Improving Surveillance Across the CEMAC Region

By Plamen K Iossifov, Misa Takebe, Zaijin Zhan, Noriaki Kinoshita, Robert C York

November 1, 2009

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Plamen K Iossifov, Misa Takebe, Zaijin Zhan, Noriaki Kinoshita, and Robert C York. Improving Surveillance Across the CEMAC Region, (USA: International Monetary Fund, 2009) accessed December 22, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

In this paper, we consider the design of the surveillance, and, in particular, the fiscal criteria in the Central African Economic and Monetary Community (CEMAC) with the view to ensuring they are consistent with internal and external sustainability. This consistency is important within a monetary union because fiscal policy is the primary instrument through which national governments can influence macroeconomic performance. We comment on how surveillance might be improved by broadening the region's current criteria through alternative fiscal indicators, some focus on the scope and nature of external shocks, and attention to the consistency of policies in assuring the viability of the union and its fixed exchange rate regime.

Subject: Expenditure, Fiscal policy, Fiscal stance, Oil, Oil, gas and mining taxes

Keywords: CFA franc, Exchange rate, Oil revenue, Terms of trade, WP

Publication Details

Pages:

57
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2009/260
Stock No:

WPIEA2009260
ISBN:

9781451942026
ISSN:

1018-5941

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