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

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dc.contributor.authorDessus, Sébastien
dc.contributor.authorDiaz Sanchez, Jose Luis
dc.contributor.authorVaroudakis, Aristomene
dc.date.accessioned2013-10-01T21:01:46Z
dc.date.available2013-10-01T21:01:46Z
dc.date.issued2013-08
dc.description.abstractEvidence 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/08/18094334/protecting-public-investment-against-shocks-west-african-economic-monetary-union-options-fiscal-rules-risk-sharing
dc.identifier.doi10.1596/1813-9450-6562
dc.identifier.urihttps://hdl.handle.net/10986/15996
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 6562
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCESS TO CAPITAL
dc.subjectACCESS TO CAPITAL MARKETS
dc.subjectACCOUNTING
dc.subjectAGGREGATE FISCAL
dc.subjectAGGREGATE FISCAL DISCIPLINE
dc.subjectAMOUNT OF DEBT
dc.subjectANNUAL BUDGET
dc.subjectANNUAL TARGETS
dc.subjectAUTOMATIC STABILIZERS
dc.subjectBAILOUT
dc.subjectBAILOUTS
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANK FINANCING
dc.subjectBID
dc.subjectBUDGET BALANCE
dc.subjectBUDGET CLASSIFICATION
dc.subjectBUDGET CONSTRAINT
dc.subjectBUDGET DEFICIT
dc.subjectBUDGET DEFICITS
dc.subjectBUDGET EXECUTION
dc.subjectBUDGET PREPARATION
dc.subjectBUDGET PROCESS
dc.subjectBUDGET SUPPORT
dc.subjectBUDGET SURPLUSES
dc.subjectBUDGETING
dc.subjectBUSINESS CYCLE
dc.subjectBUSINESS CYCLES
dc.subjectCAPITAL BUDGET
dc.subjectCAPITAL EXPENDITURE
dc.subjectCAPITAL EXPENDITURES
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MOVEMENTS
dc.subjectCAPITAL SPENDING
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANK INDEPENDENCE
dc.subjectCENTRAL BUDGET
dc.subjectCENTRAL GOVERNMENT
dc.subjectCENTRAL GOVERNMENT CONSUMPTION
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITY PRICES
dc.subjectCORPORATE INCOME TAX
dc.subjectCORPORATE INCOME TAX REVENUES
dc.subjectCORPORATE INCOME TAXES
dc.subjectCORRECTIVE ACTION
dc.subjectCREDIBILITY
dc.subjectCREDIT FACILITY
dc.subjectCREDIT LINE
dc.subjectCREDIT RATIONING
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectCYCLICAL SHOCKS
dc.subjectDEBT
dc.subjectDEBT ACCUMULATION
dc.subjectDEBT CRISIS
dc.subjectDEBT DEFAULT
dc.subjectDEBT POLICY
dc.subjectDEBT RATIO
dc.subjectDEBT RELIEF
dc.subjectDEBT SERVICE
dc.subjectDEBT SUSTAINABILITY
dc.subjectDECENTRALIZATION
dc.subjectDEFAULT RISK
dc.subjectDEFAULTS
dc.subjectDEPOSIT
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT BANK
dc.subjectDISCOUNT RATES
dc.subjectDISTRESSED DEBT
dc.subjectDOMESTIC REVENUE
dc.subjectDUMMY VARIABLE
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC DOWNTURNS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC GROWTH RATE
dc.subjectECONOMIC POLICY
dc.subjectECONOMIES OF SCALE
dc.subjectELASTICITIES
dc.subjectEMERGING ECONOMIES
dc.subjectEX-POST EVALUATION
dc.subjectEXCHANGE RATE
dc.subjectEXOGENOUS SHOCKS
dc.subjectEXPENDITURE DATA
dc.subjectEXPENDITURE GROWTH
dc.subjectEXPENDITURE POLICIES
dc.subjectEXPENDITURE PROGRAMS
dc.subjectEXTERNAL FINANCING
dc.subjectEXTERNAL IMBALANCES
dc.subjectEXTERNAL SHOCKS
dc.subjectFEDERAL BUDGET
dc.subjectFINANCIAL ACCOUNTABILITY
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL RESOURCES
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCING ARRANGEMENTS
dc.subjectFISCAL ADJUSTMENT
dc.subjectFISCAL AFFAIRS
dc.subjectFISCAL BALANCE
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL FEDERALISM
dc.subjectFISCAL FLEXIBILITY
dc.subjectFISCAL FRAMEWORK
dc.subjectFISCAL FRAMEWORKS
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFISCAL POLICY FRAMEWORK
dc.subjectFISCAL REVENUE
dc.subjectFISCAL RISKS
dc.subjectFISCAL RULES
dc.subjectFISCAL SAVINGS
dc.subjectFISCAL STANCE
dc.subjectFISCAL SUSTAINABILITY
dc.subjectFISCAL TARGETS
dc.subjectFISCAL TRANSFERS
dc.subjectFOREIGN BORROWING
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN RESERVES
dc.subjectGOLDEN RULE
dc.subjectGOVERNMENT CONSUMPTION
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT REVENUES
dc.subjectGOVERNMENT SPENDING
dc.subjectHIGHER INFLATION
dc.subjectHUMAN DEVELOPMENT
dc.subjectINDEBTED COUNTRY
dc.subjectINDEXED BONDS
dc.subjectINFLATION
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKET
dc.subjectINVESTMENT CONTRACTS
dc.subjectINVESTMENT EXPENDITURES
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTMENT RATES
dc.subjectLEGAL FRAMEWORKS
dc.subjectLEVEL OF RISK
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET ACCESS
dc.subjectMARKET DISCIPLINE
dc.subjectMARKET INTEREST RATES
dc.subjectMEMBER COUNTRIES
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectMONETARY UNION
dc.subjectMONETARY UNIONS
dc.subjectMONEY CREATION
dc.subjectMORAL HAZARD
dc.subjectMULTILATERAL DONORS
dc.subjectNATIONAL ACCOUNTS
dc.subjectNATIONAL ACCOUNTS DATA
dc.subjectNATIONAL BUDGET
dc.subjectNATIONAL BUDGETS
dc.subjectNATIONAL RESOURCES
dc.subjectNEGATIVE SHOCK
dc.subjectNEGATIVE SHOCKS
dc.subjectNON-PERFORMING LOANS
dc.subjectPENSION LIABILITIES
dc.subjectPERMANENT SHOCKS
dc.subjectPERSONAL INCOME
dc.subjectPERSONAL INCOME TAX
dc.subjectPERSONAL INCOME TAX REVENUES
dc.subjectPOSITIVE EXTERNALITIES
dc.subjectPOSITIVE IMPACTS
dc.subjectPOVERTY REDUCTION
dc.subjectPRIVATE BANKS
dc.subjectPRIVATE SAVING
dc.subjectPRIVATE SECTOR
dc.subjectPROGRAMS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC EXPENDITURE
dc.subjectPUBLIC EXPENDITURES
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC FINANCIAL MANAGEMENT
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC REVENUE
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SECTOR DEFICIT
dc.subjectPUBLIC SPENDING
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL GROWTH
dc.subjectREGULATORY FRAMEWORKS
dc.subjectREPAYMENT
dc.subjectRETURN
dc.subjectRISK EXPOSURE
dc.subjectRISK PREMIUMS
dc.subjectRISK SHARING
dc.subjectSANITATION
dc.subjectSOCIAL PROGRAMS
dc.subjectSOCIAL PROTECTION
dc.subjectSTRATEGIC ALLOCATION
dc.subjectSTRATEGIC ALLOCATION OF RESOURCES
dc.subjectSTRUCTURAL DEFICIT
dc.subjectTAX BASE
dc.subjectTAX BASES
dc.subjectTAX REVENUES
dc.subjectTOTAL EXPENDITURE
dc.subjectTOTAL PUBLIC EXPENDITURE
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.titleFiscal Rules and the Pro-Cycylicality of Public Investment in the West African Economic and Monetary Unionen
dspace.entity.typePublication
okr.crossref.titleProtecting Public Investment against Shocks in the West African Economic and Monetary Union: Options for Fiscal Rules and Risk Sharing
okr.date.disclosure2013-08-01
okr.date.doiregistration2025-04-10T12:03:21.039925Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2013/08/18094334/protecting-public-investment-against-shocks-west-african-economic-monetary-union-options-fiscal-rules-risk-sharing
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid222441468166178376
okr.identifier.doi10.1596/1813-9450-6562
okr.identifier.externaldocumentum000158349_20130808152942
okr.identifier.internaldocumentum18094334
okr.identifier.reportWPS6562
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/08/08/000158349_20130808152942/Rendered/PDF/WPS6562.pdfen
okr.region.administrativeAfrica
okr.topicPublic Sector Expenditure Policy
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth::Fiscal Adjustment
okr.topicMacroeconomics and Economic Growth::Economic Stabilization
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicPublic Sector Development
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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