Pro cyclicité de la politique budgétaire et surveillance multilatérale dans les unions monétaires africaines

Sylviane Guillaumont Jeanneney and Sampawende Tapsoba

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Abstract: The devaluation of the CFA Francs in 1994 has highlighted the relevance of fiscal coordination in African monetary unions. After 1994, African monetary unions have adopted a fiscal rule which prescribes a permanent nil or positive budgetary balance. This article studies how this fiscal rule affects the cyclicality of fiscal policies. The results show that compared to other African states, such a fiscal rule creates a pro cyclical bias in public expenditure during recessions. The bias justifies a modification of the rule in order to impose a fiscal surplus during expansions.

Keywords: Fiscal policies; Pro cyclicality; currency union; Fiscal rules; Africa.; Africa (search for similar items in EconPapers)
Date: 2011-01-10
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00554337
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Working Paper: Pro cyclicité de la politique budgétaire et surveillance multilatérale dans les unions monétaires africaines (2009)
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