Contact Us

For Marketing, Sales and Subscriptions Inquiries
2637 E Atlantic Blvd #43110
Pompano Beach, FL 33062

Conference List

The Economics and Finance Letters

June 2020, Volume 7, 1, pp 57-75

Management of The CFA Franc: What are the Fundamentals of the Real Exchange Rate in West African Economic and Monetary Union (WAEMU)?

Kwami Ossadzifo Wonyra


Honore Tenakoua

Kwami Ossadzifo Wonyra 1

Honore Tenakoua 2

  1. FaSEG-Universite de Kara, Togo. 1

  2. Chef du Service de la Brigade de Verification N°2 de la Direction des Moyennes Entreprises du Centre lll/ Ouagadougou, Burkina Faso. 2

Pages: 57-75

DOI: 10.18488/journal.29.2020.71.57.75

Share :

Article History:

Received: 06 December, 2019
Revised: 13 January, 2020
Accepted: 14 February, 2020
Published: 16 March, 2020


Identifying the fundamentals of the real exchange rate of the CFA franc in West African Economic and Monetary Union (WAEMU) is the main objective of this paper. To achieve this, we used panel data over a period from 1984 to 2014. To achieve this objective, we use the Pooled Mean Group, inspired by the work of Pesaran, Shin, and Smith (1999) with data from secondary sources from the World Bank and the International Monetary Fund. The results obtained show that investment, government spending, trade openness and balance significantly influence the real exchange rate of the long-term CFA franc in WAEMU. With regard to the short-term relationship, the results show that only productivity and the trade balance are the fundamentals that significantly influence the real exchange rate of the CFA franc. It is then necessary to find a solution to this extroversion of WAEMU economies, which solution would be the promotion of the import substitution policy. A policy should be put in place to enable our economies to benefit from trade liberalization. This involves promoting exports of high value-added products in order to improve the external position of economies and to address the instability of commodity prices on which developing country exporters of primary goods depend.
Contribution/ Originality
This study contributes to the existing literature by Identifying the fundamentals of the real exchange rate of the CFA franc in West African Economic and Monetary Union (WAEMU).


Fundamentals, Real exchange rate, CFA, PMG, WAEMU.



Ajao, M. G., & Igbekoyi, O. E. (2013). The determinants of real exchange rate volatility in Nigeria. Academic Journal of Interdisciplinary Studies, 4(1), 459-447.

Al-Iriani, M. A. (2006). Energy–GDP relationship revisited: An example from GCC countries using panel causality. Energy Policy, 34(17), 3342-3350. Available at:

Algieri, B. (2013). Determinants of the real effective exchange rate in the Russian Federation. The Journal of International Trade & Economic Development, 22(7), 1013-1037. Available at:

Altamony, H., Al-Salti, Z., Gharaibeh, A., & Elyas, T. (2016). The relationship between change management strategy and successful enterprise resource planning (ERP) implementations: A theoretical perspective. International Journal of Business Management and Economic Research, 7(4), 690-703.

Apergis, N., & Payne, J. E. (2009). Energy consumption and economic growth in Central America: Evidence from a panel cointegration and error correction model. Energy Economics, 31(2), 211-216. Available at:

Breitung, E. M., Shu, C.-F., & McMahon, R. J. (2000). Thiazole and thiophene analogues of donor− acceptor stilbenes: Molecular hyperpolarizabilities and structure− property relationships. Journal of the American Chemical Society, 122(6), 1154-1160. Available at:

Clark, P. B., & MacDonald, R. (1999). Exchange rates and economic fundamentals: A methodological comparison of BEERS and FEERS. In Equilibrium Real Exchange Rates, Ed. by R. MacDonald and J.L. Stein (pp. 209-240). Massachusetts: Kluwer Academic Publishers.

Coudert, V., Couharde, C., & Mignon, V. (2011). Does euro or dollar pegging impact the real exchange rate? The case of oil and commodity currencies. The World Economy, 34(9), 1557-1592. Available at:

Couharde, Coulibaly, & Damette, O. (2011). Equilibrium exchange rate and adjustment process for the CFA franc. Paper presented at the Conference on Growth Dynamics Within the WAEMU.

D’Almeida, C. (1998). The future of the CFA franc (2nd ed., pp. 328). Paris: African Perspectives.

Dincer, M. Z., Dincer, F. I., & Ustaoglu, M. (2015). Reel effective exchange rate volatilities impact on tourism sector in Turkey: An empirical analysis of 2003-2014. Procedia Economics and Finance, 23, 1000-1008. Available at:

Djoufelkit-Cottenet, H. (2006). Evolution of the TCER of the franc zone: 1993-2006. AFD, Thematic Report, (15).

Djoufelkit-Cottenet, H. (2007). What debt policy for African countries after a decade of debt forgiveness ?

Driver, R. L., & Westaway, P. F. (2004). Concepts of equilibrium exchange rates. Working Paper No. 248.

Edwards, S. (1989). Real exchange rates, devaluation, and adjustment: Exchange rate policy in developing countries. Cambridge, Massachusetts: MIT Press.

Elbadawi, I. A. (1999). Can Africa export manufactures? The role of endowment, exchange rates, and transaction costs: The World Bank.

Elbadawi, I. A., & Soto, R. (1995). Real exchange rates and macroeconomic adjustment in Sub-Saharan Africa and other developing countries'. Paper presented at the In Bi-Annual Research Workshop of the African Economic Research Consortium, Johannesburg.

Engel, C., & Zhu, F. (2017). The price, real and financial effects of exchange rates. Paper presented at the BIS-HKMA Conference 28-29 August 2017, Hong Kong Monetary and Economic Department.

Eslamloueyan, K., & Kia, A. (2015). Determinants of the real exchange rate in oil-producing countries of the middle east and North Africa: A panel data investigation. Emerging Markets Finance and Trade, 51(4), 842-855. Available at:

Feyzioglu, M. T. (1997). Estimating the equilibrium real exchange rate: An application to Finland (No. 97-109): International Monetary Fund.

Ha, T. T. D., & Pham, T. T. T. (2012). Fundamental determinants of Vietnam’s equilibrium real effective exchange rate and its misalignment. DEPOCEN, Working Paper Series No. 2012/ 20.

Hadri, K. (2000). Testing for stationarity in heterogeneous panel data. The Econometrics Journal, 3(2), 148-161. Available at:

Hinkle, & Montiel. (1999). Exchange rate misalignment: Concepts and Measurement for Developing Countries. Washington: World Bank.

Ho, C. S., & Ariff, M. (2011). Measuring the Time-to-Equilibrium in Exchange Rates: Application to G-10 & Eastern Europe.

Houngbedji, H. S. (2017). Sources of misalignment of real exchange rates in WAEMU. Theoretical and Applied Economics Journal, 7(2), 187-206.

Hurlin, C., & Mignon, V. (2005). A synthesis of unit root tests on panel data. Economy Forecast, 3, 253-294.

Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. Available at:

Johansen, S., & Juselius, K. (1992). oTesting structural hypothesis in a multivariate cointegration analysis of the PPP and the UIP for UKp. Journal of Econometrics, 53(1-3), 211&244. Available at:

Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics, 90(1), 1-44. Available at:

Kia, A. (2013). Determinants of the real exchange rate in a small open economy: Evidence from Canada. Journal of International Financial Markets, Institutions and Money, 23, 163-178. Available at:

Kiema, Nubukpo, & Sanou. (2011). Impact of a devaluation of the CFA franc on the trade balance and production in the WAEMU countries. Paper presented at the Conference on Dynamics of Growth Within the WAEMU.

Kiptui, Moses, C., & Ndirangu, L. (2016). Determinants of equilibrium real exchange rate and its misalignment in Kenya: A behavioral equilibrium exchange rate approach. Kenya School of Monetary Studies, MPRA Paper No. 70542.

Levin, A., Lin, C.-F., & Chu, C.-S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24. Available at:

MacDonald, R. (2000). Concepts to calculate equilibrium exchange rates: An overview.

Madouni, M. (2014). Real exchange rate misalignment in Algeria. International Journal of Arts and Commerce, 3(5), 37-50. Available at:

McCoskey, S., & Kao, C. (1999). A Monte Carlo comparison of tests for cointegration in panel data. Available at SSRN 1807953.

Narayan, P. K., & Smyth, R. (2009). Multivariate Granger causality between electricity consumption, exports and GDP: Evidence from a panel of Middle Eastern countries. Energy Policy, 37(1), 229-236. Available at:

Okey. (2009). Energy consumption and GDP growth in the WAEMU: Panel data analysis. Munich Personal RePEC Archive Paper, No 15521.

Pedroni, P. (2000). Fully modified OLS for heterogeneous cointegrated panels. Advances in Econometrics, 15, 93-130. Available at:

Pedroni, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20(3), 597-625. Available at:

Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621-634. Available at:

Rogoff, K. (1996). The purchasing power parity puzzle. Journal of Economic Literature, 34(2), 647-668.

Saxegaard, M., Roudet, S., & Tsangarides, M. C. G. (2007). Estimation of equilibrium exchange rates in the WAEMU: A robustness approach (No. 7-194): International Monetary Fund.

Williamson. (1994). Estimating equilibrium exchange rates. Washington, DC: Institute of International Economics.

World Bank. (2016). World development indicators (WDI).

Wren-Lewis, S. I. M. O. N. (1992). Why the pound should be devalued inside the ERM. Economic Outlook, 16(5), 35-38. Available at:

Yoo, S.-H. (2006). The causal relationship between electricity consumption and economic growth in the ASEAN countries. Energy Policy, 34(18), 3573-3582. Available at:


Google Scholor ideas Microsoft Academic Search bing Google Scholor


This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.


Both authors contributed equally to the conception and design of the study.

Related Article

( 1 ) The Development of Participated Environmental Education Model for Sustainable Mangrove Forest Management on Eastern Part of Thailand
( 2 ) Earnings Management and Stock Market Returns
( 3 ) Quality Management Practices towards Customer Satisfaction in Local Authority Public Services Website
( 4 ) The Influence of Information Technology and Communication Supply Chain Management Performance for Greater SME Manufacturing in Aguascalientes
( 5 ) Benefit-Cost Analysis of Alternative Insect Pests Management in Cashew and Mango Orchards in Tanzania
( 6 ) Moderating Effects of Project Management Experience, Project Team Size, Project Duration and Project Value Size on the Relationship between Project Manager’s Leadership Roles and Project Team Effectiveness in Malaysia
( 7 ) The Role of Strategic Planning on the Management of Organizational Change
( 8 ) Determinants of Share Price Movement in Nigeria -The Management Perspective
( 9 ) Various International Experiences in Waste Management - Useful Lessons for Algeria
( 10 ) A Negative Rational Pigs Game and its Applications to Website Management
( 11 ) Decision-Making on Working Capital Management, Based on Industry Differences
( 12 ) Africa's Human Capital Development: Is Public Finance Management an Effective Strategy?
( 13 ) Activity Cost Management and its Effect on Enterprise Productivity
( 14 ) Determinant Analysis of Productivity on Rice Management in Indonesia
( 15 ) Management of The CFA Franc: What are the Fundamentals of the Real Exchange Rate in West African Economic and Monetary Union (WAEMU)?
( 16 ) Up or Down! House Management and Public Finance Theory from America’s Era of Hastert
( 17 ) Change Management and Firm Performance of Selected Deposit Money Banks in Owerri, Imo State, Nigeria
( 18 ) The Contingent Fit between Management Control System and Capabilities on Sustainability Performance
( 19 ) Risk Management and Shareholders’ Wealth Maximization
( 20 ) International Financial Reporting Standards Adoption and Earnings Management: The Fundamental Effect Framework
( 21 ) A Qualitative Analysis of the Impediments to Business Innovation and Information Management in Nigeria: A Policy Stance
( 22 ) Internal Audit Quality and Disclosure on Risk Management and Internal Control
( 25 ) Contracting Out: What Works, What Doesn’t and Why?
( 26 ) Acquisition of Personal Assets Through Loan Bank and Commercial Credit: What’s the Best Option?
( 27 ) Technological Innovation in Central and Eastern Europe: What’s the Contribution of Innovation Policy?
( 28 ) What Drives Banking Stability? Empirical Evidence from ECOWAS Countries
( 29 ) What are the Contextual Influences of Bank Criminality in Osun East Senatorial District?
( 31 ) What Explains the Overwhelmingly Positive Perception towards Microfinance Institutions? Application of Firth’s Logistic Regression in a Small Sample
( 32 ) Central Bank Independence and Economic Growth of Ghana: What Inflation and GDP Per Capita Growth Rates Matter?
( 34 ) Structural Breaks and the Long-Run Stability of Demand for Real Broad Money Function in Nigeria: A Gregory-Hansen Approach
( 35 ) Comparative Analysis of the Effectiveness of Coub-Douglas, Real Business Cycle, and Keynsian Growth Models in Determining Economic Growth in Nigeria
( 36 ) Dutch Disease: Myth or Reality? An Analysis of the ARDL Model
( 37 ) Impact of Asymmetric Government Spending on Real Balances Demand
( 38 ) Issues of Unemployment in Nigeria: Effect of Real Exchange Rate and Inflation Interaction
( 39 ) An Empirical Investigation of Real Exchange Rate Responses to Foreign Currency Inflows: Revisiting the Dutch Disease Phenomenon in South Asia
( 41 ) The Promise and Reality of Public Sector Reform – A Case Study of the Implementation of Trinidad and Tobagos Health Sector Reform
( 42 ) Testing the Random Walks in Korea Stock Exchange
( 43 ) The Effects of Exchange Rate Liberalization in Kenya on French Beans Exports
( 44 ) Exchange Rate Movements, Import And Economic Growth in Nigeria (1986-2010)
( 45 ) Impact of Food Beverage Price Index and Exchange Rate Volatility on Economic Growth
( 46 ) Testing the Random Walk: The Case of Hong Kong Stock Exchange
( 47 ) Role of Foreign Investment and External Debt in Determination of Exchange Rate
( 48 ) The Impact of the Global Financial Crisis on the Debt, Liquidity, Growth, and Volume of Companies in Palestine Stock Exchange
( 49 ) Studying the Integration of Damascus Securities Exchange with Selected Stock Markets
( 50 ) The Effect of Exchange Rate Changes on Consumer Prices in Nigeria: Evidence from VECM Model
( 51 ) Dynamics of Inflation, Economic Growth, Money Supply and Exchange Rate in India: Evidence from Multivariate Analysis
( 52 ) Implications of Crude Oil Price Volatility and Parallel Exchange Rate Fluctuation on the Cost of Living in Nigeria
( 53 ) Relevance of Stakeholders Theory, Organizational Identity Theory and Social Exchange Theory to Corporate Social Responsibility and Employees Performance in the Commercial Banks in Nigeria
( 54 ) The Effects of Exchange Rate Variability on Trade Flows in Nigeria: A Cointegration Analysis
( 55 ) The Profitability of Momentum Strategies: Empirical Evidence from Damascus Securities Exchange (DSE)
( 56 ) Exchange Rate and Foreign Reserves Interface: Empirical Evidence from Nigeria
( 57 ) Impact of Exchange Rate Fluctuation on Selected Economic Sectors of the Nigerian Economy
( 58 ) The Colonialists & Indigenous Exchange Currency: Tracing the Genesis of Socioeconomic Woes in Postcolonial Nigeria
( 59 ) The Transitional Relationship between Economic Growth and Exchange Rate in Ghana: An Empirical Approach
( 60 ) Determinants of Exchange Rate in Nigeria: A Comparison of the Official and Parallel Market Rates
( 61 ) Exchange Rate Pass-through to Prices: VAR Evidence for Albania
( 63 ) Exchange Rate Volatility, Foreign Exchange Market Intervention and Asymmetric Preferences
( 64 ) An Agnostic Analysis of Exchange Rate Movement in Ghana
( 66 ) Factors Affecting the Individual Stock Price Index (IHSI) Industrial Manufacturing Sector in Indonesia, Automotive Sub Sectors, and Components in Indonesia Stock Exchange (IDX)
( 68 ) Determinants of Profitability and its Implications on Corporate Values (Studies at Ceramic, Porcelain and Glass Sub Sector Listed in Indonesia Stock Exchange, 2009 - 2018)
( 69 ) Exchange Rate Volatility and Agricultural Commodity Prices i Nigeria (2000-2018)
( 70 ) The Impact of Data Frequency on the Level of Exchange Rate Pass-through to Consumer Prices in Nigeria
( 71 ) Financial Risks in Turkish Banking Industry: A Panel Data Analaysis on Istanbul Stock Exchange
( 72 ) Exchange Rate Fluctuations and the Performance of Nairobi Securities Exchange Market in Kenya During the Coronavirus Pandemic
( 73 ) A Study on Financial Performance of Transport & Warehouses Firms Listed on the Hanoi Stock Exchange
( 74 ) Nexus among Foreign Exchange Reserve, Remittance and Trade Openness: An Empirical Investigation in the Case of Bangladeshi Economy
( 75 ) Testing the Validity of Arbitrage Pricing Theory: A Study on Dhaka Stock Exchange Bangladesh
( 76 ) Importance of Corporate Governance Quality and Voluntary Disclosures of Corporate Governance Information in Listed Malaysian Family Controlled Businesses
( 77 ) Strategic Evaluation of Distributed Power Generation Technology: A Sustainable Approach
( 81 ) Rate of Return Would Not Increase To the Extent of Annuity Saving Discount
( 82 ) The Association Between Corporate Risk Disclosure and Firm Performance in Emerging Country – The Case of Egypt
( 83 ) A Model of Strategic Thinking: Islamic and Iranian Perspective
( 84 ) Promoting Local Acceptability of International Oil Companies (IOCS) Through Corporate Social Responsibility (CSR): The Case of Tullow Oil in Ghana
( 85 ) Challenges and Survival Strategies for Women in Small Scale Catering Business: A Case Study of Siyaso Magaba, Mbare
( 86 ) Attributes Influencing Strategic Alignment in the Service Sector: An Indonesian Banking Sector Case Study
( 89 ) Development, Preference Change, and Inequality in an Integrated Walrasian-General-Equilibrium and Neoclassical-Growth Theory
( 90 ) Managerial Judgement Versus Financial Techniques in Strategic Investment Decisions: An Empirical Study on the Syrian Coastal Region Firms
( 91 ) Corporate Funding and Sustainability of Non- Governmental Organizations in Africa
( 95 ) Financial Deepening, Interest Rate Spread and Economic Growth: New Evidence from Sub-Sahara Africa
( 96 ) Implications of Accountants Unethical Behavior and Corporate Failures
( 98 ) Effects of Corporate Social Responsibility on Banks Financial Performance in Nigeria: A Study of United Bank of Africa
( 101 ) The Moderating Effect of Governance Mechanisms on the Relationship Between Innovation Strategy and the Performance
( 102 ) Public-Private Partnership as a Strategy for E-Governance Funding in Africa: The Gains and the Pains
( 103 ) Does Gold Price Lead or Lags Islamic Stock Market and Strategy Commodity Price? A Study from Malaysia
( 105 ) Profitability of Commercial Bank on Interest Rate Deregulation
( 107 ) Migration as a Livelihood Strategy: The Case of Internal Migration in Ghana
( 108 ) Correlation between Financial Difficulties and Financing Strategies among Market Stallholders in Batangas City
( 111 ) Determinants of Corporate Tax Avoidance Strategies among Multinational Corporations in Malaysia
( 112 ) The Effect of Corporate Social Responsibility Disclosure on Corporate Financial Performance
( 115 ) Growing and Building: Collaboration of Urban Poverty Reduction Strategy
( 121 ) Innovation Strategy and Sustainability of Micro, Small and Medium Enterprises in South East Nigeria
( 122 ) Effect of Savings Deposit Rate on Stock Market Capitalization in Nigeria: An Empirical Investigation
( 125 ) Interest Rate Ceilings and Financial Exclusion in Kenya: Evidence from Commercial Banks’ Sectoral Credit Distribution
( 126 ) Corporate Social Responsibility Disclosure in Indonesia: A Bibliographic Study
( 127 ) Influence of Corporate Characteristics on Firm Leverage: Evidence from Bangladesh
( 130 ) The Effects of The Covid-19 Pandemic on Explotative and Explorative Strategies of Pharmaceutical Industries in Brazil
( 131 ) IT Governance as Drivers of Dynamic Capabilities to Gain Corporate Performance Under the Effects of Environmental Dynamism
( 132 ) Income Shocks and Child Mortality Rates: Evidence from Fluctuations in Oil Prices
( 134 ) Analysis of Synergies in Indian Corporate M&A Deals: A Logit Regression Approach
( 135 ) An Assessment of the Impact of Information Communication Technology (ICT) On the Administration of Public Records: A Case Study of the Bolgatanga Municipal Assembly in the Upper East Region of Ghana-West Africa
( 136 ) Impact of Telecommunications Market Liberalization on Labor Productivity in Economic Community of West African States
( 137 ) Financial Inclusion and Poverty Alleviation: The Contribution of Commercial Banks in West Africa
( 139 ) Socioeconomic Environment and Obesity on the US West and East Coasts
( 140 ) How Telecommunication Development Aids Economic Growth: Evidence from Itu Ict Development Index (IDI) Top Five Countries for African Region
( 141 ) Institutionalising and Mainstreaming Policy Analysis Culture in African Environments
( 142 ) Effect of Budget Defict on Private Investment in East African Community for the Period 1981-2015: A Panel Data Analysis
( 144 ) Trade Policy and Democracy for Development in Central African Countries
( 146 ) Investigating the Environmental Effects of Economic Growth in African Economies
( 147 ) Determinant of Tax Revenue Effort in Sub-Saharan African Countries: A Stochastic Frontier Analysis
( 148 ) The Impact of Economic Growth, Oil Price, and Financial Globalization Uncertainty on Financial Development: Evidence from Selected Leading African Countries
( 149 ) Effect of Tax Administration on Tax Revenue of States in African Countries: Evidence from Nigeria
( 150 ) Consideration the Relationship Between Information Communications Technology and Economic Growth in Top 10 Economic
( 151 ) Shifting Global Economic Paradigm
( 153 ) The Prospects of Accounting and Economic Systems in the Era of Global Knowledge Economy
( 154 ) Labor and Economic Growth in Zimbabwe
( 155 ) The Impact of Human Capital on Economic Growth: Evidence from Tunisia Using Star and Stecm Models
( 158 ) Long-Run Relationships and Causality Tests Between Military Expenditure and Economic Growth in India
( 159 ) Public Infrastructure Spending and Economic Growth in Nigeria: An Error Correction Mechanism (ECM) Approach
( 160 ) Study of the Relationship between Economic Growth and Inflation: Application to the Countries of the South Side of the Mediterranean: A Panel Data Approach
( 161 ) The Entrepreneurship, Knowledge Spillover and Economic Growth
( 162 ) Corruption’s and Democracy’s Effects on Economic Growth
( 163 ) Relationships between Financial Development and Economic Growth: A New Approach by Inputs
( 164 ) Impact of Microfinance Lending On Economic Growth of Third world Nations: Study of Nigeria
( 165 ) The Role of Information and Communication Technology in Rural Socio-Economic Development in Africa
( 166 ) Dividend Policy Relevancy in Theoretical and Practical Economics
( 167 ) Consideration the Effects of Water Sector Investment on Economic Growth in Iran
( 168 ) Is Brics a Viable Solution for Russia in the Context of the Present Eu’s Economic Sanctions?
( 169 ) Stock Market Performance and Economic Growth: Evidence from Nigeria Employing Vector Error Correction Model Framework
( 170 ) Rural Saving Mobilizations and Economic Development in Akamkpa Local Government Area of Cross River State - Nigeria
( 171 ) Nigerian Politics, Economic Development, and the Role of Human Rights Organisations on Elections
( 172 ) Rural - Urban Balance as a Measure of Socio-Economic Development with Special Reference to Iran
( 173 ) Causal Relationship between Imports and Economic Growth in Zimbabwe: An Empirical Analysis 1975 – 2013
( 174 ) The Effect of Access and Quality of Education on Economic Development in Botswana
( 175 ) Panel Data Analysis of the Impact of Economic Freedom as Well as Economic Conditions, The Quality of Life, and Public Education Spending on U.S. Undocumented Immigrant Settlement Patterns
( 177 ) Structural Breaks, Electricity Generation and Economic Growth in Nigeria
( 179 ) The Link Between Agricultural Budgetary Allocation and Economic Growth in Nigeria