Protecting Public Investment against Shocks in the West African Economic and Monetary Union (Record no. 25671)
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| fixed length control field | 02942cam a22003854a 4500 |
| 001 - CONTROL NUMBER | |
| control field | 6562 |
| 003 - CONTROL NUMBER IDENTIFIER | |
| control field | The World Bank |
| 006 - FIXED-LENGTH DATA ELEMENTS--ADDITIONAL MATERIAL CHARACTERISTICS--GENERAL INFORMATION | |
| fixed length control field | m d |
| 007 - PHYSICAL DESCRIPTION FIXED FIELD--GENERAL INFORMATION | |
| fixed length control field | cr cn||||||||| |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 020129s2013 dcu i001 0 eng |
| 024 8# - OTHER STANDARD IDENTIFIER | |
| Standard number or code | 10.1596/1813-9450-6562 |
| 035 ## - SYSTEM CONTROL NUMBER | |
| System control number | (The World Bank)6562 |
| 100 1# - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Dessus, Sebastien |
| 245 10 - TITLE STATEMENT | |
| Title | Protecting Public Investment against Shocks in the West African Economic and Monetary Union |
| Medium | [electronic resource] : |
| Remainder of title | Options for Fiscal Rules and Risk Sharing / |
| Statement of responsibility, etc | Sebastien Dessus |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Place of publication, distribution, etc | Washington, D.C., |
| Name of publisher, distributor, etc | The World Bank, |
| Date of publication, distribution, etc | 2013 |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 1 online resource (30 p.) |
| 520 3# - SUMMARY, ETC. | |
| Summary, etc | West African Economic and Monetary Union arrangements have been instrumental in helping member countries maintain low inflation. However, a lesser-known characteristic of the West African Economic and Monetary Union, with possible implications for economic growth, is the high exposure to shocks and the pro-cyclicality of fiscal policy associated with these arrangements. Evidence from a panel of 80 low-income and lower middle-income countries over the period 1995-2012 suggests that, in the Union, both public investment and current public expenditure are more pro-cyclical than they are in other countries. In particular, public investment contracts more in "bad times" than it increases in "good times" in order to absorb negative shocks to the budget in the context of strict fiscal convergence criteria. The asymmetric response of public investment to shocks could thus be a reason for the relatively low levels of infrastructure in the Union. Comparisons with earlier periods suggest that public investment has become pro-cyclical since the introduction of the fiscal convergence criteria in 1994. Moreover, the shocks that affect Union member countries appear to be highly idiosyncratic and thus difficult to mitigate by the Union's common monetary policy. The pro-cyclicality of public expenditure and the high asymmetry of shocks that affect Union member countries justify exploring options for greater counter-cyclicality of rules-based fiscal frameworks and for risk-sharing. |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Access to Finance |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Asymmetric shocks |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Debt Markets |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Economic Stabilization |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Fiscal Adjustment |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Fiscal rules |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Macroeconomics and Economic Growth |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Poverty Reduction |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Pro-cyclicality |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Public investment |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Public Sector Expenditure Policy |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Risk sharing |
| 700 1# - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Dessus, Sebastien |
| 700 1# - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Varoudakis, Aristomene |
| 776 18 - ADDITIONAL PHYSICAL FORM ENTRY | |
| Main entry heading | Print version: |
| Display text | Dessus, Sebastien |
| Title | Protecting Public Investment against Shocks in the West African Economic and Monetary Union. |
| Place, publisher, and date of publication | Washington, D.C. : The World Bank, 2013 |
| 830 #0 - SERIES ADDED ENTRY--UNIFORM TITLE | |
| Uniform title | Policy research working papers. |
| 830 #0 - SERIES ADDED ENTRY--UNIFORM TITLE | |
| Uniform title | World Bank e-Library. |
| 856 40 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-6562">http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-6562</a> |
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