Fiscal Policy and Monetary Integration in the ECOWAS

Kenneth Onye and Okon J. Umoh

Working Papers from African Economic Research Consortium

Abstract: Those with dissenting views regarding the structure of monetary union arrangement in the ECOWAS often argue that the macroeconomic convergence criteria have hampered the ability of countries in the region to stabilize their economies with appropriate counter-cyclical fiscal policy. We test the empirical merit of this assertion and found no support for this view. Instead, discretionary fiscal policy has become counter-cyclical in ECOWAS after the introduction of convergence criteria. In specifics, we found a switch from pro-cyclical fiscal policy making in the pre-convergence era (1995-2002) to a counter-cyclical fiscal policy

Date: 2021-03
Note: African Economic Research Consortium
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