Cyclical behavior of fiscal policy among sub-Saharan African countries 1

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Cyclical behavior of fiscal policy among sub-Saharan African countries

Tetsuya Konuki • International Monetary Fund: African Department • Mauricio Villafuerte

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38 sidor
2017

Excessively procyclical fiscal policy can be harmful. This paper investigates to what extent the fiscal policies of sub-Saharan African countries were procyclical in recent years and the reasons for the degree of fiscal procyclicality among these countries. It finds that a tendency for procyclical fiscal policy was particularly pronounced among oil exporters and after the global financial crisis. It also finds a statistically significant causal link running from deeper financial markets and higher reserves coverage to lower fiscal policy procyclicality. Fiscal rules supported by strong political commitment and institutions seem to be key to facilitating progress for deeper financial markets and stronger reserves coverage.

Författare: Tetsuya Konuki, International Monetary Fund: African Department, Mauricio Villafuerte
Format: Pocket/Paperback
ISBN: 9781513563541
Språk: Engelska
Antal sidor: 38
Utgivningsdatum: 2017-03-30
Förlag: International Monetary Fund (IMF)