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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The CFA Franc Zone and Fiscal Discipline
Author:Stasavage, David
Periodical:Journal of African Economies
Geographic terms:French-speaking Africa
Subsaharan Africa
Subjects:monetary policy
franc zone
Inter-African Relations
Economics and Trade
Abstract:There are reasons to believe that establishing a monetary union might either strengthen or weaken fiscal discipline in member States. The same could be said for the establishment of an exchange rate peg with full convertibility. The present article examines why neither of these two mechanisms has promoted fiscal discipline in the CFA franc zone in Africa. The author concludes that while problems of institutional design were critical in the failure to promote fiscal discipline, political interests both in France and in Africa have been more important in the sense that they have affected both the design of rules and institutions during periods of reform, and the application of these rules and the functioning of these institutions during periods of economic crisis. Bibliogr., notes, ref., sum.