Financement externe et politique budgétaire : le rôle du Stabex
AbstractIn 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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Bibliographic InfoPaper provided by CERDI in its series Working Papers with number 199905.
Date of creation: 1999
Date of revision:
Other versions of this item:
- GÃ©rard Chambas & Jean-FranÃ§ois Brun & Bertrand Laporte, 1999. "Financement externe et politique budgÃ©taire : le rÃ´le du STABEX," Revue Tiers Monde, Programme National PersÃ©e, vol. 40(160), pages 775-787.
- Jean-François BRUN & Gérard CHAMBAS & Bertrand LAPORTE, 1998. "Financement externe et politique budgétaire : le rôle du STABEX," Working Papers 199809, CERDI.
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