Improving Surveillance Across the Cemac Region

58 Pages Posted: 8 Dec 2009

See all articles by Plamen K. Iossifov

Plamen K. Iossifov

International Monetary Fund (IMF) - African Department

Noriaki Kinoshita

International Monetary Fund (IMF)

Misa Takebe

University of Maryland - Department of Economics

Robert York

International Monetary Fund (IMF)

Zaijin Zhan

International Monetary Fund (IMF)

Date Written: November 2009

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.

Keywords: Budget deficits, Business cycles, Central African Economic and Monetary Community, External shocks, Fiscal policy, Monetary policy, Monetary unions, Multilateral surveillance, Nonoil sector

Suggested Citation

Iossifov, Plamen K. and Kinoshita, Noriaki and Takebe, Misa and York, Robert and Zhan, Zaijin, Improving Surveillance Across the Cemac Region (November 2009). IMF Working Paper No. 09/260, Available at SSRN: https://ssrn.com/abstract=1519725

Plamen K. Iossifov

International Monetary Fund (IMF) - African Department ( email )

1700 19th Street, NW
Washington, DC 20431
United States

Noriaki Kinoshita

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Misa Takebe (Contact Author)

University of Maryland - Department of Economics ( email )

College Park, MD 20742
United States

Robert York

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Zaijin Zhan

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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