This article examines the benefits of CFA zone membership by estimating the effects of joining the CFA zone on short-run business cycle indicators such as income per capita and inflation as well as long-term economic indicators such as trade relations with France and foreign direct investment (FDI) in Mali. Using the synthetic control method, we show that Mali’s CFA membership has a positive effect on its income, inflation, and FDI but no discernible effect on trade relations with France. We conclude that joining the CFA zone can generate potential economic gains for countries seeking membership by fostering growth and providing price stability but does not necessarily increase trade relations with France even though the CFA is a former French colonial currency.

中文翻译：

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马里是否从加入CFA区中受益？使用综合控制方法进行分析

本文通过评估加入CFA区域对短期商业周期指标（如人均收入和通货膨胀）以及长期经济指标（如与法国的贸易关系和外国直接投资）的影响，研究了CFA区域成员资格的好处。 （FDI）在马里。使用综合控制方法，我们表明马里的CFA会员资格对其收入，通货膨胀和FDI产生积极影响，但对与法国的贸易关系没有明显影响。我们得出的结论是，加入非洲金融共同体区可以通过促进增长和提供价格稳定，为寻求加入该协定的国家带来潜在的经济收益，但即使非洲金融共同体是前法国殖民地货币，也不一定会增进与法国的贸易关系。