ABSTRACT In this article, we empirically try to answer the second hypothesis on the theory of the ZMO developed by Mc Kinnon (1963), while working on a sample of the countries of the franc zone. We found on the assets of the gravity models to put in evidence the existing monetary union impact on...

Problem Statement The framework of this study is consisted of the countries of zone CFA and in fact the two central banks (BCEAO and BEAC) in charge of the monetary policy implementation. There was a great resurgence of interest these last years on the question in the way of leading the monetary...