Improving Surveillance Across the CEMAC Region

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 e

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Year of publication:	2009
Authors:	Iossifov, Plamen
Other Persons:	Takebe, Misa (contributor) ; Zhan, Zaijin (contributor) ; Kinoshita, Noriaki (contributor) ; York, Robert C. (contributor)
Publisher:	Washington : International Monetary Fund
Subject:	Nachhaltigkeit \| Sustainability \| Finanzpolitik \| Fiscal policy \| Geldpolitik \| Monetary policy \| CFA-Franc-Zone \| CFA franc zone \| Schock \| Shock

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Extent:	Online-Ressource (100 p)
Series:	IMF Working Papers ; v.Working Paper No. 09/260 IMF working paper ; WP/09/260
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Cover Page; Title Page; Copyright Page; Contents; Executive Summary; I. Introduction; II. Institutional Background and Features; 1. Brief Economic History of the Central African CFA Zone; 1. CEMAC Real and Fiscal Developments, 1969-2008; 2. CEMAC Terms of Trade and Balance of Payments Developments, 1969-2008; 3. CEMAC Net International Reserve Coverage of Imports, 1995-2008; 2. Overview of the Optimum Currency Area Literature; A. Macroeconomic Policies in the CEMAC Region; 3. BEAC Monetary Programming; 4. CEMAC Fiscal Policy and Procyclicality vis-à-vis Oil Revenue, 1980-2008 4. Characteristics of Oil Revenue in the CEMACB. Policy Coordination and Surveillance; 5. CEMAC Convergence Criteria; III. Improving the Measures of Fiscal Surveillance; A. Fiscal Policy Objectives and Indicators; B. Indicators of Policy Stance and Policy Change; 5. Nominal and Real Crude Oil (Spot) Prices, 1970-2014; 1. CEMAC Fiscal Developments and the Fiscal Convergence Criteria, 1998-2008; 6. Fiscal Stance and Fiscal Impulse; 2. A Comparison of CEMAC Fiscal Indicators, 2000-08 (in percent of GDP); 3. A Comparison of CEMAC Fiscal Indicators, 2000-08 (in percent of non-oil GDP) 6. CEMAC Non-oil Real GDP Growth and the Fiscal Impulse, 1995-2008C. Indicators of Sustainability; 7. CEMAC External Debt and the Primary Gap, 1998-2008; 4. Primary Gap Measures Across the CEMAC, 1998-2008; 7. The Primary Gap Measure; 8. CEMAC Sustainable Non-oil Primary Deficit Under Different Fiscal Rules, 2009-13; 9. CEMAC Sensitivity of the Sustainable Non-oil Primary Deficit to Oil Prices Under a Permanent Income Hypothesis, 2009-13; 5. CEMAC Long-term Macroeconomic Assumptions; 6. CEMAC Average Sustainable Non-oil Primary Deficit Under Different Fiscal ules, 2009-48 8. Constant Fiscal Expenditure Rule for Oil Producing CountriesD. Implications for Fiscal Surveillance; IV. External Shocks and the Convergence Criteria; 7. Real Non-oil GDP Growth in CEMAC Countries, 1980-2008; 8. Correlation of Real GDP Growth Among CEMAC Countries, 1980-2008; A. External Shocks and Growth; 9. Triggers of Recessions in CEMAC Countries, selected periods; 10. Terms of Trade and Real Effective Exchange Rates, 1980-2008; 10. Correlation Between Non-oil Real GDP and External Factors, 1980-2008 11. Impulse Response of Output to a One Standard Deviation Change in Terms f Trade and Real Effective Exchange Rate Shocks9. Measuring the Impact of Exogenous Shocks on the Non-oil Economy; 11. Correlation Between GDP, Public Expenditure, and Non-oil Revenue; B. The Efficacy of Fiscal Policies in Mitigating Shocks; 12. Average Share of Non-oil Revenue and Expenditure in Non-oil GDP, 1980-2008; 10. Measuring the Impact of Counter-Cyclical Fiscal Policies on the Non-oil Economy; 12. Impulse Response of Output to a One Standard Deviation Change in Revenue nd Spending Shocks 13. Variance Decomposition of Real GDP by Types of Shocks
ISBN:	978-1-4519-4202-6 ; 978-1-4527-5611-0 ; 978-1-4519-4202-6
Source:	ECONIS - Online Catalogue of the ZBW

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