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Pro cyclicité de la politique budgétaire et surveillance multilatérale dans les unions monétaires africaines


  • Sampawende Jules TAPSOBA

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


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


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.

Suggested Citation

  • Sampawende Jules TAPSOBA & Sylviane GUILLAUMONT JEANNENEY, 2009. "Pro cyclicité de la politique budgétaire et surveillance multilatérale dans les unions monétaires africaines," Working Papers 200904, CERDI.
  • Handle: RePEc:cdi:wpaper:1038

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    References listed on IDEAS

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    Cited by:

    1. BIKAI, J. Landry, 2015. "Fiscal Rules and Pro-cyclicality of the Fiscal Policy in CEMAC countries," MPRA Paper 78229, University Library of Munich, Germany.
    2. Okey Mawussé Komlagan Nézan, 2016. "Public Expenditure and Private Sector Investment in WAEMU Countries," Research Papers RP_328, African Economic Research Consortium.

    More about this item


    Fiscal policies; Pro cyclicality; Currency union; Fiscal rules; Africa.;

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