Fiscal Discipline in WAEMU: Rules, Institutions, and Markets
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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 governments’ 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.
Series:
Working Paper No. 2013/216
Subject:
Economic integration Fiscal policy Fiscal stance Government asset and liability management Government debt management Monetary unions Public debt Public financial management (PFM)
English
Publication Date:
October 23, 2013
ISBN/ISSN:
9781484398685/1018-5941
Stock No:
WPIEA2013216
Pages:
29
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