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Financement externe et politique budgétaire : le rôle du Stabex

Author

Listed:
  • Jean-François BRUN

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

  • Gérard CHAMBAS

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

  • Bertrand LAPORTE

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

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.

Suggested Citation

  • Jean-François BRUN & Gérard CHAMBAS & Bertrand LAPORTE, 1999. "Financement externe et politique budgétaire : le rôle du Stabex," Working Papers 199905, CERDI.
    • Handle: RePEc:cdi:wpaper:104
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    References listed on IDEAS

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    1. Sahn, David E. & Dorosh, Paul & Younger, Stephen, 1996. "Exchange rate, fiscal and agricultural policies in Africa: Does adjustment hurt the poor?," World Development, Elsevier, vol. 24(4), pages 719-747, April.
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    3. Cuddington, John, 1988. "Fiscal policy in commodity-exporting LDCs," Policy Research Working Paper Series 33, The World Bank.
    4. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-848, December.
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    Cited by:

    1. Jean-Louis COMBES & Rasmané OUEDRAOGO, 2014. "Does Pro-cyclical Aid Lead to Pro-cyclical Fiscal Policy? An Empirical Analysis for Sub-Saharan Africa," Working Papers 201424, CERDI.

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