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Financement externe et politique budgétaire : le rôle du STABEX

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  • Jean-François Brun
  • Gérard Chambas
  • Bertrand Laporte

Abstract

In the literature, when the price of primary products is booming, developing countries are generally facing an increase in the availability of foreign financing. The STABEX payments should occur after a shortfall export earnings, and as a consequence when government revenues are falling. We show that these payments, when they are made during periods of low real government revenues, allow for additional public expenditures. On the contrary, when payments are made during periods of high real revenues, they substitute for other ways of financing and have no expansionary effect. This is a strong argument in favour of STABEX.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

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  • Jean-François Brun & Gérard Chambas & Bertrand Laporte, 1999. "Financement externe et politique budgétaire : le rôle du STABEX," Revue Tiers Monde, Programme National Persée, vol. 40(160), pages 775-787.
    • Handle: RePEc:prs:rtiers:tiers_1293-8882_1999_num_40_160_5344
    DOI: 10.3406/tiers.1999.5344
    Note: DOI:10.3406/tiers.1999.5344
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    1. Sahn, David E. & Dorosh, Paul & Younger, Stephen, 1996. "Exchange rate, fiscal and agricultural policies in Africa: Does adjustment hurt the poor?," World Development, Elsevier, vol. 24(4), pages 719-747, April.
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    3. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-848, December.
    4. Cuddington, John, 1988. "Fiscal policy in commodity-exporting LDCs," Policy Research Working Paper Series 33, The World Bank.
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    1. Jean-Louis Combes & Rasmané Ouedraogo, 2014. "Does Pro-cyclical Aid Lead to Pro-cyclical Fiscal Policy? An Empirical Analysis for Sub-Saharan Africa," Working Papers halshs-01084600, HAL.

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