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Fiscal Policy and Monetary Integration in the ECOWAS

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  • Onye, Kenneth
  • Umoh, Okon J.

Abstract

Those with dissenting views regarding the structure of monetary union arrangement in the ECOWAS often argue that the macroeconomic convergence criteria have hampered the ability of countries in the region to stabilize their economies with appropriate counter-cyclical fiscal policy. We test the empirical merit of this assertion and found no support for this view. Instead, discretionary fiscal policy has become counter-cyclical in ECOWAS after the introduction of convergence criteria. In specifics, we found a switch from pro-cyclical fiscal policy making in the pre-convergence era (1995-2002) to a counter-cyclical fiscal policy

Suggested Citation

  • Onye, Kenneth & Umoh, Okon J., 2021. "Fiscal Policy and Monetary Integration in the ECOWAS," Working Papers a6db2d1b-5b48-44d1-88ec-f, African Economic Research Consortium.
    • Handle: RePEc:aer:wpaper:a6db2d1b-5b48-44d1-88ec-ff3bcc83862d
    Note: African Economic Research Consortium
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