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

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.