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

Sylviane Guillaumont Jeanneney (1) , Sampawende Jules Tapsoba (1)

1 CERDI - Centre d'Études et de Recherches sur le Développement International

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.

Mots clés: Fiscal policies; Pro cyclicality; currency union; Fiscal rules; Africa.; Africa

Domaines: Economies et finances

Sylviane Guillaumont Jeanneney, Sampawende Jules Tapsoba. Pro cyclicité de la politique budgétaire et surveillance multilatérale dans les unions monétaires africaines. 2011. ⟨halshs-00554337⟩