Click here for search results
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
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.

Official Documents
Official, scanned versions of documents (may include signatures, etc.)
File TypeDescriptionFile Size (mb)
PDF 30 pagesOfficial version*2.1 (approx.)
TextText version**
How To Order

* The official version is derived from scanning the final, paper copy of the document and is the official,
archived version including all signatures, charts, etc.
** The text version is the OCR text of the final scanned version and is not an accurate representation of the final text.
It is provided solely to benefit users with slow connectivity.

Permanent URL for this page: