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Financement externe et politique budgétaire : le rôle du Stabex

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  • Jean-François BRUN

    ()
    (Centre d'Etudes et de Recherches sur le Développement International)

  • Gérard CHAMBAS

    ()
    (Centre d'Etudes et de Recherches sur le Développement International)

  • Bertrand LAPORTE

    ()
    (Centre d'Etudes et de Recherches sur le Développement International)

Abstract

In the literature, when the price of primary products is booming, developing countries are generally facing an increase in the availability of foreign financing. The STABEX payments should occur after a shortfall export earnings, and as a consequence when government revenues are falling. We show that these payments, when they are made during periods of low real government revenues, allow for additional public expenditures. On the contrary, when payments are made during periods of high real revenues, they substitute for other ways of financing and have no expansionary effect. This is a strong argument in favour of STABEX.

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File URL: http://publi.cerdi.org/ed/1999/1999.05.pdf
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Bibliographic Info

Paper provided by CERDI in its series Working Papers with number 199905.

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Length: 17
Date of creation: 1999
Date of revision:
Handle: RePEc:cdi:wpaper:104

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