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Fiscal Rules and the Pro-Cycylicality of Public Investment in the West African Economic and Monetary Union

ACCESS TO CAPITAL ACCESS TO CAPITAL MARKETS ACCOUNTING AGGREGATE FISCAL AGGREGATE FISCAL DISCIPLINE AMOUNT OF DEBT ANNUAL BUDGET ANNUAL TARGETS AUTOMATIC STABILIZERS BAILOUT BAILOUTS BALANCE OF PAYMENTS BANK FINANCING BID BUDGET BALANCE BUDGET CLASSIFICATION BUDGET CONSTRAINT BUDGET DEFICIT BUDGET DEFICITS BUDGET EXECUTION BUDGET PREPARATION BUDGET PROCESS BUDGET SUPPORT BUDGET SURPLUSES BUDGETING BUSINESS CYCLE BUSINESS CYCLES CAPITAL BUDGET CAPITAL EXPENDITURE CAPITAL EXPENDITURES CAPITAL MARKET CAPITAL MOVEMENTS CAPITAL SPENDING CENTRAL BANK CENTRAL BANK INDEPENDENCE CENTRAL BUDGET CENTRAL GOVERNMENT CENTRAL GOVERNMENT CONSUMPTION COMMERCIAL BANKS COMMODITY PRICES CORPORATE INCOME TAX CORPORATE INCOME TAX REVENUES CORPORATE INCOME TAXES CORRECTIVE ACTION CREDIBILITY CREDIT FACILITY CREDIT LINE CREDIT RATIONING CURRENT ACCOUNT DEFICITS CYCLICAL SHOCKS DEBT DEBT ACCUMULATION DEBT CRISIS DEBT DEFAULT DEBT POLICY DEBT RATIO DEBT RELIEF DEBT SERVICE DEBT SUSTAINABILITY DECENTRALIZATION DEFAULT RISK DEFAULTS DEPOSIT DEVALUATION DEVELOPING COUNTRIES DEVELOPMENT BANK DISCOUNT RATES DISTRESSED DEBT DOMESTIC REVENUE DUMMY VARIABLE ECONOMIC DEVELOPMENTS ECONOMIC DOWNTURNS ECONOMIC GROWTH ECONOMIC GROWTH RATE ECONOMIC POLICY ECONOMIES OF SCALE ELASTICITIES EMERGING ECONOMIES EX-POST EVALUATION EXCHANGE RATE EXOGENOUS SHOCKS EXPENDITURE DATA EXPENDITURE GROWTH EXPENDITURE POLICIES EXPENDITURE PROGRAMS EXTERNAL FINANCING EXTERNAL IMBALANCES EXTERNAL SHOCKS FEDERAL BUDGET FINANCIAL ACCOUNTABILITY FINANCIAL CRISIS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCING ARRANGEMENTS FISCAL ADJUSTMENT FISCAL AFFAIRS FISCAL BALANCE FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL FEDERALISM FISCAL FLEXIBILITY FISCAL FRAMEWORK FISCAL FRAMEWORKS FISCAL POLICIES FISCAL POLICY FISCAL POLICY FRAMEWORK FISCAL REVENUE FISCAL RISKS FISCAL RULES FISCAL SAVINGS FISCAL STANCE FISCAL SUSTAINABILITY FISCAL TARGETS FISCAL TRANSFERS FOREIGN BORROWING FOREIGN CURRENCY FOREIGN DEBT FOREIGN RESERVES GOLDEN RULE GOVERNMENT CONSUMPTION GOVERNMENT EXPENDITURES GOVERNMENT REVENUES GOVERNMENT SPENDING HIGHER INFLATION HUMAN DEVELOPMENT INDEBTED COUNTRY INDEXED BONDS INFLATION INFRASTRUCTURE INVESTMENTS INSTRUMENT INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INVESTMENT CONTRACTS INVESTMENT EXPENDITURES INVESTMENT PROJECTS INVESTMENT RATES LEGAL FRAMEWORKS LEVEL OF RISK MACROECONOMIC STABILITY MARKET ACCESS MARKET DISCIPLINE MARKET INTEREST RATES MEMBER COUNTRIES MONETARY FUND MONETARY POLICIES MONETARY POLICY MONETARY UNION MONETARY UNIONS MONEY CREATION MORAL HAZARD MULTILATERAL DONORS NATIONAL ACCOUNTS NATIONAL ACCOUNTS DATA NATIONAL BUDGET NATIONAL BUDGETS NATIONAL RESOURCES NEGATIVE SHOCK NEGATIVE SHOCKS NON-PERFORMING LOANS PENSION LIABILITIES PERMANENT SHOCKS PERSONAL INCOME PERSONAL INCOME TAX PERSONAL INCOME TAX REVENUES POSITIVE EXTERNALITIES POSITIVE IMPACTS POVERTY REDUCTION PRIVATE BANKS PRIVATE SAVING PRIVATE SECTOR PROGRAMS PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC FINANCIAL MANAGEMENT PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC REVENUE PUBLIC SECTOR PUBLIC SECTOR DEFICIT PUBLIC SPENDING REAL EXCHANGE RATE REAL GROWTH REGULATORY FRAMEWORKS REPAYMENT RETURN RISK EXPOSURE RISK PREMIUMS RISK SHARING SANITATION SOCIAL PROGRAMS SOCIAL PROTECTION STRATEGIC ALLOCATION STRATEGIC ALLOCATION OF RESOURCES STRUCTURAL DEFICIT TAX BASE TAX BASES TAX REVENUES TOTAL EXPENDITURE TOTAL PUBLIC EXPENDITURE TRANSPARENCY TREASURY
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World Bank, Washington, DC
Africa
2013-10-01T21:01:46Z | 2013-10-01T21:01:46Z | 2013-08

Evidence from a large panel of low-income and lower middle-income countries over the period 1995–2012 suggests that, contrary to other countries, public investment in the West African Economic and Monetary 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 fiscal convergence criteria in 1994. The pro-cyclicality of public expenditure and the high asymmetry of shocks that affect WAEMU countries justify exploring options for greater counter-cyclicality of rules-based fiscal frameworks and for risk-sharing.

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