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Implications of Oil Inflows for Savings and Reserve Management in the Cemac

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  • International Monetary Fund

Abstract

This paper argues that as part of their fiscal optimization strategies CEMAC countries should be given the opportunity to invest into longer-term assets that generate market-based returns. The BEAC has created a framework of longer-term savings funds but due to low remuneration and other factors usage has remained limited. The paper also argues that regional savings in the form of reserve accumulation must be sufficient to ensure the stability of the common currency. While the current level of common foreign reserves may now be appropriate, maintaining an adequate level calls for a link between country-specific savings decisions and the setting of a regional reserve target. Strengthening and diversifying reserve management will also be desirable, a process the BEAC has embarked upon.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/243.

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Length: 24
Date of creation: 01 Oct 2007
Date of revision:
Handle: RePEc:imf:imfwpa:07/243

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Keywords: Central African Economic and Monetary Community; Oil revenues; Reserves adequacy; Reserves accumulation; Savings; Central bank policy; current account; reserve management; balance of payments; short-term debt; balance of payment; current account balance; central bank; external shocks; monetary unions; current account deficit; reserve accumulation; trade shocks; terms of trade; oil prices; terms of trade shocks; output growth; export earnings; exchange rate regime; short- term debt; current account deficits; price fluctuations; public finances; public debt; central banks; external liabilities; balance of payment crises; short term debt; exporting countries; current account balances; reserve currency; monetary union; currency crises; multilateral surveillance; currency composition; domestic absorption;

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References

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  1. Michel Galy & Michael T. Hadjimichael, 1997. "The CFA Franc Zone and the EMU," IMF Working Papers 97/156, International Monetary Fund.
  2. David Hauner, 2006. "A Fiscal Price Tag for International Reserves," International Finance, Wiley Blackwell, vol. 9(2), pages 169-195, 08.
  3. Paolo Mauro & Törbjörn I. Becker & Jonathan David Ostry & Romain Ranciere & Olivier Jeanne, 2007. "Country Insurance," IMF Occasional Papers 254, International Monetary Fund.
  4. Stéphane Cossé & Johannes Mueller & Jean Le Dem & Jean A. P. Clément, 1996. "Aftermath of the CFA Franc Devaluation," IMF Occasional Papers 138, International Monetary Fund.
  5. Andrew Berg & Eduardo Borensztein & Catherine Pattillo, 2005. "Assessing Early Warning Systems: How Have They Worked in Practice?," IMF Staff Papers, Palgrave Macmillan, vol. 52(3), pages 5.
  6. Ales Bulir & Marianne Schulze-Gattas & Atish R. Ghosh & Alex Mourmouras & A. Javier Hamann & Timothy D. Lane, 2002. "IMF-Supported Programs in Capital Account Crises," IMF Occasional Papers 210, International Monetary Fund.
  7. Uwe Böwer & André Geis & Adalbert Winkler, 2007. "Commodity price fluctuations and their impact on monetary and fiscal policies in Western and Central Africa," Occasional Paper Series 60, European Central Bank.
  8. Romain Ranciere & Olivier Jeanne, 2006. "The Optimal Level of International Reserves for Emerging Market Countries," IMF Working Papers 06/229, International Monetary Fund.
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Cited by:
  1. KAMGNA, Severin Yves & Ndambendia, Houdou, 2008. "Excès de liquidité systémique et effectivité de la politique monétaire : cas des pays de la CEMAC
    [Excess liquidity and monetary policy effectiveness: The case of CEMAC countries]
    ," MPRA Paper 9599, University Library of Munich, Germany.

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