1. As real GDP is a measure of output, it deviates from real income if terms of trade change. If import prices increase more than export prices, the terms of trade deteriorate and per real capita income increases less than per capita GDP. In contrast, if export prices increase more than import prices, the terms of trade improve and real income increases more than output.
  2. For a general discussion on the economic effects of remittances, see Ratha et al. (2011).
  3. The WAEMU members are Benin, Burkina Faso, Côte d´Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo.
  4. The CEMAC members are Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea and Gabon.
  5. In the CMA the currencies of Lesotho and Swaziland are pegged to the South African rand.