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

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

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