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This paper examines the economic implications of fiscal policy coordination in the West African Economic and Monetary Union (WAEMU) in the light of the January 1994 devaluation of the CFA franc. Diverging tax, tariff, and budgetary politics are identified and it is argued that the resulting fiscal externalities have prevented the zone from reaping the full benefits of a monetary union. The paper shows that the devaluation makes it more desirable than ever to have a closer policy coordination to prevent such detrimental fiscal externalities. Recent efforts in this field are reviewed and evaluated. Finally, the paper offers some recommendations with respect to the optimal design of tax and tariff rate structures, and the choice of budgetary convergence criteria.

Public Finance --- Taxation --- Fiscal Policy --- Economic Integration --- International Fiscal Issues --- International Public Goods --- Business Taxes and Subsidies --- Trade Policy --- International Trade Organizations --- Public finance & taxation --- Macroeconomics --- Excise taxes --- Value-added tax --- Fiscal policy --- Tariffs --- Consumption taxes --- Excises --- Taxes --- Spendings tax --- Tariff --- Excise tax --- Côte d'Ivoire

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The petroleum-rich former Soviet republics around the Caspian Sea face the dual challenge of managing the transition to a market economy and a booming resource sector. This paper examines this challenge with particular reference to Azerbaijan. The standard “Dutch disease” model is modified to capture the special conditions of transition economies, with specific attention to the pattern of real exchange rate movement. “Transition factors” are found to add to the speed of real appreciation. Non-oil sectors may suffer, but less through the real appreciation than through transition-specific structural problems. The paper describes a medium-term policy strategy for Azerbaijan, relating its prospects to the experience in the 1970s of Ecuador, Indonesia, and Nigeria. The adverse effects of the Dutch disease may be avoided if Azerbaijan pursues policies to promote savings and open trade, and strengthens the supply side through structural policies.

Investments: Energy --- Foreign Exchange --- Economic Theory --- Natural Resources --- Economic Growth of Open Economies --- Resource Booms --- Energy and the Macroeconomy --- Energy: General --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Commodity Markets --- Investment & securities --- Environmental management --- Currency --- Foreign exchange --- Economic theory & philosophy --- Oil --- Natural resources --- Real exchange rates --- Commodity booms --- Dutch disease --- Commodities --- Environment --- Economic theory --- Petroleum industry and trade --- Commercial products --- Economic forecasting --- Azerbaijan, Republic of

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The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.

Debt --- Corporate debt --- Households --- Indebtedness --- Finance --- Population --- Families --- Home economics --- Corporations --- Debt financing (Corporations) --- Economic aspects --- International Monetary Fund. --- Internationaal monetair fonds --- International monetary fund --- Debt relief --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Law and legislation --- E-books --- Corporate Finance --- Finance: General --- Financial Risk Management --- Macroeconomics --- Bankruptcy --- Liquidation --- Debt Management --- Sovereign Debt --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Crises --- Economic & financial crises & disasters --- Solvency --- Private debt --- Corporate insolvency --- Financial crises --- Financial sector policy and analysis --- Asset and liability management --- National accounts --- Debts, External --- Latvia, Republic of

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Money. Monetary policy --- Developing countries --- Financial statements --- Debts, External --- Financial crises --- Crises financieres --- Etats financiers --- Dettes exterieures --- crise financiere --- dette --- developpement economique --- argentine --- uruguay --- turquie --- bresil --- perou --- liban --- -NDC / Newly Industrialized Countries --- 658.40 --- 382.250 --- 333.481 --- 330.05 --- 332.042 --- Balance sheets --- Corporate financial statements --- Earnings statements --- Financial reports --- Income statements --- Operating statements --- Profit and loss statements --- Statements, Financial --- Accounting --- Bookkeeping --- Business records --- Corporation reports --- financiele crisis --- schuld --- economische ontwikkeling --- argentinie --- turkije --- brazilie --- libanon --- Statistics --- -Financieel beheer van de bedrijven: algemeenheden. --- Middelen om het evenwicht van de betalingsbalans te herstellen: algemeenheden. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Working papers --- Crises financières --- Dettes extérieures --- États financiers --- États financiers --- NDC / Newly Industrialized Countries --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Middelen om het evenwicht van de betalingsbalans te herstellen: algemeenheden --- Financieel beheer van de bedrijven: algemeenheden --- Financial statements - Developing countries --- Debts, External - Developing countries --- Financial crises - Developing countries --- Crises financieres - Nouveaux pays industrialises --- Etats financiers - Nouveaux pays industrialises --- Dettes exterieures - Nouveaux pays industrialises

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