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Fiscal policy rules and economic fluctuations in the countries of the West African Economic and Monetary Union (WAEMU)

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  • Thiombiano, Noel
  • Ouedraogo, Salifou
  • Moussa, Abiboulaye

Abstract

•Fiscal policies did not fix the increase in the stock of debt.•Fiscal policy is countercyclical during recessions and acyclic during expansions with respect to the fiscal rule on the overall budget balance, including grants.•The fiscal policy stance is pro-cyclical under the structural budget balance, including grants.•During expansions, the implementation of multilateral surveillance has a counter-cyclical effect regardless of the rule applied.•During a recession, multilateral surveillance reinforces pro-cyclicality.

Suggested Citation

  • Thiombiano, Noel & Ouedraogo, Salifou & Moussa, Abiboulaye, 2022. "Fiscal policy rules and economic fluctuations in the countries of the West African Economic and Monetary Union (WAEMU)," Research in Economics, Elsevier, vol. 76(3), pages 252-263.
    • Handle: RePEc:eee:reecon:v:76:y:2022:i:3:p:252-263
    DOI: 10.1016/j.rie.2022.07.008
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