Participating in African monetary unions : an alternative evaluation

The paper deals with the development strategies and performances of 12 franc zone African LDCs. Beside the actual rate of growth, the "relative growth performance" is considered; this performance, measured as a residual of a regression on exogenous factors, appears to be close to the average performance of other LDCs and better than that of African LDCs. The results are explaind by the direct influence of the foreign exchange regime of the zone and by its impact on economic policy. (DSE)