Pacte de stabilité et risque d'une politique budgétaire procyclique en Union Economique et. Monétaire: le cas de l'UEMOA

Mamadou Diop and Adama Diaw
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Mamadou Diop: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Adama Diaw: GERSEG - Groupe d'Etudes et de Recherche en Sciences Economiques et Gestion - UGB - Université Gaston Berger de Saint-Louis Sénégal

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Abstract: In December 1999, the WAEMU countries have adopted the convergence Pact, stability, growth and solidarity which states that the basic fiscal balance, relative to nominal GDP must be balanced. Implying that the presence of an unexpected adverse economic conditions, governments have a choice between respecting the fiscal criterion of the Pact and not to support economic activity or stimulate economic activity through public spending and not meet the key criteria of the pact. This article's objective is to highlight the failures of the fiscal rule cannot be a lever action of public authorities and the consequences if it does not take into account the state of the economy. It also shows that a phase of construction and economic development, it is inefficient to submit the fiscal policy of the Governments of the Union of rules that have a rigid character.

Keywords: procyclical budgetary policy; WAEMU; Convergence and Stability Pact; basic budgetary balance; countercyclical budgetary policy; Politique budgétaire procyclique; UEMOA (WAEMU); Pacte de convergence et de stabilité; Solde budgétaire de base; Politique budgétaire contracyclique (search for similar items in EconPapers)
Date: 2014-11
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Published in Brussels Economic Review , 2014, 57 (4)

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01404292

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