{
  "title": "Fiscal Discipline in WAEMU: Rules, Institutions, and Markets",
  "publication": "IMF Working Papers, October 23, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/fiscal-discipline-in-waemu-rules-institutions-and-markets-41007",
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  "summary": "This paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU).",
  "sections": [
    {
      "heading": "Summary and key findings",
      "content": "- The paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU).\n- The paper finds that the responsiveness of sovereign bond rates to governments’ fiscal behavior in the regional financial market remains limited.\n- The paper examines the effectiveness of fiscal rules and institutions in an environment where financial markets fall short of exerting a significant disciplining effect on governments."
    },
    {
      "heading": "Authors and publication date",
      "content": "- By Ermal Hitaj, Yasin Kursat Onder\n- October 23, 2013"
    },
    {
      "heading": "Subject areas",
      "content": "- Economic integration\n- Fiscal policy\n- Fiscal stance\n- Government asset and liability management\n- Government debt management\n- Monetary unions\n- Public debt\n- Public financial management (PFM)"
    },
    {
      "heading": "Keywords",
      "content": "- B. WAEMU\n- excess reserves\n- financial market\n- Fiscal discipline\n- fiscal rules\n- Fiscal stance\n- Global\n- Government asset and liability management\n- Government debt management\n- interest rate spread\n- market discipline\n- monetary union\n- Monetary unions\n- regional surveillance sovereign risk\n- sovereign spreads\n- WAEMU\n- WAEMU debt market\n- WAEMU market consist\n- WAEMU treaty\n- West Africa\n- WP\n\nIMF Working Paper — Working Paper No. 2013/216 (October 23, 2013)\n\n---\n\n Content in this bundle\n\n- wp13216\n  - wp13216 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp13216 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/fiscal-discipline-in-waemu-rules-institutions-and-markets-41007"
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    "Authors: Ermal Hitaj, Yasin Kursat Onder",
    "Published: October 23, 2013",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484398685.001",
    "The paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU).",
    "The paper finds that the responsiveness of sovereign bond rates to governments’ fiscal behavior in the regional financial market remains limited.",
    "The paper examines the effectiveness of fiscal rules and institutions in an environment where financial markets fall short of exerting a significant disciplining effect on governments.",
    "By Ermal Hitaj, Yasin Kursat Onder",
    "October 23, 2013",
    "Economic integration",
    "Fiscal policy",
    "Fiscal stance",
    "Government asset and liability management",
    "Government debt management",
    "Monetary unions",
    "Public debt",
    "Public financial management (PFM)",
    "B. WAEMU",
    "excess reserves",
    "financial market",
    "Fiscal discipline",
    "fiscal rules",
    "Fiscal stance",
    "Global",
    "Government asset and liability management",
    "Government debt management",
    "interest rate spread",
    "market discipline",
    "monetary union",
    "Monetary unions",
    "regional surveillance sovereign risk",
    "sovereign spreads",
    "WAEMU",
    "WAEMU debt market",
    "WAEMU market consist",
    "WAEMU treaty",
    "West Africa",
    "WP",
    "**_wp13216**"
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