Sylviane GUILLAUMONT JEANNENEY () (Centre d'Etudes et de Recherches sur le Développement International) Sampawende Jules TAPSOBA (Ministère de l'Economie et des Finances [France])
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The devaluation of the CFA Francs in 1994 has highlighted the relevance of fiscal coordination in African monetary unions. After 1994, African monetary unions have adopted a fiscal rule which prescribes a permanent nil or positive budgetary balance. This article studies how this fiscal rule affects the cyclicality of fiscal policies. The results show that compared to other African states, such a fiscal rule creates a pro cyclical bias in public expenditure during recessions. The bias justifies a modification of the rule in order to impose a fiscal surplus during expansions.
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Paper provided by CERDI in its series Working Papers with number
200904.
Length: 47 Date of creation: 2009 Date of revision: Handle: RePEc:cdi:wpaper:1038
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