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Experience with budgetary convergence in the WAEMU

Author: Ousmane Dore; Paul R Masson; International Monetary Fund. African Department.; International Monetary Fund. Policy Development and Review Department.
Publisher: [Washington, D.C.] : International Monetary Fund, African Dept. and Policy Development and Review Dept., ©2002.
Series: IMF working paper, WP/02/108.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
This paper reviews the experience of fiscal adjustment undertaken in the West African Economic and Monetary Union (WAEMU) countries since the entry into force of the 1994 treaty establishing the framework for a regional convergence of national fiscal policies. We propose a measure of the structural deficit that corrects for movements of both the business cycle and terms of trade. Though the fiscal deficit worsened  Read more...
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Additional Physical Format: Print version:
Dore, Ousmane.
Experience with budgetary convergence in the WAEMU.
[Washington, D.C.] : International Monetary Fund, African Dept. and Policy Development and Review Dept., ©2002
(OCoLC)50253798
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ousmane Dore; Paul R Masson; International Monetary Fund. African Department.; International Monetary Fund. Policy Development and Review Department.
ISBN: 145189872X 9781451898729
OCLC Number: 648509412
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (27 pages).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/02/108.
Responsibility: Ousmane Dore and Paul R. Masson.

Abstract:

This paper reviews the experience of fiscal adjustment undertaken in the West African Economic and Monetary Union (WAEMU) countries since the entry into force of the 1994 treaty establishing the framework for a regional convergence of national fiscal policies. We propose a measure of the structural deficit that corrects for movements of both the business cycle and terms of trade. Though the fiscal deficit worsened in 1998-2001 in some countries because of terms of trade deterioration and unfavorable movements in the business cycle, convergence stalled even when corrected for these factors. Meeting fiscal deficit targets in the future will be facilitated by a favorable external environment but, in any case, will require a higher revenue ratio and downward pressure on government wages as shares of GDP.

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