| Description |
1 online resource (25 pages) : illustrations |
| Series |
IMF working paper, 2227-8885 ; WP/04/8 |
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IMF working paper ; WP/04/8.
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| Contents |
Contents -- I. INTRODUCTION -- II. METHODOLOGY -- A. Gap Analysis -- B. Sensitivity Analysis of the Market Value of Equity (MVE) -- C. Duration -- D. Value at Risk -- E. Issues in Estimating Interest Rate Risk Exposure of Banks -- F. Data Description -- III. RESULTS -- A. Cross Sectional Heterogeneity -- IV. CONCLUSIONS AND POLICY IMPLICATIONS -- References |
| Summary |
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 appears inadequate, for at least two reasons. First, fluctuations in oil prices and, hence, oil receipts obscure the underlying fiscal stance. Second, oil resources are limited, which suggests that some of today's oil receipts should be saved to finance future consumption. The paper develops easy-to-calculate indicators that take both aspects into account. A retrospective analysis based on these alternative indicators reveals that in recent years, the CEMAC's surveillance exercise has tended to accommodate stances of fiscal policy that are at odds with sound management of oil wealth |
| Bibliography |
Includes bibliographical references (page 25) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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English |
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Print version record |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
| Subject |
Communauté économique et monétaire de l'Afrique centrale
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| SUBJECT |
Communauté économique et monétaire de l'Afrique centrale fast |
| Subject |
Fiscal policy -- Africa, Central
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Petroleum -- Economic aspects -- Africa, Central
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Petroleum industry and trade -- Africa, Central
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Exports -- Africa, Central
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Macroeconomics.
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Exports
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Fiscal policy
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Macroeconomics
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Petroleum -- Economic aspects
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Petroleum industry and trade
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Central Africa
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| Form |
Electronic book
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| Author |
International Monetary Fund. Policy Development and Review Department.
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| ISBN |
1281089699 |
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9781281089694 |
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9781451890723 |
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1451890729 |
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146235615X |
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9781462356157 |
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1452762414 |
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9781452762418 |
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9786613775054 |
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6613775053 |
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