Politique monétaire et croissance économique en zone cemac [une évaluation empirique en données de panel]

The economic literature emphasizes the existence of a debate having milked with the impact of the monetary policy on the economic activity. At the beginning of the years 1990, the monetary policy of the countries of the CEMAC knew significant reforms which aimed at conferring to him of advantage of flexibility and effectiveness. This study attempts to determine the impact of the monetary policy on the economic growth in CEMAC region. In order to take account of individual and temporal specificities phenomena of growth, we use a panel model to estimate the equation of growth of the CEMAC region under the 1986-2006’s period. Generally, results show that the monetary policy centred on the role played by the nominal aggregates of money and credit negatively influences the economic growth in CEMAC region, which is against the assumption formulated at the beginning, one also notes that inflation has a negative effect on the economic growth. These results emphasize the need for maintaining a framework macroeconomic stable to profit from the positive externalities inherent in the impacts of the monetary policy as well as the concomitant installation of mechanisms of correction of the harmful effects coming from these policies.