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Fiscal Discipline in WAEMU; Rules, Institutions, and Markets

Ermal Hitaj and Yasin Onder ()

No 13/216, IMF Working Papers from International Monetary Fund

Abstract: This paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU). The paper finds that the responsiveness of sovereign bond rates to governments’ fiscal behavior in the regional financial market remains limited. In addition, the paper examines the effectiveness of fiscal rules and institutions in an environment where financial markets fall short of exerting a significant disciplining effect on governments.

Keywords: Cross country analysis; Bonds; Economic models; European Economic and Monetary Union; Sovereign debt; Public debt; Fiscal rules; Fiscal policy; West African Economic and Monetary Union; Fiscal discipline, regional surveillance sovereign risk, sovereign spreads, WAEMU, fiscal balance, fiscal behavior, fiscal deficit, Asset Pricing, General, (search for similar items in EconPapers)
Pages: 29
Date: 2013-10-23
New Economics Papers: this item is included in nep-afr
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Handle: RePEc:imf:imfwpa:13/216