Fiscal Rules in WAEMU: Limiting Public Deficits

Mohamed Coulibaly

Chapter 13 in Regional Integration and Policy Challenges in Africa, 2015, pp 302-325 from Palgrave Macmillan

Abstract: Abstract A resurgence of reflection on regional economic integration in African countries started in the 1990s. The renewed interest stimulated discussions on the effectiveness of fiscal policy in African monetary unions. Since, the common monetary and exchange policy is managed at a supranational level, the West African Economic and Monetary Union (WAEMU) and the Economic Community of Central African States (CEMAC) countries are deprived of the monetary instruments required to cope with asymmetric shocks. In the view of Wyplosz (1992), this situation constitutes a loss of control over the economy. In this case, Mundell (1961) suggests that each country’s specific fiscal policies should include significant stabilization power.

Keywords: fiscal policy rule; flexibility; key fiscal criterion; PCSCS (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-46208-4_14

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DOI: 10.1057/9781137462084_14

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