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Improving Surveillance Across the CEMAC Region

Author

Listed:
  • Plamen K Iossifov
  • Misa Takebe
  • Zaijin Zhan
  • Noriaki Kinoshita
  • Robert C York

Abstract

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.

Suggested Citation

  • Plamen K Iossifov & Misa Takebe & Zaijin Zhan & Noriaki Kinoshita & Robert C York, 2009. "Improving Surveillance Across the CEMAC Region," IMF Working Papers 09/260, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:09/260
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    References listed on IDEAS

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    3. Garry J. Schinasi & Mark Scott Lutz, 1991. "Fiscal Impulse," IMF Working Papers 91/91, International Monetary Fund.
    4. Bayoumi, Tamim & Ostry, Jonathan D, 1997. "Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa: Implications for Optimum Currency Arrangements," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(3), pages 412-444, October.
    5. Ronald I. McKinnon, 2004. "Optimum Currency Areas and Key Currencies: Mundell I versus Mundell II," Journal of Common Market Studies, Wiley Blackwell, vol. 42(4), pages 689-715, November.
    6. Bank for International Settlements, 2003. "Regional currency areas and the use of foreign currencies," BIS Papers, Bank for International Settlements, number 17, November.
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    8. John Hawkins & Paul Masson, 2003. "Economic aspects of regional currency areas and the use of foreign currencies," BIS Papers chapters,in: Bank for International Settlements (ed.), Regional currency areas and the use of foreign currencies, volume 17, pages 4-42 Bank for International Settlements.
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    11. Davina F. Jacobs, 2002. "Suggestions for Alternative Measures of Budget Balance for South Africa," IMF Working Papers 02/110, International Monetary Fund.
    12. Michael D. Bordo, 2003. "Exchange Rate Regime Choice in Historical Perspective," IMF Working Papers 03/160, International Monetary Fund.
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    14. Stasavage, David, 1997. "The CFA Franc Zone and Fiscal Discipline," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(1), pages 132-167, March.
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    Cited by:

    1. International Monetary Fund, 2012. "Cameroon; Staff Report for the 2012 Article IV Consultation," IMF Staff Country Reports 12/237, International Monetary Fund.
    2. Gaston K Mpatswe & Sampawende J Tapsoba & Robert C York, 2011. "The Cyclicality of Fiscal Policies in the CEMAC Region," IMF Working Papers 11/205, International Monetary Fund.
    3. Issouf Samaké & Priscilla S Muthoora & Bruno Versailles, 2013. "Fiscal Sustainability, Public Investment, and Growth in Natural Resource-Rich, Low-Income Countries; The Case of Cameroon," IMF Working Papers 13/144, International Monetary Fund.

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