Implications of Oil Inflows for Savings and Reserve Management in the Cemac
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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References listed on IDEAS
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- David Hauner, 2006.
"A Fiscal Price Tag for International Reserves,"
Wiley Blackwell, vol. 9(2), pages 169-195, August.
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- Paolo Mauro & Torbjorn I. Becker & Jonathan David Ostry & Romain Ranciere & Olivier D Jeanne, 2007. "Country Insurance; The Role of Domestic Policies," IMF Occasional Papers 254, International Monetary Fund.
- Romain Ranciere & Olivier D Jeanne, 2006. "The Optimal Level of International Reserves for Emerging Market Countries; Formulas and Applications," IMF Working Papers 06/229, International Monetary Fund. Full references (including those not matched with items on IDEAS)
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