Réforme des critères de convergence et cyclicité de la politique budgétaire en Zone franc

This article tests the Franc Zone reform, which aims to reinforce the countercyclical nature of fiscal policies. The model tests the relationship between the discretionary nature of fiscal policy and the cyclicality of economies from 1990 to 2014 by comparing the fiscal balance criteria (pre-reform/proposed by the reform). The results indicate that most countries are experiencing a pro-cyclical policy but that the reform would allow more economic regulation, even though the fiscal instrument remains weak in terms of its ability to absorb shocks.