## Fiscal Discipline in WAEMU: Rules, Institutions, and Markets

_IMF Working Papers, October 23, 2013_

## Source details

**Canonical URL:** [Fiscal Discipline in WAEMU: Rules, Institutions, and Markets](https://www.imf.org/en/publications/wp/issues/2016/12/31/fiscal-discipline-in-waemu-rules-institutions-and-markets-41007)

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## Bibliographic details
- Authors: Ermal Hitaj, Yasin Kursat Onder
- Published: October 23, 2013
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781484398685.001

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### Summary and key findings
- 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.

### Authors and publication date
- By Ermal Hitaj, Yasin Kursat Onder
- October 23, 2013

### Subject areas
- Economic integration
- Fiscal policy
- Fiscal stance
- Government asset and liability management
- Government debt management
- Monetary unions
- Public debt
- Public financial management (PFM)

### Keywords
- 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

*IMF Working Paper — Working Paper No. 2013/216 (October 23, 2013)*

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/fiscal-discipline-in-waemu-rules-institutions-and-markets-41007_