Financement externe et politique budgétaire : le rôle du Stabex
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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- 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.
- 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.
- Cuddington, John, 1988. "Fiscal policy in commodity-exporting LDCs," Policy Research Working Paper Series 33, The World Bank.
- Burgess, Robin & Stern, Nicholas, 1993. "Taxation and Development," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 762-830, June.
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