This paper discusses fiscal surveillance criteria for the countries of the Central African Monetary and Economic Union (CEMAC), most of which depend heavily on oil exports. At present, the CEMAC''s macroeconomic surveillance exercise sets as fiscal target a floor on the basic budgetary balance....

This paper discusses fiscal surveillance criteria for the countries of the Central African Monetary and Economic Union (CEMAC), most of which depend heavily on oil exports. At present, the CEMAC`s macroeconomic surveillance exercise sets as fiscal target a floor on the basic budgetary balance....

Contents -- I. INTRODUCTION: FISCAL POLICY SURVEILLANCE IN THE CEMAC ZONE -- II. THE ANALYTICAL FRAMEWORK -- III. CONTROLLING FOR THE VOLATILITY IN PETROLEUM PRICES -- IV. SAVING OIL WEALTH FOR FUTURE GENERATIONS -- V. EVALUATING FISCAL SURVEILLANCE IN THE CEMAC ZONE -- VI. SUMMARY AND...