Wealth through Integration: Regional Integration and Poverty-Reduction Strategies in West Africa (Insight and Innovation in International Development Book 4)

Could regional integration be a first step toward joining the global market? In a context where liberalizing trade has not produced the expected gains in developing countries and growth in global trade has not led to the expected economic growth, an alternative solution has emerged. This new paradigm suggests that trade liberalization should be accompanied by public investment. However, by its very nature, trade liberalization leads to a reduction in revenues from duties and taxes, which means that the available resources for public investments will also be reduced. There are now solid arguments for encouraging the less-developed countries to first emphasize regional integration before trying to access the global market. This book explores the issues linked to regional integration in West Africa and presents empirical data about the experiences in = West African Economic and Monetary Union (WAEMU) countries to converge their economies. It also examines how these efforts, which make a major contribution to regional integration, influence poverty reduction in the economic and monetary community. It will be of interest to researchers working in this area. Elias T. Ayuk is Director of the United Nations University Institute for Natural Resources in Africa in Accra, Ghana, and was formerly a senior program specialist at the International Development Research Centre. Samuel T. Kaboré is a researcher/lecturer at the Faculty of Economics and Management at the University of Ouagadougou II, Burkina Faso. Canada’s International Development Research Centre (IDRC) supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring choice and change to those who need it most. Elias T. Ayuk is Director of the United Nations University Institute for Natural Resources in Africa in Accra, Ghana, and was formerly a senior program specialist at the International Development Research Centre. Samuel T. Kaboré is a researcher/lecturer at the Faculty of Economics and Management at the University of Ouagadougou II, Burkina Faso. Canada’s International Development Research Centre (IDRC) supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring choice and change to those who need it most. Annotation Could regional integration be a first step toward joining the global market? In a context where liberalizing trade has not produced the expected gains in developing countries and growth in global trade has not led to the expected economic growth, an alternative solution has emerged. This new paradigm suggests that trade liberalization should be accompanied by public investment. However, by its very nature, trade liberalization leads to a reduction in revenues from duties and taxes, which means that the available resources for public investments will also be reduced. There are now solid arguments for encouraging the less-developed countries to first emphasize regional integration before trying to access the global market. This book explores the issues linked to regional integration in West Africa and presents empirical data about the experiences in = West African Economic and Monetary Union (WAEMU) countries to converge their economies. It also examines how these efforts, which make a major contribution to regional integration, influence poverty reduction in the economic and monetary community. It will be of interest to researchers working in this area. Elias T. Ayuk is Director of the United Nations University Institute for Natural Resources in Africa in Accra, Ghana, and was formerly a senior program specialist at the International Development Research Centre. Samuel T. Kaboré is a researcher/lecturer at the Faculty of Economics and Management at the University of Ouagadougou II, Burkina Faso. Canadas International Development Research Centre (IDRC) supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring choice and change to those who need it most. Elias T. Ayuk is Director of the United Nations University Institute for Natural Resources in Africa in Accra, Ghana, and was formerly a senior program specialist at the International Development Research Centre. Samuel T. Kaboré is a researcher/lecturer at the Faculty of Economics and Management at the University of Ouagadougou II, Burkina Faso. Canadas International Development Research Centre (IDRC) supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring choice and change to those who need it most Front Matter....Pages i-xxiv Introduction: Why Integrate?....Pages 1-15 Front Matter....Pages 17-17 Fifteen Years of WAEMU: Results and Strategies for the Future....Pages 19-42 Growth and Convergence in Africa: A Dynamic Panel Approach....Pages 43-68 Has There Been Real and Structural Convergence in WAEMU Countries?....Pages 69-89 The Impact of the Convergence, Stability and Growth Pact in the WAEMU....Pages 91-110 Real Convergence in the WAEMU Area: A Bayesian Analysis....Pages 111-130 The Effects of Credit Constraints on Economic Convergence: The Case of the WAEMU Countries....Pages 131-145 Free Movement of Goods in WAEMU and the European Union: Community Law a Comparative Study from the Perspective of Trade....Pages 147-168 Front Matter....Pages 169-169 The Role of Cash Transfers from Migrants in Promoting the Financing of Economic Development in WAEMU Countries....Pages 171-187 Efficiency of Credit That Targets the Poor: Measures and Application of Agricultural Credit in Burkina Faso....Pages 189-210 Performance and Effectiveness of the Decentralised Financial System and Poverty Reduction in Niger....Pages 211-226 Financing Agriculture and the Food Crisis in Africa: What Role Can Microfinance Play?....Pages 227-245 Common External Tariff (CET) and Targeting the Poor in Mali....Pages 247-266 How Does Communication Enrich Integration Policies....Pages 267-285 Conclusions and Prospects: Creating Wealth through Integration....Pages 287-294 Back Matter....Pages 295-297 Could regional integration be a first step toward joining the global market? Since trade liberalization reduces revenues from duties and taxes, the available resources for public investments are negatively affected. The proposed solution encourages less-developed countries to emphasize regional integration before trying to access the global market. This book explores the issues linked to regional integration in West Africa and presents empirical data about the experiences of the West African Economic and Monetary Union (WAEMU) countries in converging their economies. It also examines how these efforts influence poverty reduction in the economic and monetary community.