Evidence from a large panel of low-income and lower middle-income countries over the period 1995-2012 suggests that, contrary to other countries, public investment in the West African Economic and Monetary Union (WAEMU) has been pro-cyclical. Public investment contracts more in "bad times" than it increases in "good times" and appears to have become pro-cyclical since the introduction of the fiscal convergence criteria in 1994. The pro-cyclicality...
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2013/08/01
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WPS6562
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1
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1
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2013/08/01
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Disclosed
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Fiscal rules and the pro-cyclicality of public investment in the West African economic and monetary union
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fiscal rule
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