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Pro-cyclicité de la politique budgétaire et surveillance multilatérale dans l'Union Economique et Monétaire Ouest Africaine

Author

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  • Sylviane Guillaumont Jeanneney

    (CERDI - Centre d'Études et de Recherches sur le Développement International - UdA - Université d'Auvergne - Clermont-Ferrand I - CNRS - Centre National de la Recherche Scientifique)

  • Sampawende Jules Tapsoba

    (FMI - International Money Fund)

Abstract

Cet article analyse l'impact de la coordination budgétaire sur la cyclicité de la politique budgétaire en UEMOA. Après 1994, les Etats de l'UEMOA ont adopté un principe de surveillance multilatérale des politiques budgétaires qui impose un solde budgétaire constamment nul ou positif. Nous examinons comment cette règle affecte la conduite conjoncturelle des politiques budgétaires. Les résultats indiquent que la période de la surveillance multilatérale est associée à un biais pro-cyclique de la dépense publique en UEMOA pendant les récessions plus fort que dans les pays africains qui ne sont pas membres de l'Union. Ce biais pro-cyclique suggère une modification de la règle de la surveillance multilatérale afin d'y adjoindre une condition d'excédent budgétaire durant les périodes d'expansion permettant à l'inverse une politique expansive durant les périodes de récession.

Suggested Citation

  • Sylviane Guillaumont Jeanneney & Sampawende Jules Tapsoba, 2011. "Pro-cyclicité de la politique budgétaire et surveillance multilatérale dans l'Union Economique et Monétaire Ouest Africaine," Post-Print halshs-00601391, HAL.
    • Handle: RePEc:hal:journl:halshs-00601391
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    Cited by:

    1. Kallal, Sami & Guetat, Imène, 2020. "Fiscal stance, election year and 2007 crisis, evidence from OECD countries (1980–2017)," The Journal of Economic Asymmetries, Elsevier, vol. 21(C).

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