- Africa, West --- Economic conditions. --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Development, Economic --- Economic growth --- Growth, Economic --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Government policy --- IYEMOWA --- UEMOA --- West African Economic and Monetary Union --- WAEMU --- Union monétaire ouest africaine --- Banks and Banking --- Finance: General --- Inflation --- Money and Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Markets and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Monetary economics --- Finance --- Banking --- Macroeconomics --- Credit --- Financial sector development --- Bank credit --- Financial services industry --- Banks and banking --- Prices --- Guinea

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This paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU). The paper finds that the responsiveness of sovereign bond rates to governments’ fiscal behavior in the regional financial market remains limited. In addition, the paper examines the effectiveness of fiscal rules and institutions in an environment where financial markets fall short of exerting a significant disciplining effect on governments.

Banks and banking --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Evaluation. --- Government policy --- Union économique et monétaire ouest africaine --- UEMOA --- West African Economic and Monetary Union --- WAEMU --- Union monétaire ouest africaine --- IYEMOWA --- Exports and Imports --- Macroeconomics --- Public Finance --- Interest Rates: Determination, Term Structure, and Effects --- Fiscal Policy --- National Budget, Deficit, and Debt: General --- Debt --- Debt Management --- Sovereign Debt --- Financial Aspects of Economic Integration --- Public finance & taxation --- International economics --- Public debt --- Government asset and liability management --- Government debt management --- Fiscal stance --- Monetary unions --- Public financial management (PFM) --- Economic integration --- Debts, Public --- Côte d'Ivoire

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This paper applies and extends a theoretical model built by Agénor and Montiel (2007) by exploring the effectiveness of government bonds and monetary policy in a small, open, credit-based economy with a fixed exchange rate. The model is applied to Benin, a member of a currency union, using a general equilibrium model with stochastic simulation. Model calibration replicates the historical pattern for 1996–2009. Policy experiments simulated an increase in government securities in Benin’s regional market and a cut in the reserve requirement. Simulations produced mixed results. It appears that, among other factors, excess bank liquidity lowers the effectiveness of monetary policy instruments through the credit channel and that government bonds can help mop up excess bank liquidity.

Credit --- Monetary policy --- Monetary unions --- Econometric models. --- International Monetary Fund --- Union economique et monetaire ouest africaine. --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Borrowing --- Finance --- Loans --- IYEMOWA --- UEMOA --- West African Economic and Monetary Union --- WAEMU --- Union monétaire ouest africaine --- Internationaal monetair fonds --- International monetary fund --- Banks and Banking --- Finance: General --- Investments: Bonds --- Money and Monetary Policy --- Simulation Methods --- Optimization Techniques --- Programming Models --- Dynamic Analysis --- Macroeconomics: Production --- Forecasting and Simulation: Models and Applications --- National Budget --- Budget Systems --- Macroeconomic Analyses of Economic Development --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Portfolio Choice --- Investment Decisions --- Monetary economics --- Investment & securities --- Banking --- Bank credit --- Sovereign bonds --- Reserve requirements --- Excess liquidity --- Financial institutions --- Bonds --- Banks and banking --- Liquidity --- Economics --- Benin