Strengthening the West African Economic and Monetary Union : The Role of Fiscal and Market Institutions in Economic Stabilization /
West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the lack of adequate mechanisms to do so. WAEMU countries are subject to frequent and, to a large extent, asymmetric shocks. They have remained poorly diver...
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| Другие авторы: | , , |
| Формат: | Журнал |
| Язык: | English |
| Опубликовано: |
Washington, D.C. :
International Monetary Fund,
2015.
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| Серии: | Departmental Papers; Departmental Paper ;
No. 2015/011 |
| Online-ссылка: | Full text available on IMF |
| Итог: | West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the lack of adequate mechanisms to do so. WAEMU countries are subject to frequent and, to a large extent, asymmetric shocks. They have remained poorly diversified and vulnerable to external shocks, such as changing weather conditions. In addition to limited shock-smoothing mechanisms at the regional level, WAEMU members' ability to respond to shocks through national policies is also constrained by limited fiscal space and the need to preserve external stability-not only at the national level but also at the union level. In this context, developing a well-defined fiscal rule framework at the national level would help to build the necessary fiscal space for shock-smoothing. In addition, the development of specific shock-smoothing mechanisms-including a more developed and integrated financial sector-would also be critical. In addition, promoting financial development is also a challenge, which needs to be addressed in tandem with an adequate surveillance system. Some of these challenges have been faced by other monetary unions, such as the euro area. |
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| Примечание: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Объем: | 1 online resource (27 pages) |
| Формат: | Mode of access: Internet |
| ISSN: | 2616-5333 |
| Доступ: | Electronic access restricted to authorized BRAC University faculty, staff and students |