L’indépendance de la Banque Centrale et stabilisation macroéconomique en Afrique subsaharienne.

Abstract

The main objective of this thesis is to evaluate the effect of the central bank’s independence on the macroeconomics stability of sub-Saharan African countries, within the period 1980 to 2013. Firstly, we determine whether the independence of the Central Bank helps to reducing inflation of sub-Saharan African countries and, secondly, whether the central bank contributes in ameliorating the economic growth in these countries. For this purpose, we make use of the recent work of Bodéa and Higashimija (2017), who estimate a dynamic panel model. The result indicates that the independence of the Central Bank contributes to the reducing inflation and ameliorating economics growth of sub-Saharan African countries, during the period of study. Indeed, an increase of one point in the degree of independence, measured by the synthetic index of Garriga (2016), contributes contributes to limit the inflation. Similarly, an increase of one point in the independence of the Central Bank helps to ameliorize economic growth. In accordance with these results, the main recommendation is that, the Authorities in charge of economic policies should adopt measures to strengthen the degree of independence of the central bank in order to increase their macroeconomics stability.