This study provides a pioneer analysis of the growth effect of WAEMU integration at the econometric level, unlike the extant literature that relied on descriptive analysis of the sub-region’s trade statistics. The study used robust instrumental variables system GMM regression in the framework of a cross-country growth model and annual panel data for the period 2000 to 2015. Contrary to the widely held view that regional economic integration fosters economic growth of the participating countries, we did not find any empirical support for a positive growth impact of WAEMU integration in West Africa, which may be due to a variety of factors that mainly point to the characteristics of the WAEMU economies. However, the results indicate that foreign direct investment (FDI), institutional quality, capital, labour and the initial real per capita GDP are important drivers of growth in the sub-region. Interestingly, the results further indicate that FDI and institutional quality are the channels through which WAEMU integration may impact on growth in West Africa. The study therefore concludes that policy reforms towards improved institutions and increased FDIs will enhance economic growth in West Africa.

中文翻译：

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区域一体化和增长：来自 WAEMU 的新经验证据

与依赖次区域贸易统计描述性分析的现有文献不同，本研究对 WAEMU 整合在计量经济学层面的增长效应进行了开创性分析。该研究在跨国增长模型和 2000 年至 2015 年期间的年度面板数据框架内使用了稳健的工具变量系统 GMM 回归。 与普遍认为区域经济一体化促进参与国经济增长的观点相反，我们做了没有找到任何实证支持西非经济联盟一体化对西非的积极增长影响，这可能是由于多种因素主要指向西非经济联盟经济体的特征。然而，结果表明外国直接投资 (FDI)、制度质量、资本、劳动力和初始实际人均 GDP 是该次区域增长的重要驱动力。有趣的是，结果进一步表明 FDI 和制度质量是 WAEMU 整合可能影响西非增长的渠道。因此，该研究得出的结论是，针对改进机构和增加外国直接投资的政策改革将促进西非的经济增长。