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Fiscal rules and the pro-cyclicality of public investment in the West African economic and monetary union, Volume 1
 
Author:Dessus, Sebastien; Diaz Sanchez, Jose Luis; Varoudakis, Aristomene; Country:Western Africa;
Date Stored:2013/08/08Document Date:2013/08/01
Document Type:Policy Research Working PaperSubTopics:Access to Finance; Economic Stabilization; Public Sector Expenditure Policy; Debt Markets; Fiscal Adjustment
Language:EnglishRegion:Africa
Report Number:WPS6562Collection Title:Policy Research working paper ; no. WPS 6562
Volume No:1  

Summary: Evidence from a large panel of low-income and lower middle-income countries over the period 1995-2012 suggests that, contrary to other countries, public investment in the West African Economic and Monetary Union (WAEMU) has been pro-cyclical. Public investment contracts more in "bad times" than it increases in "good times" and appears to have become pro-cyclical since the introduction of the fiscal convergence criteria in 1994. The pro-cyclicality of public expenditure and the high asymmetry of shocks that affect WAEMU countries justify exploring options for greater counter-cyclicality of rules-based fiscal frameworks and for risk-sharing.

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