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La literatura y la evidencia empírica han manifestado que la política fiscal en países en desarrollo ha tenido una tendencia histórica procíclica, característica propia de la aplicación de política fiscal correlacionada al desempeño de ciclos políticos en gran medida y, de las estructuras productivas primario-expor-con el balance cíclicamente ajustado (Fedelino et al., 2009), regla de vinculación macroeconómica a la Taylor (2000), regla de ingresos (fondos de estabilización fiscal), etc. El diagnóstico de la política fiscal en referencia a su relación e impacto sobre el crecimiento económico, en conjunto con el grado de discrecionalidad en el manejo fiscal (ciclicidad de la política) y, el impacto que esto implica en el manejo de la política económica, es de gran relevancia en los países en vías de desarrollo, dado el rol propio de la gestión pública para el cumplimento de objetivos fiscales que busca incidir en la demanda agregada de manera anticíclica, y puede desde una visión de estímulo a la misma, modular el ciclo económico (Feldstein, 2009 Lozano, Ramos & Rincón, 2004). The policy import of our result is the need to: (i) introduce more flexibility in fiscal policy making through discretionary fiscal policy that balances the budget (against the constraints imposed by the convergence rules) over the business cycle and (ii) adopt ‘discretionary fiscal deficit’ to monitor compliance (rather than gross deficit) because it represents effort made to correct excess deficit. In specifics, we found a switch from pro-cyclical fiscal policymaking in the pre-convergence era (1995-2002) to a counter-cyclical fiscal policymaking in the convergence era (2003-2018) in the ECOWAS, and that policy makers in the region respond to initial conditions – apparently taking cue from past (initial) debt and past deficit. Instead, discretionary fiscal policy has actually become counter-cyclical in ECOWAS after the introduction of convergence criteria.
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We tested the empirical merit of this assertion and found no support for this view. Those with dissenting views regarding the structure of monetary union arrangement in the ECOWAS often argue that the macroeconomic convergence criteria have hampered the ability of countries in the region to stabilize their economies with appropriate counter-cyclical fiscal policy.