Fiscal Rules and the Pro-Cycylicality of Public Investment in the West African Economic and Monetary Union | |
Dessus, Sé ; bastien ; Diaz Sanchez, Jose Luis ; Varoudakis, Aristomene | |
World Bank, Washington, DC | |
关键词: ACCESS TO CAPITAL; ACCESS TO CAPITAL MARKETS; ACCOUNTING; AGGREGATE FISCAL; AGGREGATE FISCAL DISCIPLINE; | |
DOI : 10.1596/1813-9450-6562 RP-ID : WPS6562 |
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学科分类:社会科学、人文和艺术(综合) | |
来源: World Bank Open Knowledge Repository | |
【 摘 要 】
Evidence from a large panel of low-income and lowermiddle-income countries over the period 1995–2012suggests that, contrary to other countries, publicinvestment in the West African Economic andMonetary Union (WAEMU) has been pro-cyclical.Public investment contracts more in “bad times”than it increases in “good times” and appears to have become pro-cyclical since the introduction of the fiscalconvergence criteria in 1994. The pro-cyclicality of publicexpenditure and the high asymmetry of shocks that affectWAEMU countries justify exploring options for greatercounter-cyclicality of rules-based fiscal frameworks andfor risk-sharing.
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