International Journal of Accounting, Finance, Auditing, Management and Economics - IJAFAME
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Les déterminants de l’intention d’utiliser le Crowdfunding chez les porteurs de projets au Maroc
No full textIn a context where access to financing is a major obstacle for many project developers, and given the limitations of traditional banking systems, which are often considered inaccessible, participatory financing appears to be a relevant lever or even an alternative solution, although it is still not widely used. The aim of our study is to identify the variables that influence the intention to use this mode of financing, by building a conceptual model integrating individual, contextual and perceptual factors. To this end, a survey was carried out among 184 project owners throughout Morocco. The data were collected via google form and analyzed using SmartPLS software, enabling us to test the validity and reliability of the measurement scales, giving credibility to our results, as well as testing the relationships between the different dimensions of the model. The results of our study reveal the significant effect of platform trust, cultural context, perceived usefulness of crowdfunding and level of financial education on intention to crowdfund. However, neither entrepreneurial experience nor perceived ease of use proved to be determinants. These findings suggest that decisions to adopt this type of financing are not based solely on technical skills, but are also strongly influenced by logics of trust, shared values and representation of the tool. Our study thus proposes a number of recommendations for players in the sector, with a view to fostering wider, more targeted adoption of crowdfunding in Morocco.
Classification JEL: G23
Paper type: Empirical ResearchDans un contexte où l’accès au financement constitue un frein majeur pour de nombreux porteurs de projets et face aux limites des dispositifs bancaires traditionnels, souvent jugés peu accessibles, le financement participatif apparaît comme un levier pertinent voire une solution alternative, bien qu’il soit encore peu mobilisé à grande échelle. L’objectif de notre étude est d’identifier les facteurs qui influencent l’intention d’utiliser ce mode de financement, en construisant un modèle conceptuel intégrant des facteurs individuels, contextuels et perceptuels. Pour ce faire, une enquête a été menée auprès de 184 porteurs de projets répartis sur l’ensemble du territoire Marocain. Les données ont été collectées via google form et ont été analysées à l’aide du logiciel SmartPLS, permettant de tester notamment la validité et la fiabilité des échelles de mesure, donnant une crédibilité à nos résultats, ainsi que tester les relations entre les différentes dimensions du modèle. Les résultats de notre étude révèlent l’effet significatif de la confiance envers les plateformes, du contexte culturel, de la perception de l’utilité du crowdfunding et du niveau d’éducation financière sur l’intention d’y recourir. Néanmoins, ni l’expérience entrepreneuriale ni la perception de la facilité d’utilisation ne se sont révélées déterminantes. Ces constats suggèrent que les décisions d’adoption de ce type de financement ne reposent pas uniquement sur des compétences techniques, mais sont aussi fortement influencées par des logiques de confiance, de valeurs partagées et de représentation de l’outil. Notre étude propose ainsi plusieurs recommandations à destination des acteurs du secteur, en vue de favoriser une adoption plus large et mieux ciblée du crowdfunding au Maroc.
JEL Classification : G23
Type du papier : Recherche empiriqu
Exploratory Study of the Resilience of Psychological Contracts: An Ethno-methodological Perspective
No full textThis study explores the dynamics of organizational resilience through the lens of psychological contracts, employing an ethnomethodological approach to uncover the micro-processes that underpin collective resilience. While extensive literature has examined resilience from the perspective of formal systems, strategic capabilities, and structural configurations, the role of intersubjective dynamics and sensemaking processes remains insufficiently addressed. Our research positions psychological contracts, not as static agreements but as dynamic, collectively constructed frameworks of meaning, as critical levers of resilience within organizational contexts.
Drawing on data from a Moroccan nonprofit organization, we conducted a qualitative, inductive study combining participant observation, preliminary informal interviews, and semi-structured interviews. The conversational analysis of this data revealed three key ethnomethodological processes: accountability, indexicality, and reflexivity, through which psychological contracts are constructed, negotiated, and reinforced. These processes enable organizational members to align their individual and collective interpretations of resilience, fostering a shared normative contract that enhances the organization’s capacity to adapt and thrive in the face of adversity.
Our findings demonstrate that resilience is not merely an organizational attribute but is deeply embedded in the lived experiences and interactions of members. The association’s resilience emerged from a strong sense of belonging, the personification of the organization, and the transmission of shared values and practices through mentoring. These mechanisms illustrate how psychological contracts can serve as active drivers of resilience, shaping organizational responses to crises.
This research contributes to both theory and practice by highlighting the importance of micro-level processes in resilience building and by offering managers concrete insights into how fostering resilient psychological contracts can strengthen organizational capacity. Future studies should further explore the variability of these processes across different organizational contexts and sectors.
Classification JEL: J24; O15
Paper type: Empirical ResearchThis study explores the dynamics of organizational resilience through the lens of psychological contracts, employing an ethnomethodological approach to uncover the micro-processes that underpin collective resilience. While extensive literature has examined resilience from the perspective of formal systems, strategic capabilities, and structural configurations, the role of intersubjective dynamics and sensemaking processes remains insufficiently addressed. Our research positions psychological contracts, not as static agreements but as dynamic, collectively constructed frameworks of meaning, as critical levers of resilience within organizational contexts.
Drawing on data from a Moroccan nonprofit organization, we conducted a qualitative, inductive study combining participant observation, preliminary informal interviews, and semi-structured interviews. The conversational analysis of this data revealed three key ethnomethodological processes: accountability, indexicality, and reflexivity, through which psychological contracts are constructed, negotiated, and reinforced. These processes enable organizational members to align their individual and collective interpretations of resilience, fostering a shared normative contract that enhances the organization’s capacity to adapt and thrive in the face of adversity.
Our findings demonstrate that resilience is not merely an organizational attribute but is deeply embedded in the lived experiences and interactions of members. The association’s resilience emerged from a strong sense of belonging, the personification of the organization, and the transmission of shared values and practices through mentoring. These mechanisms illustrate how psychological contracts can serve as active drivers of resilience, shaping organizational responses to crises.
This research contributes to both theory and practice by highlighting the importance of micro-level processes in resilience building and by offering managers concrete insights into how fostering resilient psychological contracts can strengthen organizational capacity. Future studies should further explore the variability of these processes across different organizational contexts and sectors.
Classification JEL: J24; O15
Paper type: Empirical Researc
De la contrainte à l’opportunité : les ERP comme levier de résilience organisationnelle pour les PME
No full textIn an increasingly unstable economic environment—marked by successive health, geopolitical, and energy crises—small and medium-sized enterprises (SMEs) are facing a growing imperative for organizational resilience. Constrained by structural limitations—limited resources, dependency on key actors, and low procedural formalization—SMEs must nonetheless demonstrate agility, operational continuity, and the ability to adapt rapidly. This article explores the role of Enterprise Resource Planning (ERP) systems in this context: can they evolve from being perceived as a technological constraint to becoming a strategic lever for resilience?
Drawing on a multidisciplinary literature review—at the crossroads of information systems, organizational management, and resilience theory—this work first examines the historical and cultural barriers to ERP adoption in SMEs, such as high initial costs, perceived rigidity, and resistance to change. It then highlights how, under certain conditions, ERP systems can be transformed into infrastructures for organizational learning, provided they are contextually adapted, flexibly configured, and integrated into a reimagined governance framework.
By structuring information, automating key processes, and offering real-time cross-functional visibility, ERP systems support rapid decision-making and enable the agile reconfiguration of operations. They thus become a technological foundation for dynamic resilience. The article also sheds light on the inherent tension between technological standardization and the operational flexibility that SMEs require. Its main contribution lies in reframing the role of ERP systems—not as imposed or static tools, but as catalysts for agility, robustness, and collective intelligence in environments shaped by uncertainty.
Classification JEL: M15, O33, D83.
Paper type: Theoretical ResearchDans un contexte économique instable, marqué par l’enchaînement de crises sanitaires, géopolitiques et énergétiques, les PME se trouvent confrontées à un impératif de résilience organisationnelle. Soumises à des contraintes structurelles fortes - ressources limitées, dépendance aux acteurs clés, faible formalisme - elles doivent néanmoins faire preuve d’agilité, de continuité opérationnelle et de capacité d’adaptation rapide. Cet article propose d’interroger la place des ERP (Enterprise Resource Planning) dans cette dynamique : peuvent-ils passer du statut de contrainte technologique à celui de levier stratégique de résilience ?
Fondé sur une revue de littérature pluridisciplinaire, croisant les apports des systèmes d'information, du management des organisations et de la théorie de la résilience, ce travail examine dans un premier temps les freins historiques et culturels à l’appropriation des ERP dans les PME : coûts initiaux élevés, rigidité perçue, résistance au changement. Il met en évidence que ces systèmes, lorsqu’ils sont contextualisés, paramétrés avec souplesse, et intégrés à une gouvernance renouvelée, peuvent devenir des infrastructures d’apprentissage organisationnel.
En structurant l’information, en automatisant les processus clés, et en offrant une visibilité transverse en temps réel, l’ERP soutient la prise de décision rapide et favorise une reconfiguration agile des opérations. Il devient ainsi un socle technologique de résilience dynamique. L’article souligne les tensions inhérentes entre la logique de standardisation technique et le besoin de flexibilité opérationnelle propre aux PME. La contribution principale consiste à requalifier l’ERP : non plus perçu comme un système imposé ou figé, mais comme un catalyseur d’agilité, de robustesse et d’intelligence collective dans des environnements marqués par l’incertitude.
JEL Classification : M15, O33, D83.
Type du papier : Recherche Théoriqu
Attentes des particuliers vis-à-vis du contrat Ijаrа Mоuntahiya Bitаmlik au Maroc : cas de financement du secteur automobile
No full textThe aim of this study is to explore the expectations of individuals with regard to the Ijаrа Mоuntahiya Bitаmlik contract for car financing in Morocco, and to identify the factors that may stimulate demand for this Islamic financing product.
To do this, we opted for a quantitative approach based on a questionnaire administered to a sample of 100 Moroccan individuals. However, due to the small sample size, the results obtained cannot be generalized to the entire Moroccan population.
The results reveal a growing interest in the Ijаrа Mоuntahiya Bitаmlik financial instrument, provided it is offered at a competitive price. However, religious conviction is a determining factor for some individuals, prompting them to accept a slightly higher cost in return for financing in line with the principles of Islamic finance.
Nonetheless, this study is a first step in the reflection on the adaptation of the Ijāra Muntahiya Bitamlik contract to the needs of individuals in the automotive sector in Morocco.
Classification JEL: G21
Paper type: Empirical ResearchL’objectif de cette étude est d’explorer les attentes des particuliers vis-à-vis du contrat Ijаrа Mоuntahiya Bitаmlik en matière de financement automobiles au Maroc, et d’identifier les facteurs qui peuvent stimuler la demande de ce produit de financement islamique.
Pour ce faire, nous avons opté pour une approche quantitative basée sur un questionnaire administré à un échantillon de 100 particuliers marocains. Toutefois, en raison de la taille restreinte de l’échantillon, les résultats obtenus ne sauraient être généralisés à l’ensemble de la population marocaine.
Les résultats révèlent un intérêt croissant pour l’instrument financier Ijаrа Mоuntahiya Bitаmlik, à condition qu’il soit proposé à un prix compétitif. Toutefois, la conviction religieuse constitue un facteur déterminant pour certains particuliers, les incitant à accepter un coût légèrement plus élevé en contrepartie d’un financement conforme aux principes de la finance islamique.
Cette étude constitue néanmoins une première étape pour alimenter la réflexion sur l’adaptation du contrat Ijāra Muntahiya Bitamlik aux besoins des particuliers dans le secteur automobile au Maroc.
JEL Classification : G21
Type du papier : Recherche empiriqu
Methodological Literature Review on the Impact of Digital Technology Adoption on Supply Chain Performance
No full textThis paper provides a methodological literature review on the approaches used to study the effect of digital technology adoption on supply chain performance, by systematically sampling 15 peer-reviewed articles from Scopus and Web of Science. The paper identifies the dominant methodologies, evaluates their strengths and weaknesses, and identifies gaps in the literature. The findings suggest two main themes of quantitative methodologies (especially structural equation modeling (SEM)), and under studied qualitative or mixed methodologies. This paper calls for a methodologically balanced future towards a mixed, three-phase method approach which includes qualitative exploration, quantitative validation and triangulation. It provides a more holistic and defensible model for future empirical research. We also detail the normative process we took to ensure methodological rigor and transparency, including our use of standard practices such as PRISMA reporting, and using data visualization techniques of word clouds and co-authorship networks.
Keywords: Digital technologies, Supply chain, Methodology, Structural Equation Modeling, PRISMA, Mixed methods.
JEL Classification : M11, M15, L23, O33, C83.
Paper type: Theoretical ResearchThis paper provides a methodological literature review on the approaches used to study the effect of digital technology adoption on supply chain performance, by systematically sampling 15 peer-reviewed articles from Scopus and Web of Science. The paper identifies the dominant methodologies, evaluates their strengths and weaknesses, and identifies gaps in the literature. The findings suggest two main themes of quantitative methodologies (especially structural equation modeling (SEM)), and under studied qualitative or mixed methodologies. This paper calls for a methodologically balanced future towards a mixed, three-phase method approach which includes qualitative exploration, quantitative validation and triangulation. It provides a more holistic and defensible model for future empirical research. We also detail the normative process we took to ensure methodological rigor and transparency, including our use of standard practices such as PRISMA reporting, and using data visualization techniques of word clouds and co-authorship networks.
Keywords: Digital technologies, Supply chain, Methodology, Structural Equation Modeling, PRISMA, Mixed methods.
JEL Classification : M11, M15, L23, O33, C83.
Paper type: Theoretical Researc
Jeunesse et désinstitutionnalisation : vers une gouvernance capacitaire des parcours biographiques
No full textContemporary youth no longer represents a clearly defined transitional phase, but rather an uncertain in-between space, marked by tensions between injunctions to autonomy, institutional misalignments, and the heterogeneity of biographical paths. The erosion of linear life scripts, the deinstitutionalization of life trajectories, and the structural precariousness of entering adulthood have rendered obsolete the prescriptive models that still largely underpin public policy. This blurring is not merely a temporary contingency but reflects a regime change in the modalities of status production. This article offers a critical, cross-disciplinary, and contextually grounded review, combining theoretical insights with operational challenges. Sociology sheds light on the pluralization of transition regimes and the invisible forms of status-related conflict. Work psychology explores the subjective dynamics of wear, constrained reflexivity, and identity overload. Management sciences, finally, provide strategic reconfiguration tools through the notions of sustainability, interoperability of systems, and relational engineering. The analysis of the Moroccan case is not presented as a peripheral illustration but as a critical lens to expose the blind spots of universalist approaches. It highlights the cumulative effects of disaffiliation, fragmented opportunities, and a lack of mediation. The article thus advocates for a capacitating governance of youth trajectories based on the recognition of individual aspirations, the conversion of resources into actual opportunities, and the co-construction of sustainable ecosystems. The objective is no longer to optimize individuals' adaptation to fixed norms but to enable the emergence of diverse, legitimate life paths within a reconfigured institutional environment.
Classification JEL : O29
Paper type : Theoretical ResearchLa jeunesse contemporaine ne constitue plus une phase balisée de passage, mais un espace transitionnel incertain, traversé par des tensions entre injonctions à l’autonomie, désajustements institutionnels et hétérogénéité des configurations biographiques. L’effritement des scripts linéaires, la désinstitutionnalisation des parcours et la précarisation structurelle des conditions d’entrée dans l’âge adulte rendent obsolètes les modèles prescriptifs qui sous-tendent encore largement l’action publique. Ce brouillage ne relève pas d’un simple aléa conjoncturel, mais d’un changement de régime dans les modalités de production du statut. Cet article propose une revue critique, transversale et située, qui articule apports théoriques et enjeux opérationnels. La sociologie y éclaire la pluralisation des régimes de transition et les formes de conflictualité statutaire invisibilisées. La psychologie du travail interroge les dynamiques subjectives d’usure, de réflexivité contrainte et de surcharge identitaire. Les sciences de gestion, enfin, offrent un levier de reconfiguration stratégique à travers les notions de soutenabilité, d’interopérabilité des dispositifs et d’ingénierie relationnelle. L’analyse du cas marocain est mobilisée non comme simple illustration périphérique, mais comme révélateur critique des angles morts des approches universalistes. Elle met en évidence les effets cumulatifs de la désaffiliation, de la fragmentation des opportunités et du défaut de médiation. L’article plaide ainsi pour une gouvernance capacitaire des parcours juvéniles, fondée sur la reconnaissance des aspirations singulières, la conversion des ressources en possibilités effectives, et la co-construction d’écosystèmes soutenables. Il ne s’agit plus d’optimiser l’adaptation des individus à des normes figées, mais de rendre possible l’émergence de trajectoires diversifiées, reconnues comme légitimes, dans un environnement institutionnel reconfiguré.
JEL Classification : O29
Type du papier : Recherche Théoriqu
Adoption du marketing des médias sociaux par les agriculteurs de l’Afrique de l’Ouest : une étude basée sur le TAM
No full textThis research enriches existing contributions on the adoption of social media for promoting farmers in West Africa through the lens of the Technology Acceptance Model (TAM). The objective is to identify the factors underlying the adoption of social media for promoting agricultural products. This article addresses this research gap by applying the Theory of Planned Behavior (TPB) and the TAM method through a quantitative approach using a structured questionnaire for data collection. Primary data were obtained from 221 farmers in Côte d'Ivoire and Burkina Faso. In terms of results, we used multiple regression to test the significance of our research model. Thus, our article demonstrates that perceived credibility, reference group, infotainment, and perceived usefulness had a significant positive impact on the adoption of social media marketing. Conversely, perceived ease of use had a negative effect on attitudes toward adopting social media marketing. In terms of practical and social implications, this study helps researchers and agronomists use social media to increase the marketing of agricultural products. Specifically, this research enriches agricultural marketing literature by exploring new determinants of social media adoption.
Classification JEL : Q13, O33, L86, C12
Paper type : Empirical ResearchCette recherche enrichit les contributions existantes sur l'adoption des médias sociaux pour la promotion des agriculteurs en Afrique de l’Ouest. À travers le prisme du Modèle d'Acceptation Technologique (TAM). L'objectif est d'identifier les facteurs sous-jacents à l’adoption des médias sociaux pour la promotion de produits agricoles. Cet article comble ce manque de recherche en appliquant la théorie du comportement planifié (TPB) et la méthode TAM à travers une approche quantitative avec d’un questionnaire structuré administré pour la collecte de données. Les données primaires ont été collectées auprès de 221 agriculteurs en Côte d’Ivoire et au Burkina Faso. En termes de résultats, nous avons utilisé la méthode de régression multiple pour tester la significativité de notre modèle de recherche. Ainsi, notre article démontre que la crédibilité perçue, le groupe de référence, l’info-divertissement et l’utilité perçue ont eu un impact positif significatif sur l’adoption du marketing des médias sociaux. En revanche, la facilité d’utilisation perçue a un effet négatif sur l’attitude envers l’adoption du marketing des médias sociaux. En termes d’implications pratiques et sociales, cette étude aide les chercheurs et les agronomes à utiliser les médias sociaux pour accroître la commercialisation des produits agricoles. De façon spécifique, cette recherche enrichit la littérature sur le marketing agricole en explorant les nouveaux déterminants de l’adoption des médias sociaux.
JEL Classification : Q13, O33, L86, C12
Type du papier : Recherche empirique  
Le rôle des indices atmosphériques électroniques dans la formation de l’intention d’achat : une revue narrative de la littérature
No full textIn the digital age, online atmosphere has become a key concept for understanding consumer behavior and engagement in online retail environments. The concept of e-atmosphere refers to the intentional design of web elements that engage users' senses and shape their experiences, emotions, and behavioral responses. As digital commerce continues to grow, the study of online atmospheres remains critical to understanding how cues on a website alter consumers' perceptions and purchase intentions. This narrative review brings together key theoretical and empirical contributions concerning online atmosphere, highlighting how environmental elements in digital shopping interfaces influence user experience and decision-making. Building on previous research, it highlights key dimensions of online atmosphere such as design, ambiance, and social factors and examines their influence on consumers' affective, cognitive, and behavioral outcomes. In addition, this review highlights key theoretical frameworks in the literature, including S–O–R models, PAD, TAM, and Flow Theory models, while emphasizing the growing importance of emotional and experiential processes in the context of online shopping. The study highlights current gaps in research and suggests future directions for academics and professionals who aspire to design more engaging and emotionally impactful digital retail environments.
JEL Classification : M15,M31
Paper type: Theoretical ResearchÀ l'ère numérique, l'atmosphère en ligne est devenue un concept clé pour comprendre le comportement et l'engagement des consommateurs dans les environnements de vente au détail en ligne. Le concept du e-atmosphérique désigne la conception intentionnelle d'éléments web qui éveillent les sens des utilisateurs et façonnent leurs expériences, émotions et réactions comportementales. Bien que le commerce numérique ne cesse de se développer, l'étude des atmosphères en ligne demeure primordiale pour comprendre comment les indices présents sur un site web modifient les perceptions et les intentions d'achat des consommateurs. Cette revue narrative regroupe les principales contributions théoriques et empiriques concernant l'atmosphère en ligne, mettant en évidence comment les éléments environnementaux dans les interfaces d’achat numériques influencent l'expérience utilisateur et la prise de décision. S'appuyant sur les travaux de recherche antérieurs, elle met en lumière les dimensions essentielles de l'atmosphère en ligne comme le design, l'ambiance et les facteurs sociaux et examine leur influence sur les résultats affectifs, cognitifs et comportementaux des consommateurs. De plus, cette revue met en lumière les principaux cadres théoriques présents dans la littérature, y compris les modèles S–O–R , PAD, TAM et la Théorie du flow, tout en soulignant l'importance croissante des processus émotionnels et expérientiels dans le contexte des achats en ligne. L'étude met en évidence les lacunes actuelles dans la recherche et suggère des orientations futures pour les universitaires et les professionnels qui aspirent à concevoir des environnements de vente numérique plus captivants et émotionnellement percutants.
JEL Classification : M15,M31
Type du papier : Recherche Théoriqu
17 years of research on environmental management control
No full textSince the 2000s, environmental management control has become a specific area of research within the discipline of management control. Its aim is to incorporate environmental concerns into management practices. This paper aims to explore the evolution of research on environmental management control. To do so, an analysis grid was established by analyzing 46 peer-reviewed articles published between 2008 and 2025. This grid allows for the development of an overview of the themes covered, the theoretical foundations mobilized, and the methodological approaches used.
Two major themes were identified: antecedents, which refer to reasons and factors of adoption and the integration process; and consequences referring to the impact of this adoption on organizational performance.
The results also show that environmental management control is an autonomous field of research with specific theoretical foundations, methodologies adopted and research themes that differentiate it from traditional management control. It has gradually developed its own empirical frameworks and insights.
Classification JEL: L25, M41, Q56
Paper type: Theoretical ResearchSince the 2000s, environmental management control has become a specific area of research within the discipline of management control. Its aim is to incorporate environmental concerns into management practices. This paper aims to explore the evolution of research on environmental management control. To do so, an analysis grid was established by analyzing 46 peer-reviewed articles published between 2008 and 2025. This grid allows for the development of an overview of the themes covered, the theoretical foundations mobilized, and the methodological approaches used.
Two major themes were identified: antecedents, which refer to reasons and factors of adoption and the integration process; and consequences referring to the impact of this adoption on organizational performance.
The results also show that environmental management control is an autonomous field of research with specific theoretical foundations, methodologies adopted and research themes that differentiate it from traditional management control. It has gradually developed its own empirical frameworks and insights.
Classification JEL: L25, M41, Q56
Paper type: Theoretical Researc
Hedging Strategies for Foreign Exchange Reserves in the CEMAC Region: A Derivatives-Based Approach – The Case of BEAC
No full textThis study examines how the Bank of Central African States (BEAC) can enhance the management of its foreign exchange reserves using derivative instruments. Through a dual methodology – a benchmarking analysis of central bank hedging practices and an econometric regression on BEAC data (2016–2024) – the paper identifies best practices and quantifies reserve performance drivers.
Results show that several emerging and advanced central banks (e.g. Nigeria, Ghana, U.S. Fed) use FX forwards, swaps, and options to stabilize their currency and reserve portfolios. For BEAC, the estimated regression explains only ~13.4% of quarterly reserve return variance, with no individual coefficient significant at the 5% level. Notably, higher FX volatility is associated with lower reserve returns (β ≈ –40.8, p≈0.068). These findings suggest that BEAC’s current conservative strategy limits responsiveness to shocks.
Key recommendations include developing an interbank derivatives market, deploying FX auctions with derivatives, and establishing swap lines for liquidity. Future research should incorporate additional risk factors and assess derivatives’ legal/institutional frameworks.
Classification JEL: G21, E58, F31
Paper type: Empirical ResearchThis study examines how the Bank of Central African States (BEAC) can enhance the management of its foreign exchange reserves using derivative instruments. Through a dual methodology – a benchmarking analysis of central bank hedging practices and an econometric regression on BEAC data (2016–2024) – the paper identifies best practices and quantifies reserve performance drivers.
Results show that several emerging and advanced central banks (e.g. Nigeria, Ghana, U.S. Fed) use FX forwards, swaps, and options to stabilize their currency and reserve portfolios. For BEAC, the estimated regression explains only ~13.4% of quarterly reserve return variance, with no individual coefficient significant at the 5% level. Notably, higher FX volatility is associated with lower reserve returns (β ≈ –40.8, p≈0.068). These findings suggest that BEAC’s current conservative strategy limits responsiveness to shocks.
Key recommendations include developing an interbank derivatives market, deploying FX auctions with derivatives, and establishing swap lines for liquidity. Future research should incorporate additional risk factors and assess derivatives’ legal/institutional frameworks.
Classification JEL: G21, E58, F31
Paper type: Empirical Researc