The CFA Franc and the Economic Development of WAEMU Countries : The Effects of the Devaluation during the Resource Boom.

进行这项研究是为了揭示西非经济货币联盟（WAEMU）及其共同货币非洲金融共同体法郎对西非经济货币联盟成员国的影响。首先，我们考察了欧亚经济联盟及其邻国的历史背景。其次，为了揭示这些国家的制度与经济发展之间的关系，我们计算了1999-2008年间这些国家的实际有效汇率（REER）、名义有效汇率（NEER）和有效实际价格指数（ERPI），并对结果进行了比较。我们发现，与非WAEMU成员相比，WAEMU成员的这些值趋于稳定。与我们的预期相反，西非货币联盟成员国的REER并没有升值，因为它们的价格得到了很好的控制。关于货币贬值对西非货币联盟国家的影响，我们的调查仍在进行中。

This research was conducted in order to reveal the effects of the West African Economic Monetary Union (WAEMU) and its common currency, the CFA franc, on WAEMU member countries. First, we examined the historical background of the WAEMU and their neighbouring countries. Second, in order to reveal the relationship between these countries institutions and their economic development, we calculated their real effective exchange rate (REER), nominal effective exchange rate (NEER), and effective real price index (ERPI) for the period 1999-2008, and compared the results. We found that these values for WAEMU members tend to be more stable than those of non-WAEMU members. Against our expectations, the REER of WAEMU member countries had not appreciated because their prices were well controlled. Regarding the effects of devaluation on the WAEMU countries, our investigation is still in progress.