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Fiscal Policy Coordination In The Waemu After The Devaluation
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Book Synopsis Fiscal Policy Coordination in the WAEMU after the Devaluation by : Christoph B. Rosenberg
Download or read book Fiscal Policy Coordination in the WAEMU after the Devaluation written by Christoph B. Rosenberg and published by . This book was released on 2006 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the economic implications of fiscal policy coordination in the West African Economic and Monetary Union (WAEMU) in the light of the January 1994 devaluation of the CFA franc. Diverging tax, tariff, and budgetary politics are identified and it is argued that the resulting fiscal externalities have prevented the zone from reaping the full benefits of a monetary union. The paper shows that the devaluation makes it more desirable than ever to have a closer policy coordination to prevent such detrimental fiscal externalities. Recent efforts in this field are reviewed and evaluated. Finally, the paper offers some recommendations with respect to the optimal design of tax and tariff rate structures, and the choice of budgetary convergence criteria.
Book Synopsis Fiscal Policy Coordination in the WAEMU After the Devalution by : Christoph B. Rosenberg
Download or read book Fiscal Policy Coordination in the WAEMU After the Devalution written by Christoph B. Rosenberg and published by . This book was released on 1995 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currencies, Crises, Fiscal Policy, and Coordination by : Paul R. Masson
Download or read book Currencies, Crises, Fiscal Policy, and Coordination written by Paul R. Masson and published by World Scientific. This book was released on 2011 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.
Book Synopsis West African Economic and Monetary Union (WAEMU) by : International Monetary Fund. African Dept.
Download or read book West African Economic and Monetary Union (WAEMU) written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2019-03-29 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper reviews West African Economic and Monetary Union’s (WAEMU) regional macroeconomic surveillance framework to control all sources of debt accumulation and ensure debt sustainability. WAEMU’s regional surveillance framework aims at ensuring the sustainability of national fiscal policies and their consistency with the common monetary policy. While fiscal deficits have been the main driver of public debt across WAEMU member countries, the size of residual factors has varied greatly among these countries. The WAEMU Macroeconomic Surveillance Framework would benefit from adjustments to more effectively set the region’s public debt on a sustainable path. In addition, beyond adhering to the WAEMU fiscal deficit rule, member countries must curb below-the-budget-line operations. This would require improved monitoring of fiscal risks and the building of adequate budget provisions to address such risks before they materialize. Improved Treasury practices would also help eliminate the recourse to pre-financing arrangements and tighten control over expenditure. Public dissemination of the WAEMU progress report and strengthened peer-to-peer learning among member countries could improve the momentum for reforms.
Book Synopsis Tax Coordination, Tax Competition, and Revenue Mobilization in the West African Economic and Monetary Union by : Mario Mansour
Download or read book Tax Coordination, Tax Competition, and Revenue Mobilization in the West African Economic and Monetary Union written by Mario Mansour and published by International Monetary Fund. This book was released on 2013-07-09 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review the current state of the West African Economic and Monetary Union’s tax coordination framework, against the main objectives of the WAEMU Treaty of 1994: reduce distortions to intra-community trade, and mobilize domestic tax revenue. The process of tax coordination in WAEMU is one of the most advanced in the world—de jure at least—, but remains in many areas ineffective de facto. Nevertheless, the framework has, to some extent, succeeded in converging tax systems, particularly statutory tax rates, and may have contributed to improving revenue mobilisation. Important lessons can be drawn from the WAEMU experience, particularly in terms of whether coordination should take the form of harmonization through a top-down approach, or a softer approach of sharing best practice and limiting certain types of tax competition.
Book Synopsis Fiscal Policy Coordination in the Waemu After the Devaluation by : Christoph B. Rosenberg
Download or read book Fiscal Policy Coordination in the Waemu After the Devaluation written by Christoph B. Rosenberg and published by International Monetary Fund. This book was released on 1995-02 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the economic implications of fiscal policy coordination in the West African Economic and Monetary Union (WAEMU) in the light of the January 1994 devaluation of the CFA franc. Diverging tax, tariff, and budgetary politics are identified and it is argued that the resulting fiscal externalities have prevented the zone from reaping the full benefits of a monetary union. The paper shows that the devaluation makes it more desirable than ever to have a closer policy coordination to prevent such detrimental fiscal externalities. Recent efforts in this field are reviewed and evaluated. Finally, the paper offers some recommendations with respect to the optimal design of tax and tariff rate structures, and the choice of budgetary convergence criteria.
Book Synopsis Wealth through Integration by : Elias T. Ayuk
Download or read book Wealth through Integration written by Elias T. Ayuk and published by Springer Science & Business Media. This book was released on 2012-11-28 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Could regional integration be a first step toward joining the global market? In a context where liberalizing trade has not produced the expected gains in developing countries and growth in global trade has not led to the expected economic growth, an alternative solution has emerged. This new paradigm suggests that trade liberalization should be accompanied by public investment. However, by its very nature, trade liberalization leads to a reduction in revenues from duties and taxes, which means that the available resources for public investments will also be reduced. There are now solid arguments for encouraging the less-developed countries to first emphasize regional integration before trying to access the global market. This book explores the issues linked to regional integration in West Africa and presents empirical data about the experiences in = West African Economic and Monetary Union (WAEMU) countries to converge their economies. It also examines how these efforts, which make a major contribution to regional integration, influence poverty reduction in the economic and monetary community. It will be of interest to researchers working in this area. Elias T. Ayuk is Director of the United Nations University Institute for Natural Resources in Africa in Accra, Ghana, and was formerly a senior program specialist at the International Development Research Centre. Samuel T. Kaboré is a researcher/lecturer at the Faculty of Economics and Management at the University of Ouagadougou II, Burkina Faso. Canada’s International Development Research Centre (IDRC) supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring choice and change to those who need it most. Elias T. Ayuk is Director of the United Nations University Institute for Natural Resources in Africa in Accra, Ghana, and was formerly a senior program specialist at the International Development Research Centre. Samuel T. Kaboré is a researcher/lecturer at the Faculty of Economics and Management at the University of Ouagadougou II, Burkina Faso. Canada’s International Development Research Centre (IDRC) supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring choice and change to those who need it most.
Book Synopsis Public Policy in the Age of Globalization by : H. Hveem
Download or read book Public Policy in the Age of Globalization written by H. Hveem and published by Springer. This book was released on 2002-11-04 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on changes in environmental and economic policies in six developing countries. It shows how domestic politics interact with international actors such as multilateral institutions. It offers lively accounts of the behaviour of political actors, interest groups and the civil society, in particular environmentalists. It shows how ideas such as those of neoliberal economics affect policymaking, in particular during or after crisis, but also how social protest and demands for sustainable development are mobilized.
Book Synopsis Strengthening the WAEMU Regional Fiscal Framework by : Mr. Antonio David
Download or read book Strengthening the WAEMU Regional Fiscal Framework written by Mr. Antonio David and published by International Monetary Fund. This book was released on 2022-03-04 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the adequacy and effectiveness of the WAEMU fiscal framework along three pillars that have proven to effectively support fiscal discipline in monetary unions—common fiscal rules (including adequacy of numerical ceilings as well as elements of design and enforcement), shared public financial management systems, and coordination mechanisms for decentralized fiscal policies. We undertake a calibration of regional debt and fiscal deficit ceilings taking into account different macroeconomic tradeoffs and risks and conclude that numerical ceilings that prevailed before the suspension of the fiscal rules remain adequate and strike the right balance between growth and fiscal sustainability. The paper also proposes reform options to strengthen the WAEMU regional fiscal surveillance framework, with a view to more effectively supporting fiscal discipline.
Book Synopsis States and Power in Africa by : Jeffrey Herbst
Download or read book States and Power in Africa written by Jeffrey Herbst and published by Princeton University Press. This book was released on 2014-12-21 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theories of international relations, assumed to be universally applicable, have failed to explain the creation of states in Africa. There, the interaction of power and space is dramatically different from what occurred in Europe. In States and Power in Africa, Jeffrey Herbst places the African state-building process in a truly comparative perspective. Herbst's bold contention—that the conditions now facing African state-builders existed long before European penetration of the continent—is sure to provoke controversy, for it runs counter to the prevailing assumption that colonialism changed everything. This revised edition includes a new preface in which the author links the enormous changes that have taken place in Africa over the past fifteen years to long-term state consolidation. The final chapter on policy prescriptions has also been revised to reflect the evolution of African and international responses to state failure.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781557759801 Total Pages :144 pages Book Rating :4.7/5 (598 download)
Book Synopsis Research Activities of the IMF, January 1991-December 1999 by : International Monetary Fund
Download or read book Research Activities of the IMF, January 1991-December 1999 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-01-01 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.
Book Synopsis Financial Regulation in Africa by : Iwa Salami
Download or read book Financial Regulation in Africa written by Iwa Salami and published by Routledge. This book was released on 2016-04-15 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the global financial crisis, there has been a worldwide search for alternative investment opportunities, away from advanced markets. The African continent is now one of the fastest-growing economic regions in the world and represents a viable destination for foreign direct and portfolio investment. This book, which is the first comprehensive analysis of financial integration and regulation in Africa, fills a huge gap in the literature on financial regulation and would constitute an invaluable source of information to policy makers, investors, researchers and students of financial regulation from an emerging and frontier markets perspective. It considers how financial integration can facilitate African financial markets to achieve their full potential and provides a comparative study with the EU framework for financial integration and regulation. It assesses the implementation of effective and regional domestic infrastructures and how these can be adapted to suit the African context. The book also provides an assessment of government policies towards the integration of financial regulation in keeping with the regional agenda of the African Union (AU) and the African Economic Community (AEC).
Book Synopsis Experience with Budgetary Convergence in the WAEMU by : Ousmane Dore
Download or read book Experience with Budgetary Convergence in the WAEMU written by Ousmane Dore and published by International Monetary Fund. This book was released on 2002-06 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Crafting Cooperation by : Amitav Acharya
Download or read book Crafting Cooperation written by Amitav Acharya and published by Cambridge University Press. This book was released on 2007-11-22 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regional institutions are an increasingly prominent feature of world politics. Their characteristics and performance vary widely: some are highly legalistic and bureaucratic, while others are informal and flexible. They also differ in terms of inclusiveness, decision-making rules and commitment to the non-interference principle. This is the first book to offer a conceptual framework for comparing the design and effectiveness of regional international institutions, including the EU, NATO, ASEAN, OAS, AU and the Arab League. The case studies, by a group of leading scholars of regional institutions, offer a rigorous, historically informed analysis of the differences and similarities in institutions across Europe, Latin America, Asia, Middle East and Africa. The chapters provide a more theoretically and empirically diverse analysis of the design and efficacy of regional institutions than heretofore available.
Book Synopsis Working Paper Summaries, January-June 1995 by :
Download or read book Working Paper Summaries, January-June 1995 written by and published by . This book was released on 1995 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Monetary Geography of Africa by : Paul R. Masson
Download or read book The Monetary Geography of Africa written by Paul R. Masson and published by Rowman & Littlefield. This book was released on 2004-11-30 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa is working toward the goal of creating a common currency that would serve as a symbol of African unity. The advantages of a common currency include lower transaction costs, increased stability, and greater insulation of central banks from pressures to provide monetary financing. Disadvantages relate to asymmetries among countries, especially in their terms of trade and in the degree of fiscal discipline. More disciplined countries will not want to form a union with countries whose excessive spending puts upward pressure on the central bank's monetary expansion. In T he Monetary Geography of Africa, Paul Masson and Catherine Pattillo review the history of monetary arrangements on the continent and analyze the current situation and prospects for further integration. They apply lessons from both experience and theory that lead to a number of conclusions. To begin with, West Africa faces a major problem because Nigeria has both asymmetric terms of trade—it is a large oil exporter while its potential partners are oil importers—and most important, large fiscal imbalances. Secondly, a monetary union among all eastern or southern African countries seems infeasible at this stage, since a number of countries suffer from the effects of civil conflicts and drought and are far from achieving the macroeconomic stability of South Africa. Lastly, the plan by Kenya, Tanzania, and Uganda to create a common currency seems to be generally compatible with other initiatives that could contribute to greater regional solidarity. However, economic gains would likely favor Kenya, which, unlike the other two countries, has substantial exports to its neighbors, and this may constrain the political will needed to proceed. A more promising strategy for monetary integration would be to build on existing monetary unions—the CFA franc zone in western and central Africa and the Common Monetary Area in southern Africa. Masson and Pattillo argue that the goal of a creating a s
Book Synopsis Experience with Budgetary Convergence in the WAEMU by : Ousmane Dore
Download or read book Experience with Budgetary Convergence in the WAEMU written by Ousmane Dore and published by International Monetary Fund. This book was released on 2002-06 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
