Fiscal Policy Coordination in the WAEMU after the Devaluation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Fiscal Policy Coordination in the WAEMU after the Devaluation write by Christoph B. Rosenberg. This book was released on 2006. Fiscal Policy Coordination in the WAEMU after the Devaluation available in PDF, EPUB and Kindle. This paper examines the economic implications of fiscal policy coordination in the West African Economic and Monetary Union (WAEMU) in the light of the January 1994 devaluation of the CFA franc. Diverging tax, tariff, and budgetary politics are identified and it is argued that the resulting fiscal externalities have prevented the zone from reaping the full benefits of a monetary union. The paper shows that the devaluation makes it more desirable than ever to have a closer policy coordination to prevent such detrimental fiscal externalities. Recent efforts in this field are reviewed and evaluated. Finally, the paper offers some recommendations with respect to the optimal design of tax and tariff rate structures, and the choice of budgetary convergence criteria.
Fiscal Policy Coordination in the WAEMU After the Devalution
Fiscal Policy Coordination in the WAEMU After the Devalution - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Fiscal Policy Coordination in the WAEMU After the Devalution write by Christoph B. Rosenberg. This book was released on 1995. Fiscal Policy Coordination in the WAEMU After the Devalution available in PDF, EPUB and Kindle.
Currencies, Crises, Fiscal Policy, and Coordination
Currencies, Crises, Fiscal Policy, and Coordination - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Currencies, Crises, Fiscal Policy, and Coordination write by Paul R. Masson. This book was released on 2011. Currencies, Crises, Fiscal Policy, and Coordination available in PDF, EPUB and Kindle. This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.
Revamping the West African Economic and Monetary Union (WAEMU) Fiscal Framework
Revamping the West African Economic and Monetary Union (WAEMU) Fiscal Framework - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Revamping the West African Economic and Monetary Union (WAEMU) Fiscal Framework write by Can Sever. This book was released on 2023-04-26. Revamping the West African Economic and Monetary Union (WAEMU) Fiscal Framework available in PDF, EPUB and Kindle. This paper aims to provide a broad perspective on the WAEMU fiscal framework. Based on backward looking exercises and forward looking scenarios, it shows that (i) repeated fiscal slippages and historically large stock flow adjustments contributed to the surge in the WAEMU public debt, and (ii) stock flow adjustments can have significant effects on the WAEMU debt dynamics going forward. This paper also discusses that it is essential and urgent to reintroduce the fiscal rules and the Convergence Pact and to enhance the rules. Revamping the fiscal rules should focus on introducing a correction mechanism (which could contain surges in debt in the future) and an escape clause (which would enhance fiscal discipline and predictability), as well as capturing the extensive extra-budgetary and below-the-line operations and strengthening the enforcement mechanism. Any consideration to changing the fiscal deficit target should also encompass addressing extra-budgetary and below-the-line transactions (for example by changing the definition of the deficit). It is not appropriate to increase the debt ceiling.
West African Economic and Monetary Union (WAEMU)
West African Economic and Monetary Union (WAEMU) - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook West African Economic and Monetary Union (WAEMU) write by International Monetary Fund. African Dept.. This book was released on 2019-03-29. West African Economic and Monetary Union (WAEMU) available in PDF, EPUB and Kindle. This Selected Issues paper reviews West African Economic and Monetary Union’s (WAEMU) regional macroeconomic surveillance framework to control all sources of debt accumulation and ensure debt sustainability. WAEMU’s regional surveillance framework aims at ensuring the sustainability of national fiscal policies and their consistency with the common monetary policy. While fiscal deficits have been the main driver of public debt across WAEMU member countries, the size of residual factors has varied greatly among these countries. The WAEMU Macroeconomic Surveillance Framework would benefit from adjustments to more effectively set the region’s public debt on a sustainable path. In addition, beyond adhering to the WAEMU fiscal deficit rule, member countries must curb below-the-budget-line operations. This would require improved monitoring of fiscal risks and the building of adequate budget provisions to address such risks before they materialize. Improved Treasury practices would also help eliminate the recourse to pre-financing arrangements and tighten control over expenditure. Public dissemination of the WAEMU progress report and strengthened peer-to-peer learning among member countries could improve the momentum for reforms.
