Fiscal discipline in WAEMU : rules, institutions, and markets /

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Bibliographic Details
Author / Creator:	Hitaj, Ermal, author.
Imprint:	[Washington, D.C.] : International Monetary Fund, [2013]
Description:	1 online resource (29 pages).
Language:	English
Series:	IMF working paper ; WP/13/216 IMF working paper ; WP/13/216.
Subject:	Union économique et monétaire ouest africaine. Union économique et monétaire ouest africaine. Debts, Public -- Africa, West -- Econometric models. Government securities -- Africa, West -- Econometric models. Debts, Public -- Econometric models. Government securities -- Econometric models. West Africa. Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12502213

Hidden Bibliographic Details
Other authors / contributors:	Onder, Yasin Kursat, author. International Monetary Fund, issuing body.
ISBN:	9781484398685 1484398688
Notes:	Title from pdf title page (IMF.org Web site, viewed Dec. 20, 2013). "October 2013." Includes bibliographical references.
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.

Table of 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.

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