Dessus, SébastienDiaz Sanchez, Jose LuisVaroudakis, Aristomene2013-10-012013-10-012013-08https://hdl.handle.net/10986/15996Evidence 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-USCC BY 3.0 IGOACCESS TO CAPITALACCESS TO CAPITAL MARKETSACCOUNTINGAGGREGATE FISCALAGGREGATE FISCAL DISCIPLINEAMOUNT OF DEBTANNUAL BUDGETANNUAL TARGETSAUTOMATIC STABILIZERSBAILOUTBAILOUTSBALANCE OF PAYMENTSBANK FINANCINGBIDBUDGET BALANCEBUDGET CLASSIFICATIONBUDGET CONSTRAINTBUDGET DEFICITBUDGET DEFICITSBUDGET EXECUTIONBUDGET PREPARATIONBUDGET PROCESSBUDGET SUPPORTBUDGET SURPLUSESBUDGETINGBUSINESS CYCLEBUSINESS CYCLESCAPITAL BUDGETCAPITAL EXPENDITURECAPITAL EXPENDITURESCAPITAL MARKETCAPITAL MOVEMENTSCAPITAL SPENDINGCENTRAL BANKCENTRAL BANK INDEPENDENCECENTRAL BUDGETCENTRAL GOVERNMENTCENTRAL GOVERNMENT CONSUMPTIONCOMMERCIAL BANKSCOMMODITY PRICESCORPORATE INCOME TAXCORPORATE INCOME TAX REVENUESCORPORATE INCOME TAXESCORRECTIVE ACTIONCREDIBILITYCREDIT FACILITYCREDIT LINECREDIT RATIONINGCURRENT ACCOUNT DEFICITSCYCLICAL SHOCKSDEBTDEBT ACCUMULATIONDEBT CRISISDEBT DEFAULTDEBT POLICYDEBT RATIODEBT RELIEFDEBT SERVICEDEBT SUSTAINABILITYDECENTRALIZATIONDEFAULT RISKDEFAULTSDEPOSITDEVALUATIONDEVELOPING COUNTRIESDEVELOPMENT BANKDISCOUNT RATESDISTRESSED DEBTDOMESTIC REVENUEDUMMY VARIABLEECONOMIC DEVELOPMENTSECONOMIC DOWNTURNSECONOMIC GROWTHECONOMIC GROWTH RATEECONOMIC POLICYECONOMIES OF SCALEELASTICITIESEMERGING ECONOMIESEX-POST EVALUATIONEXCHANGE RATEEXOGENOUS SHOCKSEXPENDITURE DATAEXPENDITURE GROWTHEXPENDITURE POLICIESEXPENDITURE PROGRAMSEXTERNAL FINANCINGEXTERNAL IMBALANCESEXTERNAL SHOCKSFEDERAL BUDGETFINANCIAL ACCOUNTABILITYFINANCIAL CRISISFINANCIAL INSTRUMENTSFINANCIAL MARKETSFINANCIAL RESOURCESFINANCIAL SECTORFINANCING ARRANGEMENTSFISCAL ADJUSTMENTFISCAL AFFAIRSFISCAL BALANCEFISCAL DEFICITFISCAL DEFICITSFISCAL DISCIPLINEFISCAL FEDERALISMFISCAL FLEXIBILITYFISCAL FRAMEWORKFISCAL FRAMEWORKSFISCAL POLICIESFISCAL POLICYFISCAL POLICY FRAMEWORKFISCAL REVENUEFISCAL RISKSFISCAL RULESFISCAL SAVINGSFISCAL STANCEFISCAL SUSTAINABILITYFISCAL TARGETSFISCAL TRANSFERSFOREIGN BORROWINGFOREIGN CURRENCYFOREIGN DEBTFOREIGN RESERVESGOLDEN RULEGOVERNMENT CONSUMPTIONGOVERNMENT EXPENDITURESGOVERNMENT REVENUESGOVERNMENT SPENDINGHIGHER INFLATIONHUMAN DEVELOPMENTINDEBTED COUNTRYINDEXED BONDSINFLATIONINFRASTRUCTURE INVESTMENTSINSTRUMENTINSURANCEINTEREST RATEINTEREST RATESINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETINVESTMENT CONTRACTSINVESTMENT EXPENDITURESINVESTMENT PROJECTSINVESTMENT RATESLEGAL FRAMEWORKSLEVEL OF RISKMACROECONOMIC STABILITYMARKET ACCESSMARKET DISCIPLINEMARKET INTEREST RATESMEMBER COUNTRIESMONETARY FUNDMONETARY POLICIESMONETARY POLICYMONETARY UNIONMONETARY UNIONSMONEY CREATIONMORAL HAZARDMULTILATERAL DONORSNATIONAL ACCOUNTSNATIONAL ACCOUNTS DATANATIONAL BUDGETNATIONAL BUDGETSNATIONAL RESOURCESNEGATIVE SHOCKNEGATIVE SHOCKSNON-PERFORMING LOANSPENSION LIABILITIESPERMANENT SHOCKSPERSONAL INCOMEPERSONAL INCOME TAXPERSONAL INCOME TAX REVENUESPOSITIVE EXTERNALITIESPOSITIVE IMPACTSPOVERTY REDUCTIONPRIVATE BANKSPRIVATE SAVINGPRIVATE SECTORPROGRAMSPUBLIC DEBTPUBLIC EXPENDITUREPUBLIC EXPENDITURESPUBLIC FINANCESPUBLIC FINANCIAL MANAGEMENTPUBLIC INVESTMENTPUBLIC INVESTMENTSPUBLIC REVENUEPUBLIC SECTORPUBLIC SECTOR DEFICITPUBLIC SPENDINGREAL EXCHANGE RATEREAL GROWTHREGULATORY FRAMEWORKSREPAYMENTRETURNRISK EXPOSURERISK PREMIUMSRISK SHARINGSANITATIONSOCIAL PROGRAMSSOCIAL PROTECTIONSTRATEGIC ALLOCATIONSTRATEGIC ALLOCATION OF RESOURCESSTRUCTURAL DEFICITTAX BASETAX BASESTAX REVENUESTOTAL EXPENDITURETOTAL PUBLIC EXPENDITURETRANSPARENCYTREASURYWorld Bank10.1596/1813-9450-6562