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Fiscal Discipline in WAEMU.

Author: Ermal Hitaj; Yasin Kursat Onder
Publisher: Washington : International Monetary Fund, 2013.
Series: IMF Working Papers.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU). The paper finds that the responsiveness of sovereign bond rates to governmentsâ?? fiscal behavior in the regional financial market remains limited. In addition, the paper examines the effectiveness of fiscal rules and institutions in an environment  Read more...
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Details

Genre/Form: Electronic books
Additional Physical Format: Print version:
Hitaj, Ermal.
Fiscal Discipline in WAEMU: Rules, Institutions, and Markets.
Washington : International Monetary Fund, ©2013
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ermal Hitaj; Yasin Kursat Onder
ISBN: 9781475524482 147552448X
OCLC Number: 867928183
Description: 1 online resource (30 pages).
Contents: Cover; Contents; I. Introduction; II. Market Discipline Reviewed; A. Literature Review; B. An Overview of the WAEMU Sovereign Debt Market; Tables; 1. WAEMU: Treasury Bills Issuance (billions of CFA francs); C. Empirical Model Specification; Figures; 1. WAEMU: Government Securities Emission (billions of CFA francs); D. Data and Estimation Results; 2. WAEMU: Baseline Results; III. Rules and Institutions: The EMU Experience and WAEMU; A. The EMU Experience; 2. Euro Area General Government Budget Deficit (percent of GDP); B. WAEMU and the EMU; IV. Discussion; V. Conclusion; References; Appendices. A. Tables and Figures3. WAEMU: Convergence Criteria; 4. Countries Receiving Debt Relief; 5. Descriptive Statistics; 3. External Debt-to-GNP Ratio and Debt Relief; 6. Alternative Specification: Basic Fiscal Balance; 4. Ratio of Multilateral Debt to Total External Debt; 5. Share of External Debt to Total Debt in WAEMU; B. Theoretical Model.
Series Title: IMF Working Papers.

Abstract:

This paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU). The paper finds that the responsiveness of sovereign bond rates to governmentsâ?? fiscal behavior in the regional financial market remains limited. In addition, the paper examines the effectiveness of fiscal rules and institutions in an environment where financial markets fall short of exerting a significant disciplining effect on governments.

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