
Soutenance de thèse d'Hamed Karamoko
le 5 juin 2023
15h
Zone franc CFA et souveraineté monétaire : une analyse par l'approche institutionnaliste monétaire française.
Membres du jury
Abstract : in order to answer the general question of this thesis, which deals with monetary sovereignty in the WAEMU, this work is divided into three chapters. In the first chapter, we define a reading grid for our object of study. Based on the French monetary institutionalist approach, we propose a renewed vision of the notion of monetary sovereignty in order to fully grasp its contemporary logic. In this respect, by taking into account the double dimension "principle and exercise" of monetary sovereignty, it appears that it is a concept dissociated from political sovereignty and "essentially contested". The critical analysis of the theory of OCA in relation to the institutionalist approach of Aglietta and Orléan has also made it possible to introduce the concept of "monetary sovereignty". Through this concept, we show the importance of money in productive activity and the necessary orientation of economic policies in favor of the population's well-being, for a more viable monetary zone. Using our analytical framework, Chapter 2 discusses the issue of monetary sovereignty in the WAEMU zone through a detailed analysis of its institutional and monetary architecture. This also makes it possible to assess its relevance to current challenges. We thus show that WAEMU countries do not suffer from any confiscation of their monetary sovereignty. Rather, they are evolving in an anachronistic and highly coercive "monetary sovereignty regime" whose operational framework is out of step with the Union's contemporary challenges. We therefore say that WAEMU has monetary sovereignty but not sovereignty of the currency. The third chapter examines the viability of the WAEMU's "monetary sovereignty regime" using the meta-criteria of optimality. We show on the one hand that significant heterogeneities remain and, on the other hand, that the effectiveness of risk sharing mechanisms is limited. This thesis therefore insists on the idea that : more than a problem of monetary sovereignty, these countries actually suffer from an incoherence in the monetary sovereignty regime, reflected in the inadequacies in governance and economic and monetary integration. Hence the need for reform.
Membres du jury
- Jérôme Blanc, IEP Lyon, Président du jury
- Rebeca Gomez Betancourt, Université Lyon 2, Rapporteure
- Mathieu Dufour, Université du Québec en Outtaouais, Rapporteur
- Catherine Figuière, Université Grenoble Alpes, Suffragante
- Séraphin Prao Yao, Université de Bouaké, Suffragante
- Guillaume Vallet, Université Grenoble Alpes, Directeur de thèse, suffragant
Abstract : in order to answer the general question of this thesis, which deals with monetary sovereignty in the WAEMU, this work is divided into three chapters. In the first chapter, we define a reading grid for our object of study. Based on the French monetary institutionalist approach, we propose a renewed vision of the notion of monetary sovereignty in order to fully grasp its contemporary logic. In this respect, by taking into account the double dimension "principle and exercise" of monetary sovereignty, it appears that it is a concept dissociated from political sovereignty and "essentially contested". The critical analysis of the theory of OCA in relation to the institutionalist approach of Aglietta and Orléan has also made it possible to introduce the concept of "monetary sovereignty". Through this concept, we show the importance of money in productive activity and the necessary orientation of economic policies in favor of the population's well-being, for a more viable monetary zone. Using our analytical framework, Chapter 2 discusses the issue of monetary sovereignty in the WAEMU zone through a detailed analysis of its institutional and monetary architecture. This also makes it possible to assess its relevance to current challenges. We thus show that WAEMU countries do not suffer from any confiscation of their monetary sovereignty. Rather, they are evolving in an anachronistic and highly coercive "monetary sovereignty regime" whose operational framework is out of step with the Union's contemporary challenges. We therefore say that WAEMU has monetary sovereignty but not sovereignty of the currency. The third chapter examines the viability of the WAEMU's "monetary sovereignty regime" using the meta-criteria of optimality. We show on the one hand that significant heterogeneities remain and, on the other hand, that the effectiveness of risk sharing mechanisms is limited. This thesis therefore insists on the idea that : more than a problem of monetary sovereignty, these countries actually suffer from an incoherence in the monetary sovereignty regime, reflected in the inadequacies in governance and economic and monetary integration. Hence the need for reform.
Localisation
Salle Fardeheb
Mis à jour le 21 mars 2023