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Improving Surveillance Across the CEMAC Region
Author:
Mr. Plamen K Iossifov
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,
Ms. Misa Takebe
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,
Zaijin Zhan
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,
Mr. Noriaki Kinoshita
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, and
Mr. Robert C York
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Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 260
Language:
English
Publication Date:
01 Nov 2009
DOI:
https://doi.org/10.5089/9781451942026.001
ISBN:
9781451942026
ISSN:
1018-5941
Pages:
57
Keywords:
WP; terms of trade; oil revenue; exchange rate; CFA franc
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund