Implications of Oil Inflows for Savings and Reserve Management in the CEMAC
AbstractThis 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 InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 07/243.
Date of creation: 01 Oct 2007
Date of revision:
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This paper has been announced in the following NEP Reports:
- NEP-AFR-2008-03-01 (Africa)
- NEP-ALL-2008-03-01 (All new papers)
- NEP-CBA-2008-03-01 (Central Banking)
- NEP-ENE-2008-03-01 (Energy Economics)
- NEP-MAC-2008-03-01 (Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- StÃ©phane CossÃ© & Johannes Mueller & Jean Le Dem & Jean A. P. ClÃ©ment, 1996. "Aftermath of the CFA Franc Devaluation," IMF Occasional Papers 138, International Monetary Fund.
- David Hauner, 2006.
"A Fiscal Price Tag for International Reserves,"
Wiley Blackwell, vol. 9(2), pages 169-195, 08.
- 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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